Target Group

• Employees of those reputed public sector / private institutions / organizations, whose salary are disbursed through our branches
• Institutions / Organizations whose salaries are not disbursed through Allahabad Bank branches, but they are ready to enter into tie-up for remitting the monthly installments from the applicant’s salary on monthly basis.
• However, in case of transferable job a specific undertaking is required to be submitted by DDO’s that in case of transfer of employee DDO’s will continue to remit installment / arrange to remit even after the transfer of concerned employee .

Eligibility

• The applicant must be a permanent employee of the institution / organisation and the loan should be repaid at least three months before the date of retirement from service.
• The minimum monthly net salary of the borrower should be Rs. 4000/- and the maximum 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 50% of the monthly gross salary.
• The applicant should have at least 45 days’ leave balance to his credit as on the date of sanction of the loan.

Age

The age of the applicant should be minimum 21 years and loan should be repaid at least three months before his/her retirement from service.

Purpose

• 50% of the eligible loan amount may be availed 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
  
• Upto 50% of the eligible loan amount may be availed for meeting domestic, social, religious and other exigency expenses.

Quantum of Loan

24 months net salary or maximum Rs.7,50,000/- which ever is less. Minimum loan amount should be Rs.40,000/-

Margin

10% (to be calculated on the basis of total Assets owned or to be purchased as shown in the Self-Declaration.

Click here for Rate of interest

Repayment

Maximum 60 Equated Monthly Installments (EMI). The loan must be repaid 3 months before loanee’s retirement.

Repayment

Maximum 60 Equated Monthly Installments (EMI). The loan must be repaid 3 months 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 one co-employee
• Guarantee of spouse and one co-employee OR guarantee of two co-employees in case the DDO is not willing to furnish Clause (2) of the Undertaking

Pledge / Assignment of NSC, KVP, LIP & FDR or Equitable Mortgage of the property if available/ proposed.

Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges

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