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ALLAHABAD BANK NEW SARAL LOAN

Target Group

  • Employees of those Organizations only whose salaries are being disbursed through our Bank Branches.

Eligibility

  • 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.

Age

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.

Purpose

  • 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.

Margin

10% (to be calculated on the basis of total Assets owned or to be purchased by the borrower).

Rate of Interest

Repayment

Maximum 60 Equated Monthly Installments (EMI). The loan must be repaid 1 year before loanee’s retirement

Moratorium

One month

Security

  • 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.

Processing Fee

Prepayment Penalty -
2.25% of Outstanding Balance only in case of takeover.