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A loan is some amount of money that the customer borrow from a bank and with a contractual promise to pay it back with the interest specified at the beginning of the loan deal for the services provided by the bank. The customers should carefully think about all the financial situation before applying for the one and should be able to pay it back out of his/her income.Allahabad Bank Loans Interest Rates for different types of Loans.
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Sometimes if the bank approves your loan that actually does not solve your problem and if the payback amount is greater than what you can afford it will push you into further depth. All that we want to tell is the customers should think very wisely before obtaining a loan service.
Allahabad Bank Types of Loans
APPL (AllBank Pre-approved Limit) Housing Loan
You already approved the housing loan is ready before you plan for your house. Certainty about the loan amount and certainty in the time taken for sanction are the main issues and features for a good housing loan. Allahabad bank creates one of the best housing loan experience to the customer by ways of APPL. With this, we have introduced the service of APPL (Allahabad Bank Preapproved Limit) for the people who require housing loan for purchasing Flats or ready built house or villas.
APPL give the customer the security, comfort, and confidence so they can search for the property with the pre-approved loan at their hands. Get Allahabad Bank Loans to build your favorite home.
The applicants need to follow some procedure as to submit the documents for issuance of APPL a) KYC (Know your customer) documents (Id and Address proof) and the income proof. Bank will verify and issue the housing loan arrangement containing only eligible loan amount. If you want to know about other bank Loan types then checkout here IndusInd Bank Loans, Central Bank of India Loans and Canara Bank Loans for better banking experience.
Allahabad Bank Education Loan Scheme
Education loan scheme aims to provide financial support from the banking system to the meritorious student for pursuing graduate, post graduate and higher degrees.You can also check here Education loans of Bank of India Loans, Bank of Baroda Loans and Axis Bank Loans.
The student should have been admitted to a higher education course in recognized institutions in India or Abroad through an Entrance test or through merit based selection process. A meritorious student admitted under management quota also qualify for the education loan. Get the Allahabad Bank Loans with the help of this expert guide.
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Allahabad Bank Loans Interest Rates
The rate of interest under retail credit products as on 01/07/2017.
Note: Marginal cost lending rate (MCLR) = 8.5%.
- All bank Aashiana scheme, Housing finance scheme for NRI or PIO, Premium housing finance scheme for high net worth individuals and housing loan scheme for pensioner is for amount up to rupee 75 lakhs, the rate of interest is MCLR + 0.05%, for amount above rupee 75 lakh and up to rupee 300 lakh is MCLR + 0.15%, for amount above 3 lakh and up to rupee 500 lakhs, rate of interest is MCLR + 0.40% and for amount above 5 lakh the rate of interest equals MCLR + 0.55%.
- For Housing Furnishing scheme rate of interest equals MCLR + 3.00%.
FAQ’s Related to Allahabad Bank Loans
- What is the processing fee for the education loan scheme?
a) For loan amount above rupee 10 lakhs – 0.15% or a maximum of rupee 3000 is levied as processing fee for studies in India
b) For loan amount above rupee 2 lakh – 0.10% or a maximum of rupee 5000 is levied as processing fee for studies abroad
2.What is the moratorium period for the education loan?