Note: Updated on Feb 2023, for latest interest rates, please visit bank website.
|INTEREST RATE||8.75% to 12.65%|
|LOAN TENURE||Max. 84 EMI|
|PROCESSING FEE||As decided by the bank from time to time|
|GUARANTOR REQUIRED||Tangible security/ Guarantee may be insisted based on the risk perception of the individual proposal|
|PRE CLOSURE CHARGES||As decided by the bank from time to time|
About Allahabad Bank
Allahabad Bank is a public sector bank in india with total assets
3642 crore. It has headquarter in Kolkata. Allahabad Bank was founded on April 24, 1865. It has 3107 branches and total assets 36421208 ATMs across India.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Allahabad Bank which includes Allahabad Bank Official Website, Allahabad Bank ATMs accross the India, Allahabad Bank Branches accross the India, Allahabad Bank Contact Numbers, Allahabad Bank official EmailID, Allahabad Bank Headquarter and Allahabad Bank Headquarter Address. Find Allahabad Bank Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.
Other Products of Allahabad Bank:
Allahabad Bank Car Loan Purpose
For purchase of New | Used Four Wheeler (Used four wheeler should not be more than 3 years and should be certified by reputed automobile engineer | valuer).
Allahabad Bank Car Loan Eligibility
- Age: 21 to 60 years.
- Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
- Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.
Allahabad Bank Car Loan Documents Required
- Applicant's latest photograph.
- Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- KYC (Know Your Customer) Documents.
- Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
- Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
- Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
- Bank Statement or Bank Pass Book of having entries of last 6 months
Allahabad Bank Car Loan Amount
For New Car: Maximum loan ceiling is Rs. 2 Crore
For Used Car: Maximum loan ceiling is Rs. 1 Crore
15% of On-Road Price for new vehicle.
30% of vehicle price quoted by authorised dealer for used vehicle
Allahabad Bank Car Loan Repayment
New Car: Maximum 84 Months & Used Car: 72 months
Hypothecation of Vehicle to be purchased out of Loan.
* If the loan amount exceeds Rs. 10 lakhs, additional security equivalent to amount exceeding Rs. 10 lakhs to be provided in the form of Fixed Deposit Receipts | NSCs | LIC Policy (with surrender value equivalent to the security to be provided) | Mortgage of immovable property.
Tips to Manage Car Loan in a Better Way
(1) Make Proper Schedule for EMIs to be paid
You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.
(2) Never Skip any Payment
Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.
(3) Keep Loan Tenure Small
You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.
(4) Make one Extra Payment Every Year
You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.
(5) Refinance your Car Loan
You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.
Benefits of Car Loan
- Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
- No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
- Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
- Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.
Contact details of Allahabad Bank, Allahabad Bank SMS balance check number, Allahabad Bank SMS banking, Allahabad Bank mobile banking, Allahabad Bank toll free number,Allahabad Bank toll free number 24*7, Allahabad Bank miss call number.
- MISSED CALL NUMBERS - 08108781085, 09289592895
- CUSTOMER CARE NUMBERS - 1.80e+11
- CONTACT NUMBERS - 1800-430-00000
Allahabad Bank Contact Details
Allahabad Bank EMI Calculator Allahabad Bank Branches Allahabad Bank Car Loan FAQsCar Loan Document Required
- BANK OFFICIAL WEBSITE - https://indianbank.in/
- CONTACT NUMBERS - 1800-430-00000
- EMAIL ID - email@example.com, firstname.lastname@example.org
- MISSED CALL NO. - 08108781085, 09289592895
- CUSTOMER CARE NO. - 1.80e+11
- TOTAL BRANCHES - 3107
- TOTAL ATMS - 1208
- HEADQUARTER - Kolkata
- BANK ADDRESS - Head Office,2, Netaji Subhas Road,Kolkata-700 001.
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