Managing Expenses with Allahabad Bank (Indian Bank) Personal Loan
Whether it’s a wedding, vacation, home upgrade, or medical emergency, having access to timely financial support can make all the difference. Allahabad Bank—now merged with Indian Bank—offers personal loan solutions designed for individuals seeking quick, unsecured funding at competitive interest rates. If you’re a salaried professional or a pensioner in need of financial assistance, this loan could be the right fit.
Overview: What Is Allahabad Bank Personal Loan?
The Allahabad Bank Personal Loan (now offered through Indian Bank) is an unsecured credit facility that doesn’t require any collateral. It’s suitable for a wide range of personal needs such as education, travel, medical bills, marriage expenses, or consolidating existing debts.
Key Features of Allahabad Bank (Indian Bank) Personal Loan
- Loan Amount: Up to ₹10 lakhs for salaried applicants; up to ₹3 lakhs for pensioners
- Repayment Tenure: Flexible terms ranging from 12 to 60 months
- Interest Rates: Typically between 10.25% and 13.50% per annum (subject to revision)
- Security: No collateral required
- Processing Charges: Around 1% of the loan amount plus applicable GST
- Repayment Options: EMIs via ECS, NACH, or post-dated cheques
- Prepayment Facility: Available with minimal charges
Who Can Apply? (Eligibility Criteria)
For Salaried Individuals:
- Age: 21 to 60 years
- Employment: Permanent employees in government, PSU, or reputed private firms
- Minimum Monthly Income: ₹15,000 (may vary by region)
- Work Experience: At least 2 years of continuous employment
- Credit Score: Preferably 700 or above
For Pensioners:
- Age Limit: Up to 75 years at loan maturity
- Pension Credit: Must be credited to an Indian Bank account
- Guarantor: May be required depending on the applicant’s profile
Documents Required
To apply, you’ll typically need:
- Proof of Identity – Aadhaar, PAN, Passport, or Voter ID
- Proof of Address – Utility bill, Passport, or Driving License
- Income Documents
- Salaried: Last 3 salary slips, Form 16, and 6-month bank statement
- Pensioners: Pension certificate/slip and bank statement
- PAN Card – Mandatory
- Photographs – Passport-size
- Loan Application Form – Completed and signed
Additional documents may be requested based on your profile.
How to Apply for an Allahabad Bank (Indian Bank) Personal Loan
Offline (Branch Visit):
- Visit your nearest Indian Bank branch (formerly Allahabad Bank)
- Request and fill out the personal loan application form
- Submit the form along with required documents
- Bank officials will assess your eligibility and process the application
- Upon approval, funds are credited to your account
Online:
Although Allahabad Bank’s standalone portal is no longer active, you can apply via Indian Bank’s website:
- Go to https://www.indianbank.in
- Navigate to “Loans” → “Personal Loan”
- Select the appropriate product (e.g., IB Personal Loan or IB Pension Loan)
- Fill in the online form, upload documents, and submit
- Bank representatives will follow up for verification and next steps
Loan Products under Indian Bank (Allahabad Bank)
- IB Clean Loan – For salaried individuals
- No collateral required
- Loan amount based on income
- IB Pension Loan – For retired government and PSU employees
- Repayment up to 60 months
- Guarantor may be needed
- IB Loan for Teachers / Government Employees
- Tailored for central and state staff
- Attractive interest rates and simplified documentation
Advantages of Allahabad Bank (Indian Bank) Personal Loan
- No Security Needed – Fully unsecured loan
- Competitive Rates – Especially for salaried and retired applicants
- Quick Processing – Faster approval for existing account holders
- Flexible Tenure – Repayment options up to 5 years
- Minimal Documentation – Especially if salary/pension is credited with the bank
- Trusted Institution – Backed by a government-owned legacy bank
Things to Consider Before Applying
- Check your credit score beforehand
- Calculate the total cost including interest and fees
- Use an EMI calculator to plan monthly payments
- Borrow only what you need
- Review prepayment and foreclosure terms carefully
FAQs – Frequently Asked Questions
Q1: Can I still apply under the name ‘Allahabad Bank’?
No. All personal loans are now processed under Indian Bank. However, former Allahabad Bank branches continue to serve existing customers.
Q2: How long does loan approval take?
Usually 3–5 working days, provided all documents are in order.
Q3: Is a bank account with Indian Bank mandatory?
Not required, but having one can improve approval chances and speed up processing.
Q4: What’s the maximum repayment period?
Up to 60 months, depending on the loan type.
Q5: Are pensioners eligible?
Yes, under the IB Pension Loan scheme.
Conclusion
If you’re seeking a straightforward, collateral-free loan backed by a trusted public-sector bank, the Allahabad Bank Personal Loan (now under Indian Bank) is a dependable option. With flexible terms, quick disbursal, and tailored products for salaried individuals and pensioners, it remains a popular choice for personal financing in India.