Allahabad Bank was founded way back in the year 1865, and today it is one of the oldest joint stock banks. The bank provides business loans to traders, small enterprises and to almost every business organization. It also offers various government-sponsored loan schemes which make the high quantum loans available at an affordable interest rates.
With Allahabad Bank, you can easily decide your expansion strategy, analyze the financial expenditure and apply for the loan accordingly as the loan is easily available in huge quantum. Allahabad Bank business loans are available instantly at quite a low rate of interest, so you can also meet your urgent fund requirements.
Allahabad Bank offers multiple loan options and provides funds instantly to help you meet your financial requirements. Below are numerous other reasons which make Allahabad Business Loan, one of the most preferred loan options:-
Starting From Rs. 50,000 up to Rs. 25 lakhs
10.99% - 20.00%
12 to 60 months
2.50%, Minimum Rs. 1,000 Maximum Rs. 25,000
Allowed after 12 EMIs, Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%
21 years up to 60 years
Allahabad Bank has met the requirements of its customers from the starting years and today it is one of the most preferred banks for the business loans. It provides business loans for traders, businessmen, small enterprises and to almost every organization. The best part is that it also provides special loan schemes offered by the government, so if you can easily take a loan which completely matches your requirement.
Allahabad Bank imposes no restriction on the usage of the loan amount, so you can easily meet your varying business requirement such as renovating your office premises, acquiring new assets, purchasing furniture and fixtures and so on. Below are some of the major features of Allahabad Bank business loan; take a look:-
Allahabad Bank business loans are easily available at a low rate of interest starting just from 11%, so it can be one of the most affordable loan options for you.
Loan available up to 5lac
You can easily meet your heavy capital expenditure with Allahabad Bank as high quantum loan up to 5lac is instantly provided in just a few days.
Affordable processing fee
The processing fee charged by the bank is maximum 1.2% of the total loan amount, so you are not required to pay heavy loan processing charges.
Multiple Government loan schemes available
Allahabad Bank also provides multiple loan schemes offered by the government to promote the business. Thus, you can also easily get benefited from the government loan interest loan schemes.
No collateral or guarantor available
You need not put any collateral as well as guarantor to get your loan approved. You can easily get the loan up to 5lac without any collateral or guarantor.
Quick loan processing
The loan application is processed on instant basis and loan is approved in just a few days. The best part is you the entire loan process is completed online, so you can easily apply in just a minute.
The repayment tenure of Allahabad Bank business loan extends up to 5 years, so you can easily repay the loan in small EMIs as per your monthly income.
The documentation required for the verification purpose are quite basic ones. Further, the documentation process is conducted online which makes the process paperless.
Cash in just 2 days
Your loan application is instantly processed and cash is disbursed in your account in just 2 days after the approval of your application.
|Loan Processing Fees||Up to 2.50% of loan amount, Rs 1,000 to 25,000|
|Pre-payment Charges||4% of principal outstanding - 13 to 24 months,
3% of principal outstanding – 25 to 36 months
2% of principal outstanding - >36 months
|Penalty for late EMI payment||24% per year on outstanding amount From default date|
Every bank has certain eligibility criteria on which borrowers are accessed for the approval of the business loan. Below are the eligibility criteria for Allahabad Bank business loan; know in detail:-
Your minimum age to apply for the Allahabad Bank loan you should be 22 years of age and maximum 65 years of age (at loan maturity).
You should either be a trader (Individuals, firms, companies etc.) and should not be engaged in unlawful business or you should have a business concern/agency dealing in services.
Your current business should be in existence for at least 12 months.
Your business should be a profit-making business.
For the purpose of approving your business loan bank requires a certain set of documents for verification. The documents required for approval of Allahabad Bank business loan are listed below; take a look:-
ID Proof – PAN Card/Aadhaar Card/Driving License/ID Card/Passport
PAN Card – PAN Card of Individual/Firm/ Company is required
Address Proof – Aadhaar Card/ID Card/Passport/Driving License
Bank Statement – Statement of a bank for previous 6 months
Income Proof – Latest ITR as well as balance sheet and P&L account
Rupee Station is a one-stop solution for all types of loans for each and every borrower as we make the loans available to the applicant with a bad credit score as well. We aim at making the loan procedure paperless and hassle-free and paperless, so you can instantly get a loan without many efforts. At Rupee Station, you just need to fill the form and our financial experts take the process forward.
We have collaborated with Allahabad Bank, to make the business loans available at the lowest interest rates. You can easily get the special loan schemes offered by the bank from time to time and get benefited. Below given are some of the benefits which make the Rupee Station, one of the best online platforms to apply for business loan; take a look:-
At Rupee Station, you can apply for the loan just by filling our digital loan application form. In addition, documentation is also conducted online which makes the process paperless and hassle-free.
We aim to make the funds instantly available to the borrowers. Once the loan application is approved, the funds are disbursed in just 2 days.
Our dedicated team of experienced financial experts reviews your application and gets back to you with the best loan options. They also provide you the financial advice based on the information provided by you.
You can easily track your loan application online in just a few clicks as we also provide the facility to track the real-time status of your loan application.
We also have a strong customer support team which is always ready to resolve your queries regarding the loan process, eligibility, documentation and a lot more.
You can easily apply for Allahabad Bank business loan at Rupee Station in just a few clicks. With us, you can easily apply for the loan in just 3 simple steps listed below:-
Fill and submit the loan application form at our website in just a minute.
Your application will be reviewed by the experts and they will contact you for more details in order to process further.
Loan amount is disbursed into your account within 2 days after the approval of your loan application.