ALLAHABAD BANK NEW SARAL LOAN

    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.
  • Target Group:
  • 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 Limit :
  • 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).
  • 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).
    Repayment Period
  • Maximum 60 Equated Monthly Installments (EMI). The loan must be repaid 1 year before loanee’s retirement.
  • Prepayment Penalty:
  • 2.25% of Outstanding Balance only in case of takeover.
  • Moratorium
  • One month