Allahabad Bank Pension Loan Features
| Allahabad Bank Pension Loan Interest Rate | 11.83% p.a. |
| Allahabad Bank Pension Loan Processing Fee | 1% of the loan amount |
| Allahabad Bank Pension Loan Tenure | 36 months |
| Pension Loan Amount Minimum | 25,000 |
| Pension Loan Amount Max | 14 Lakh |
| Family Pension Loan Amount Minimum | 2.5 Lakh |
| Family Pension Loan Amount Max. | 5 Lakh |
| Allahabad Bank Prepayment Charges | 3% of the loan amount |
| Allahabad Bank Foreclosure Charges | 3% of the loan amount |
Allahabad Bank Pension Loan Eligibility
For the Allahabad Bank loan eligibility, it is one of the primary requirements that one of your ex-staff constituents who is having a pension statement. You must also be a beneficiary of state government, PSU or Central Government. You must also take home 60% of the monthly pension after paying the bank payments.
Allahabad Bank Pension Loan Eligibility for Central and State Government Pensioners
| Eligibility Criteria | Key Features |
| Employer Type | Central and State Government |
| Applicant’s Age | Below 76 years of age |
| Account Type | Pension payment order maintained by Bank |
| Treasury Terms | Written consent from the treasurer not to accept any pension transfer requests |
| Guarantee Terms | By the spouse (eligible for a family pension) or any other third party |
Allahabad Bank Pension Loan Eligibility For Defence Pensioners
| Eligibility Criteria | Key Features |
| Employer Type | Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles |
| Applicant’s Age | Below 76 years of age |
| Account Type | Pension payment order maintained by Bank |
| Treasury Terms | Not applicable |
| Guarantee Terms | Not applicable |
Allahabad Bank Pension Loan Eligibility For Family Pensioners
| Eligibility Criteria | Key Features |
| Employer Type | Central and State Governments including all Armed Forces |
| Applicant’s Age | Below 76 years of age |
| Account Type | Pension payment order maintained by Bank |
| Treasury Terms | Not applicable |
| Guarantee Terms | Authorised members of the family under the family pension scheme |
Maximum Eligible Loan Amount and repayments
For Central and State Government Pensioners:
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 72 years | ₹ 14.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 12.00 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 7.50 Lakh | 24 months | Up to 78 years |
For Defense Pensioners:
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 56 years | ₹ 14.00 Lakh | 84 months | Up to 63 years |
| 56 – 72 years | ₹ 14.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 12.00 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 7.50 Lakh | 24 months | Up to 78 years |
For Family Pensioners (including Defense Pensioners):
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 72 years | ₹ 5.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 4.50 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 2.50 Lakh | 24 months | Up to 78 years |
Interest Rate On Allahabad Bank Personal Loan For Pensioners
The interest rate for Allahabad Bank Pension Loan is very less i.e. 3.40% p.a. to fulfil the needs of old pensioners in their ending days.
Document Required For Allahabad Bank Pension Loan
Identity proof: Any of the following mentioned–
- Passport
- Voter Identity Card
- Pan Card
- Driving License
- Aadhaar Card
Address proof: Any of the following mentioned–
- Ration Card
- Bank Account Statement
- Passport
- Driving License
- Utility bills
- The property purchase agreement
- Aadhaar Card
Income proof:
- Bank Account Statement
- Salary Slips
Loan Amount On Allahabad Bank Personal Loan For Pensioners
The smallest loan amount is Rs 25,000. The highest loan amount and loan tenure depends on the pensioner’s life and the nature of the pension he/she is drawing.
For State and Central Government Pensioners:
| Age | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure |
| Less Than 72 Years | 25000 | 14 Lakh | 18 Months Pension | 60 |
| 72 to 74 Years | 25000 | 12 Lakh | 18 Months Pension | 48 |
| 74 to 76 Years | 25000 | 7.5 Lakh | 18 Months Pension | 24 |
For Defence Pensioners:
| Age | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure |
| Up to 56 Years | Rs 25000 | 14 Lakh | 36 Months Pension | 84 |
| Less Than 72 Years | Rs 25000 | 14 Lakh | 18 Months Pension | 60 |
| 72 to 74 Years | Rs 25000 | 12 Lakh | 18 Months Pension | 48 |
| 74 to 76 Years | Rs 25000 | 7.5 Lakh | 18 Months Pension | 24 |
For Family Pensioners:
| Age | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure |
| Less Than 72 Years | 25000 | 5 Lakh | 18 Months Pension | 60 |
| 72 to 74 Years | 25000 | 4.5 Lakh | 18 Months Pension | 48 |
| 74 to 76 Years | 25000 | 2.5 Lakh | 18 Months Pension | 24 |
About Allahabad Bank
Allahabad Bank was founded in April 1865. It was established by a group of Europeans in the city of Allahabad. At that point in time, Organized Industry, Trade and Banking started taking shape in India.
It is quite an old Bank with a rich experience in extending various banking solutions to its clients since its birth. Their consistent track record of growth with profit provides the confidence of meeting all their customer’s Banking requirements.
FAQs on Allahabad Bank Pension Loan
✅ Can you get a loan on a pension?
The Allahabad Bank Pension Loan is available for the Central and State Govt pensioners, Defense pensioners and family pensioners up to 76 years of age.
✅ How much loan can a pensioner get?
The loan amount of personal loans for pensioners varies for the different pension loan providers. The Allahabad Bank Pension Loan can be availed for the amount of Rs 25,000 to Rs 14 lakhs.
✅ What is the pension loan scheme?
The Allahabad Bank Pension Loan scheme covers the funding needs of Govt, Defense and family pensioners after their retirement.
✅ At what rate of interest you can get Allahabad Bank Pension Loan?
You can get Allahabad Bank Pension Loan at a 3.40% p.a. interest rate.
✅ How can you get Allahabad Bank Pension Loan?
You can apply online via Dialabank or call at 9878981166.
