Allahabad Bank Personal Loan Eligibility Calculator

There are many factors that can affect your eligibility for a personal loan from Allahabad bank and we have listed the most important ones for you below:

1. Collateral or security - Providing collateral or security can enhance your eligibility of a personal loan from Allahabad Bank. The collateral could be in the form of KVPs, NSCs, or any vehicle or consumer durable item that the bank can hypothecate.
2. Continuity of job - While evaluating your eligibility, Allahabad Bank will require you to be employed with the same organisation for at least 2 years. So, if you wish for higher eligibility, you should not change jobs frequently to ensure a steady source of income.
3. Age - Lenders tend to associate your repayment capacity with your age and hence, prefer lending to people who are aged above 21 years and above. Allahabad Bank has the same age criteria and offers personal loans to applicants aged above 21. As for the maximum age, the bank requires the applicant to have at least one year of service left for retirement to pay the loan.
4. Income - A higher income means a higher repayment capacity to the lenders and hence, the eligibility of the applicant will also be higher. Allahabad Bank lends to applicants who earn at least Rs.15,000 per month. In addition, the bank may also require the applicant to have a low debt-to-income ratio.
5. Place of residence - Applicants living in metropolitan cities such as Delhi, Kolkata, Chennai, etc., tend to have higher eligibility when compared to applicants living in rural or semi-rural areas. This is simply because lenders get an impression that since you are able to afford to live in a metropolitan city, you can afford the repayments.

How can I Increase my Eligibility for Allahabad Bank Personal Loan?

Now that you are aware of the factors that affect the eligibility for a personal loan from Allahabad Bank, you can follow the measures given below to further enhance your eligibility:

1. Maintain a decent credit score - Your credit score can play a crucial role in enhancing or diminishing your eligibility because it indicates your past payment history. Most lenders look for a credit score of above 750 to lend to you and hence, if you wish to boost your eligibility for a personal loan, ensure that you maintain this score.
2. Do not apply for multiple loans at the same time - Doing so indicates to the lender of your low repayment capacity and make them hesitant to lend to you. Therefore, before you apply for a loan, make sure that you have cleared off your other loans. This will augment your eligibility.
3. Provide collateral - When you provide collateral or security, the risk associated with lending to you is lower and hence, it amplifies your eligibility. In case of you defaulting on your payments, lenders can sell/auction the collateral you provided to recover the outstanding loan. The collateral can be in the form of property, gold, financial securities, etc.

I have an NSC in my name. How much loan amount am I eligible for?

The maximum loan amount in cases where you own a KVP or NSC will depend on the age of the NSC or KVP as depicted below:

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