Allahabad Bank Personal Loan Interest Rates 2024

Eligibility Criteria

• The minimum gross monthly salary of the borrower must be INR 20,000
• He or she must be a permanent employee with a minimum of two years of service in the organization

Documentation Required

Allahabad Bank Personal Loan Eligibility

Now let us understand the loan amount eligibility with the help of an example below.

Suppose, you are working in a renowned company and earning an attractive salary of INR 80,000 monthly. So, after deducting all your necessary monthly expenses, you would be saving around 40%-50% of your income each month. Let’s say, if you are able to save around 50% of your monthly income, you might be interested to know your personal loan eligibility.

In bank’s point of view, it will assume that you are able to save around INR 40,000 per month out of your monthly income of INR 80,000. So, your savings can be used to repay the EMIs of your personal loan. So, now, if you calculate your amount, tenure and rate of interest, you will get to know your EMIs that you will have to pay every month so as to repay the loan amount that you are eligible for.

• Amount – INR 1 lakh
• Loan Tenure – 5 years
• Rate of Interest – 12.10% – 14.60%
• Your monthly EMI will be INR 2,230 – INR 2,358
• So your calculation for personal loan would be
• INR 1 lakh x 40000/2230=INR 17.93 lakhs and 1 lakh x 40000/2358=INR 16.96 lakhs
• So, your personal loan amount eligibility will range between INR 16.96 lakhs – INR 17.93 lakhs.

Allahabad Bank Personal Loan EMI Calculator

Stands for Equated Monthly Installment, EMI is nothing but the sum of the interest and principal which is payable each month on personal loan. So, now you must be wondering how Allahabad Bank calculates your EMI when it comes to personal loan. Well, your EMI gets calculated in a very easy and simple manner. The EMI Calculator of Allahabad Bank takes into account your loan amount, interest rate and tenure of the loan in order to calculate your monthly installments.

Moreover, firstly the calculator will computes the interest component and then the principal amount that you will have to pay towards the personal loan.

For Example: If you are interested in availing a loan of INR 5,00,000 from Allahabad Bank for 5 years for a foreign vacation and the bank is charging you with an interest rate that ranges between 12.10%p.a.

In fact, for your reference there is a table below, wherein you can also know your EMI, interest and total amount payable on the same amount of loan for different tenures.

Table Showing EMI, Interest Outgo, and Total Repayment Amount