Allahabad Bank Bike loan
Allahabad Bank Two Wheeler Loan:
To enable more and more individuals to personally own two-wheelers, Allahabad Bank Ltd. has come up with an easy loan scheme, offered at Allahabad Bank Two Wheeler Loan rate, to customers who satisfy Allahabad Bank Two Wheeler Loan eligibility norms.
Allahabad Bank Two Wheeler Loan Interest Rate:
- Loan is offered at Allahabad Bank Two Wheeler Loan rate calculated on base rate.
- The base rate for lending purposes stands at 9.50% per annum
- Hence, effective Allahabad Bank Two Wheeler Loan interest rate is at:
Base rate + 3% per annum = 12.50% per annum
Allahabad Bank Two Wheeler Loan Eligibility Norms:
As per the pre-specified set of Allahabad Bank Two Wheeler Loan eligibility criteria, individuals who satisfy below mentioned conditions are eligible for loan at Allahabad Bank Two Wheeler Loan interest rate:
- Salaried persons, who are permanent employees
- Above should have their minimum monthly salary as Rs.4000
- Non-salaried borrowers, such as:
a) self-employed: businessmen
b) professionals
c) agriculturists
- Minimum and maximum age of borrower should be 21 years and 60 years respectively to be able to avail of loan at Allahabad Bank Two Wheeler Loan interest rate.
Quantum Of Allahabad Bank Two Wheeler Loan:
- Maximum amount of loan that may be disbursed, irrespective of individual profile of borrowers: Rs.40, 000
- Above is calculated so as to include the cost of insurance
- A margin of over 10% is considered before disbursement of amount.
Procedure To Be Followed While Applying For Allahabad Bank Two Wheeler Loan:
- One may approach bank if above specified Allahabad Bank Two Wheeler Loan eligibility criteria are met; and submit following documents:
a) Proof of identity
b) Salary / income proof
c) Proof of age
d) Address proof
- However, a security is charged in the form of:
a) Primary: vehicle is hypothecated and registered with the RTA, as per bank clause
b) Secondary: If repayment mode is deduction from salary of borrower, the spouse should also be a guarantor
In other cases, an acceptable third party guarantee is required or an already existing security in some-other loan scheme.
- One-time processing charge at Rs.500 is also levied at the time of loan-processing.
- It is over and above interest at Allahabad Bank Two Wheeler Loan rate.
Tenure Of Allahabad Bank Two Wheeler Loan:
In case of salaried employees, the loan should be repaid in a tenure that does not extend beyond the last 3 months prior to retirement. Amount of EMI would include principal and interest on it at Allahabad Bank Two Wheeler Loan rate.
Repayment Of Allahabad Bank Two Wheeler Loan:
All borrowers who had availed of loan, after having satisfied Allahabad Bank Two Wheeler Loan eligibility norms, should repay entire amount of loan, in equated monthly installments, including interest at Allahabad Bank Two Wheeler Loan interest rate. The two modes of repayment are:
- Post-dated cheques of EMI amount.
- Direct deduction from salary account of borrower
Pre-Closure Of Allahabad Bank Two Wheeler Loan:
- If loan-account of borrower is pre-closed, via take-over by any other third party financial institution, such as banks, etc, then a charge of 2% on amount outstanding is levied.
- No other hidden charges are levied, and it is independent of the Allahabad Bank Two Wheeler Loan rate.
Product Page URL: Interested applicants may log on to official website or visit at link to know more about Allahabad Bank Two Wheeler Loan eligibility norms and other factors: http://www.allahabadbank.com/mobike.asp
Branch Office Address (In Table):
City
|
Branch
|
Address
|
Phone number
|
Delhi
|
CHANDNI CHOWK
|
4398, CHANDNI CHOWK, POST BOX NO. 1027
|
011-23940358 / 23926888
|
Mumbai
|
PAREL BRANCH
|
DR. AMBEDKAR ROAD, PAREL, POST BOX NO. 6610 MUMBAI-400 012. MAHARASTRA, Pin: 400012
|
022-24131618
|
Kolkata
|
KASBA
|
118, B.B. CHATTERJEE STREET KOLKATA - 700042
|
033- 24054039
|
Chennai
|
T.NAGAR
|
20, SIR THYAGARAYA ROAD,T.NAGAR,PIN - 600017
|
044-24346650
|
