Allahabad bank offers three types of loans Allahabad bank Home Loan, Allahabad bank Pension Loan and Allahabad bank Education Loan. The Allahabad bank loan is offered for the salaried employees, self-employed, professionals, and businessmen.
Allahabad Bank Home Loan
Allahabad bank loan is famous for its Home Loans. Allahabad bank home loans are given for construction of the residential house, for the purchase of flat or house for the residential use, for renovation or extension or repair of the existing house or flat.
Allahabad Bank Pension Loan
This bank offers Allahabad Bank Loan for the pensioners it’s known as Allahabad Bank Pension Loan. This Allahabad bank loan is offered for the state government and central government pension holders. There is an age criterion for the Allahabad bank pension loan. The pensioner’s age must not exceed seventy years. The Allahabad bank pension loan is treated as the personal loan which can be availed without mentioning any specific reason.
Allahabad Bank Education Loan
The bank offers Allahabad bank loan for students known as Allahabad Bank Education Loan. This education loan is offered for the students who are doing their course such as Graduation Course, Post Graduation Course, Master Courses, Professional Courses, Graduation abroad and post graduation abroad. The fee payable at the college or institute, travel expenses, required study material, and equipment comes under the expenses considered for the education loan. The Allahabad bank loan for students must be repaid within a maximum period of seven years after the commencement of repayment.
The persons eligible for Allahabad Bank Loan are those who have a regular income source sufficient enough to clear the loan along with interest within the loan tenure. For some loans, the Allahabad bank needs security which is mandatory to be qualified for the loan. For student loans, the Allahabad bank checks the records of their parents and the student’s academic record. For Allahabad pension loans the pensioner’s age must be less than 70 years.
The Allahabad bank offers easy repayment schemes to clear the Allahabad bank loan. The student loan has a repayment holiday period which is up to one year after the course completion. For home loans the Allahabad bank offers EMI.