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Target Group
- Employees of those reputed public sector / private institutions / organizations, whose salary are disbursed through our branches or the employer is ready for remitting the monthly installments from the salary
Eligibility
- Permanent employee of the institution / organization
- Minimum net monthly salary - Rs.4000/-.
- Age – Minimum 21 years
- Leave balance 45 days.
Purpose
- 50% of the loan amount for purchase of any consumer durable item / two wheeler etc. or any other tangible item(s)
- Upto 50% of the loan amount for meeting domestic, social, religious and other exigency expenses.
Loan amount
- 24 months net salary maximum Rs.7,50,000/-.
Margin
Click here for Rate of interest
Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges
Repayment Period
Moratorium
Security
- Hypothecation of articles being financed and /or other items covering full value of loan
- Guarantee of spouse and one co-employee OR Guarantee of two co-employees
- Pledge / Assignment of NSC, KVP, LIP & FDR or Equitable Mortgage of the property if available/ proposed.
- Bank has launched customer friendly SARAL-2 Scheme recently for extending loan to the employees whose salary is being disbursed through Allahabad Bank branch and where no salary tie-up with the employer is available.
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