The Allahabad Bank was founded on 24th April 1865, by a European group. The bank is headquartered in Allahabad and is the oldest joint stock bank across India. The Allahabad Bank came into existence when the banking sector was getting organized. It is one of the most trusted banks by people and has a widespread network in the country. The bank provides various products and services in the sector of personal banking, social banking, and corporate banking. The Allahabad Bank offers a wide range of financial products in the personal banking sector such as debit and credit cards, home loans, personal loans, car loans, two-wheeler loans, and a variety of savings accounts.
The New Saral Loan has been customized by the Allahabad Bank to facilitate people working in an organization whose salaries are being credited through the Allahabad Bank accounts. This loan can be used to buy a two-wheeler or any consumer durable. A two-wheeler maintenance requires a lesser effort than keeping a car. The bank understands this requirement of every Indian and has introduced New Saral Loan and AB Mobike loan for the public at reasonable rates of interest. Through this financial venture from Allahabad Bank, a person can own the mode of transport or can enjoy the thrill of biking after purchasing the two-wheeler.
1. AB Mobike Loan:
a. The loan is provided for buying a new two-wheeler.
b. The guarantor for the loan can be the spouse of the borrower or a third person who can take up the responsibility.
c. The Loan amount offered is a maximum of Rs. 1 lakh.
d. The margin on the loan is 10% of the total on-road cost of the two-wheeler.
e. The repayment period provided by the bank is 48 months.
2. Allahabad Bank New Saral Loan:
a. This kind of loan can be availed by people whose salaries are credited through Allahabad Bank accounts.
b. The minimum gross salary of the borrower per month should be Rs.20,000.
c. The loan can be processed by the applicant only if he or she is a permanent employee with a minimum of 2 years service experience within the same organization.
d. The organization of the salaried borrower must have the minimum 20 employees.
e. The loan can be used for purchasing a bike, any consumer durable item, or any other tangible asset.
f. The movable assets need to be hypothecated to Allahabad Bank.
g. The utilization of the loan should not exceed 50% of the loan amount for meeting domestic, social, religious, and other exigency expenses.
h. The quantum of credit is 24 times the net salary of the borrower, subjected to a maximum loan limit of Rs.7.50 lakhs and a minimum loan limit of Rs.50,000.
i. The loan margin is 10%, calculated from total assets owned or bought by the borrower.
The borrower needs to have a salary of at least Rs. 15,000 per month or ITR of Rs. 1,80,000 in case of self-employed.
The eligibility of the loan will be based on his/her salary of last six months or half of ITR amount (which is maximum of Rs. 1.00 Lakh).
The applicant must be between 21-60 years old.
If the borrower is a salaried individual and falls under the bracket of maximum age, the loan should be repaid three months prior to the date of retirement.
The applicant must be at least 21 years old.
The loan should be repaid at least a year before the retirement from service.
The minimum gross salary of applicant per month should be Rs.20000.
Applicant should be a permanent employee with at least two years of service in the same organization.
Q1. What is the repayment period for New Saral Loan?
The loan can be repaid in a maximum of 60 EMIs, and one year before the retirement of the borrower.
Q2. What is the prepayment penalty for New Saral Loan?
It is 2.25% of outstanding balance, only in case of a takeover.
Q3. What is the loan margin for AB Mobike Loan?
The loan margin is 10% of the total on-road cost of the bike.