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Allahabad Bank Personal Loan - Fees and Charges

To help individuals meet various needs, Allahabad Bank offers different kinds of personal loans, namely New Saral LoanNew Saral Loan Personal Loan to Pensioners and Personal Loan to Doctors. For all new customers, the bank will provide personal loans on the new MCLR based interest rate, while for all existing customers, the personal loans will continue to be available under the Base Rate based interest rate.

Allahabad Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

The Reserve Bank of India has recently announced a new interest rate system for all new loan borrowers. The new MCLR (marginal cost of funds based lending rate) came into effect from April 1st, 2016 and takes into consideration components like marginal cost of funds, tenor premium, operating costs and negative carry on account of cash reserve ratio (CRR). The following table denotes the MCLR set by the bank with effect from April 1, 2016.


MCLR (in percentage)

Overnight MCLR


1 month MCLR


3 months MCLR


6 months MCLR


1 year MCLR


Allahabad Bank Personal Loan Interest Rates (MCLR)

Allahabad Bank will be offering new personal loans based on the new MCLR based interest rate system which came into effect as of April 1, 2016. Currently, the MCLR for one year has been fixed at 9.60% and the same will be applicable on all personal loans in addition to the bank’s mark-up rate.


MCLR Based Interest Rate

New Saral Loan

MCLR + 4.00 % (a rebate of 0.50% will be provided if the equitable mortgage or liquid collateral of the building or land offered is equal to the amount of the loan)

Pensioner’s Personal Loan

MCLR + 3.00 %

Doctor’s Personal Loan

MCLR + 5.00 %

Allahabad Bank Base Rate & Prime Lending Rates (For existing borrowers)

For all its existing borrowers, Allahabad Bank will offer personal loans on the Base Rate system. The bank revised its Base Rate with effect from 5/10.2015. Base Rate is set by the RBI each year and is the minimum rate which the bank is allowed to charge its customers. The Prime Lending Rate is the average interest rate which is charged by banks on loan products. Following is the base rate (BR) and the Benchmark Prime Lending Rate (BPLR) for Allahabad Bank.

Base Rate (w.e.f 5/10/2015)

Prime Lending Rate (w.e.f 5/10/20165)



Allahabad Bank Personal Loan Interest Rate (Base Rate)

All existing customers of Allahabad Bank can avail personal loans on the Base Rate based interest system. The interest rate on the loans is subject to change with the change in base rate.

Note: The MCLR rates mentioned above are effective as of April 1, 2016. To know the currently applicable interest rates for personal loans, please contact the bank at the time of application. Interest rates for personal loans are subject to change, without prior notice, with change in MCLR / Base Rate.

Loan Types

Personal Loan

Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.

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Home Loan

Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.

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Loan Against Property

A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.

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Business Loan

Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.

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It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.


Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.


Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.


A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

Marriages are made in heaven and its celebration is one of the happiest and memorable events for married couples and their families. Wedding loan is available to people looking to meet their wedding expenses in order to make the wedding a grand success.
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.
The Education Loan aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
Debt consolidation/ Financial Restructuring is a process to streamline one's financial stability and debt. Thus by consolidating many small debts with one debt, one gets favourable payment off terms and lower burden of EMI.
Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.

Disclaimer: LoanMoney is not a Loan Providing Organization. We are facilitating the Loan Process from various Banks & NBFC. The rate, eligibility criteria, term & conditions of various banks are subject to change as per bank discretion. We try our best to keep the data up-to-date, but we can't guarantee the accuracy of data provided in this site. LoanMoney help you to embark on your dream at the right time with many Banks/NBFC's Loan opportunities available! Follow a few simple steps to help LoanMoney team understand your requirements... read more

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