Certainly! Below is a complete and professionally written article on Allahabad Bank Personal Loan in English. Although Allahabad Bank has been merged into Indian Bank since April 2020, many people still search for Allahabad Bank services by name. This article maintains that familiarity while providing updated information.

Allahabad Bank Personal Loan: Secure Funds for Your Personal Needs

Managing unexpected or planned expenses—like weddings, travel, home renovation, or medical emergencies—can become easier with the right financial support. Allahabad Bank, now a part of Indian Bank, offers personal loan products tailored for individuals looking for fast, collateral-free funding at competitive interest rates.

If you are a salaried employee or pensioner in need of a quick financial boost, the Allahabad Bank Personal Loan (now under Indian Bank) could be the right solution.

Overview: What Is Allahabad Bank Personal Loan?

A personal loan from Allahabad Bank (now Indian Bank) is an unsecured loan offered to eligible customers without requiring any security or collateral. The loan can be used for various personal purposes including marriage, education, medical emergencies, travel, or debt consolidation.

Key Features of Allahabad Bank (Indian Bank) Personal Loan

• Loan Amount: Up to ₹10 lakhs for salaried individuals; up to ₹3 lakhs for pensioners
• Loan Tenure: Flexible repayment period ranging from 12 to 60 months
• Interest Rate: Starts from approx. 10.25% to 13.50% p.a. (subject to change)
• Collateral Required: None (fully unsecured loan)
• Processing Fee: Typically 1% of the loan amount + GST
• Repayment Mode: EMIs via ECS, NACH, or post-dated cheques
• Prepayment Option: Available with nominal charges

Who Can Apply? (Eligibility Criteria)

For Salaried Individuals:

• Age: Between 21 and 60 years
• Employment: Permanent employees of government, PSU, or reputed private sector organizations
• Minimum Income: ₹15,000 per month (may vary by location)
• Work Experience: Minimum 2 years of continuous service
• CIBIL Score: 700 or above preferred

For Pensioners:

• Age: Up to 75 years at the time of loan maturity
• Pension should be regularly credited to a bank account maintained with Indian Bank
• Guarantor may be required in some cases

Documents Required

To apply for a personal loan, the following documents are usually required:

1. Identity Proof – Aadhaar Card, PAN Card, Passport, or Voter ID
2. Address Proof – Utility bills, Passport, Driving License
3. Income Proof
   • Salaried: Latest 3 salary slips, Form 16, 6-month bank statement
   • Pensioners: Pension slip or certificate, bank statement
4. PAN Card – Mandatory
5. Passport-size Photographs
6. Loan Application Form – Duly filled and signed

Additional documents may be requested depending on the applicant’s profile.

How to Apply for an Allahabad Bank (Indian Bank) Personal Loan

1. Offline Process (Branch Visit):

• Visit the nearest Indian Bank branch (previously Allahabad Bank)
• Request a personal loan application form
• Submit the filled form along with the required documents
• Bank representative will assess your eligibility and process the application
• Upon approval, the loan amount will be disbursed to your bank account

2. Online Application:

While direct online application under the “Allahabad Bank” name is no longer available, applicants can apply through Indian Bank’s official portal:

• Visit: https://www.indianbank.in
• Navigate to “Loans” > “Personal Loan”
• Choose the relevant product (e.g., “IB Personal Loan” or “IB Pension Loan”)
• Fill out the digital form, upload documents, and submit
• You will be contacted for verification and further steps

Loan Products under Indian Bank (Allahabad Bank)

1. IB Clean Loan – Salaried Individuals
   • Meant for regular salaried employees
   • No collateral required
   • Maximum loan based on income
2. IB Pension Loan
   • Available for retired government and PSU employees
   • Repayment up to 60 months
   • Guarantor may be required
3. IB Loan for Teachers / Central & State Employees
   • Customized loan plans for government staff and teachers
   • Attractive interest rates and relaxed documentation

Advantages of Allahabad Bank (Indian Bank) Personal Loan

• No Collateral Required: Loan is completely unsecured
• Competitive Interest Rates: Especially for salaried and pension customers
• Quick Approval: Especially for existing account holders
• Flexible Tenure: Choose up to 60 months repayment period
• Minimal Paperwork: Especially if salary or pension is credited with the bank
• Reliable Service: Backed by a century-old government-owned bank

Things to Consider Before Applying

• Always check your credit score before applying
• Understand the total cost of the loan including interest and processing fees
• Use a personal loan EMI calculator to estimate monthly repayment
• Avoid borrowing more than necessary
• Read prepayment and foreclosure terms carefully

FAQs – Frequently Asked Questions

Q1: Can I still apply under the name ‘Allahabad Bank’?
No. After the merger, all personal loans are now processed under Indian Bank. However, previous Allahabad Bank branches still serve existing customers.

Q2: How long does approval take?
Typically, within 3–5 working days if all documents are correct and verified.

Q3: Is it necessary to have an account with the bank?
Not mandatory, but having a salary or pension account with Indian Bank improves chances and speeds up processing.

Q4: What is the maximum loan tenure?
Up to 60 months (5 years), depending on the loan product.

Q5: Can pensioners apply for a personal loan?
Yes, under the “IB Pension Loan” scheme.

Conclusion

If you are looking for a simple, reliable, and collateral-free loan option, the personal loan offered by Allahabad Bank (now Indian Bank) is a solid choice. With quick processing, transparent terms, and support for salaried individuals and pensioners, it remains one of the trusted public-sector options for personal borrowing in India.