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Buy Your Favorite Car With Allahabad Bank Car Loan

Catering to the needs of the common man of India, Allahabad bank has been in constant devoted service to its large base of customers since many years now. Known for its dynamic outlook, Allahabad Bank has managed to retain their customers with their excellent service and pro consumer attitude.

In the wide gamut of the services that the historical Allahabad Bank offers to its customers is an attractive yet simple loan facility which enables the clients to realize their dreams by sparing the burden on the pocket at once. Allahabad Bank offers simple loan schemes for Housing, Automobile, Personal and other needs.

Allahabad Bank Car Loan Facility is another simple service of the Bank. The bank renders finance services for purchase of vehicles that are intended for personal uses. There is also a facility in the same scheme which provides loan for a pre used car for personal use. The total amount sanctioned in the loan is twice the Net Annual Salary of the Net Annual Income. The Bank agrees for the total price of 15 % of the actual price. When the purchase of pre-used cars is concerned the total margin for an old vehicle is decided to be 85% of the "Agreed Purchase Price". They may also consider the 60% of the actual value of the vehicle.

The eligibility criteria for Allahabad bank car loan are fairly simple and inclusive. The loans are extended to Salaried as well as self employed people at a total interest rate of 11 % per annum. In the case of Salaried Employees, Allahabad Bank issues loans only to permanent employees with a clause that the employee shall repay the loan within three months of retirement from the service.

The Bank also requires a set of documents for the process which includes a payment slip explaining the annual salary of the employee.

The total duration for which the loan can be taken is one year at the minimum and seven years at the maximum in case of a new car. The loan repayment duration is shorter in the case of a purchase of an older car.

Once the details and all the documents are available, one may even apply for the car loan online through the dedicated portal of Allahabad Bank online making it much easier for the tech savvy generation. 

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