ALLAHABAD BANK NEW SARAL LOAN
- Employees of those Organizations only whose salaries are being disbursed through our Bank Branches.
- Minimum Gross Monthly salary of the proponent should be Rs.15000/- and he / she should be a permanent employee with a minimum 2 years service in the same Organization.
- The Organization proposed for designation must have strength of minimum 20 eligible employees. Minimum strength of 20 employee is not applicable for central /state government organization.
The age of the applicant should be minimum 21 years and loan should be repaid at least one year before his/her retirement from service.
- Loan may be utilized for the purpose of purchasing any consumer durable item / two wheeler, etc or any other tangible item(s) which can be validly hypothecated to the Bank and / or for meeting domestic, social, religious and other exigency expenses.
- However, for meeting domestic, social, religious and other exigency expenses, utilization of loan should not exceed 50% of the loan amount.
Quantum of Loan :
- 12 times of present Gross Monthly Salary, for employee having salary of Rs.15000.00 and above and upto Rs.20000.00 per month and minimum loan limit of Rs.50000/-
- 24 times of present Gross Monthly Salary, subject to maximum loan limit of Rs.7.50 Lac for employee having salary of Rs.20000.00 and above and minimum loan limit of Rs.50000/-
- Loan amount should be assessed in such a manner that net take home salary after taking into account all deductions (existing and EMI of new loan) is not below 40% of the monthly gross salary.
10% (to be calculated on the basis of total Assets owned or to be purchased by the borrower).
Rate of Interest
Maximum 60 Equated Monthly Installments (EMI). The loan must be repaid 1 year before loanee’s retirement
- Hypothecation of articles being financed and /or other items of existing article owned by the proponent covering the full value of loan amount.
- Guarantee of spouse or parents in case of unmarried applicants.
Prepayment Penalty -
2.25% of Outstanding Balance only in case of takeover.