Allahabad Bank
Allahabad Bank

Allahabad Bank

Founded on April 24, 1865, Allahabad Bank is the oldest stock bank of the country. It came into being due to the dedicated efforts of a group of Europeans at Allahabad. It has its headquarters in Kolkata. Organized Industry, Trade and Banking had started shaping up in India at that very juncture. The history of the bank is thus spread over three centuries – nineteenth, twentieth, and twenty first. In July 1969, Allahabad Bank was nationalized along with 13 other banks. A couple of decades later, in October 1989, United Industrial Bank Ltd. merged with Allahabad Bank.

About Allahabad Bank

Coming to the twenty first century, Allahabad Bank services have transcended the national boundaries, opening a representative office at Shenzen, China. Soon thereafter, this was followed up by another major milestone – it opened its first overseas branch at Hong Kong in February, 2007. In that very year, the bank’s business crossed the Rs. 1,00,000 crores mark, thus further consolidating its presence in the finance and banking sector. In 2010, Allahabad Bank banking services surpassed the business figure of Rs. 1,75,000 crores with a growth rate of 23.06%. By March 2011, it implemented CBS in all its branches. On 24th April 2014, the bank entered into its 150th year of establishment.

Vision and Mission:

The bank strives relentlessly to surge ahead on a path of higher growth, by laying the foundation of a strong customer base. Talent management, induction of the State-of-the-Art Technology and structural re-organization are the pillars of this banking institution. It aims to ensure smooth and seamless baking experience for every customer, aided by latest state-of-the-art technology. Allahabad Bank financial services also emphasize strongly on the development of effective customer centric relationship, with its goal being to emerge as a world-class service provider through an optimal utilization of Human Resources and product innovation.

Allahabad Bank loans:

There are several Allahabad Bank loan schemes available to the customers. A few of these are as mentioned below:

  1. Allahabad Bank Home Loan: Allahabad Bank home details primarily endeavours to ensure a good housing loan experience to the borrowers by tackling with the two main issues of home loan in the best possible manner : certainty about the eligible loan amount and certainty about the time taken for sanction/disbursement. With its APPL (All Bank Pre-Approved Limit) facility, Allahabad Bank has taken a step forward to help home-seekers buy flats/villas or ready built houses. This is a significant Allahabad Bank home loan advantage. The borrowers certainly feel confident and comfortable as they can search for property with a pre approved limit in hand. They also find preference amongst many developers/builders for the very same reason. 

According to Allahabad Bank’s Aashiyana Scheme, one has to be a minimum of 21 years of age, while the age by which the loan should be fully repaid is 70 years. This scheme has been introduced mainly for the construction of residential house on land which is already owned. The maximum amount is a sum of up to Rs. 500 lacs. The repayment period is a maximum of 7 years. The bank also has a housing finance scheme for NRI/PIO. When it comes to Allahabad Bank home loan eligibility, the borrower should be of minimum 21 years, employed/self-employed or having a business unit. He/she should be staying abroad for at least 1 year. As far as income/remittances are concerned, he/she should have minimum gross annual income equivalent to Rs. 3.00 lacs per annum, or should have minimum gross remittance equivalent to Rs. 3.00 lacs per annum in his NRE/NRO/FCNR during last three years. 

  1. Allahabad Bank Property Loan : The target groups for this type of loans are single or joint individuals including salaried persons, professionals and self-employed and agriculturist/firms/company/trust/societies registered under Society Act. An individual will be eligible for property loan under Allahabad Bank if he has an income of minimum Rs. 1.20 lacs per annum. However, while computing quantum of loans in case of joint borrowers, the total income of all borrowers will be taken into account. The minimum loan amount is Rs. 5.0 lacs while the maximum amount is Rs. 200 lacs. 
  1. Allahabad Bank Personal Loan :
    1. Allahabad Bank personal loan advantage comes as a boon for pensioners, with the purpose being personal/domestic requirements. The target group includes all state Govt., Central Govt., teachers and bank employee pensioners. The age of the pensioner should not be more than 73 years as on the date of disbursement of loan. The loan should be fully repaid before the age of 75. The repayment period is a maximum of 48 months. Pensioners up to 65 years of age are eligible to get a loan of Rs. 2 lacs, while pensioners above 65 years can get up to Rs. 1 lacs. The minimum loan amount is Rs. 25,000.
    2. The bank also has at its disposal, a loan scheme for doctors/medical practitioners. The purpose of this personal loan might include meeting expenses of professional requirement. When it comes to eligibility, the maximum age should be not more than 65 years on date on loan sanction. The repayment period is a maximum of 60 months by equal monthly installments. The loan amount is equivalent to annual income or Rs. 5 lacs, whichever is less.

 Allahabad Bank Business Loan/Trade Loan : the target group for this type of loan includes all traders who are individuals, firms, companies, co-operative societies dealing in any lawful trading activity. Business loan from Allahabad Bank also encompasses business concerns/agencies which provide services such as Xeroxing, dry cleaning, licenses to deal in petroleum products/LPG, auto service centres, ISD/STD/PCO booths etc. Under this type of loan, credit facilities will be sanctioned up to a limit of Rs. 5 crores. Allahabad Bank business loan eligibility covers trades/business concerns having registration/license as applicable under local laws/appropriate authorities. Further, the applicant should preferably be engaged in the particular line of business for at least one complete financial year for which Income Tax Returns have been submitted. The unit should be one which makes profit

Talk to Our Experts