General Questions

When calculating the maximum personal loan amount in case of salaried people, the bank/financial institution takes care that the EMI does not exceed 30% to40% of the applicant’s take home salary. Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. And, for the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged Profit/Loss statement, while taking into account any additional liabilities (such as current loans for business etc.) that the applicant might have.
Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis
Yes, personal loan can be applied either by yourself (singly) or together with a co-applicant (jointly).The co-applicant needs to be a family member like your spouse or parents. By getting a co-borrower, your loan application will be processed in a higher income bracket, enabling you to avail a larger loan amount. However, keep in mind that if either you or your co-applicant have poor credit history, the chances of success of your loan application may be adversely affected.
Though the documentation requirements of personal loans vary from one financial institution to another, some of the key documents that you would need to provide with your personal loan application include: Income proof (Salary Slip for salaried/recent acknowledged ITR for self-employed) Address Proof Documents Identity Proof Documents and others Certified copies of degree/license (in case of self-employed professional) and others as per the lender’s criteria.

About Car Loan

Yes, car loan is offered for pre-used cars. But, the interest rate for such a loan would differ from that of a new car. However, the loan would only cover the price of the car itself, other costs as transfer of registration, etc. will have to borne by you.
Just as the name suggests, a car loan is a loan granted to an individual interested in buying a car. Therefore a car loan is a secured loan where the car you buy acts as a collateral. Therefore, there is no additional collateral requirement for a car loan. However, you do have to get the RC (registration certificate) of the car endorsed with the bank. This endorsement is cancelled after repayment of the loan is completed.
When you input your basic details into the allienceexpressbank.com contact form, we'll provide you with all available options based on the information you provide us. After you get the complete list of lenders who might suit your specific requirement you can compare the various loan options based on tenure, interest rate, maximum loan amount as well as other factors. You can then go ahead and zero in on the offer that is best suited to your specific requirement. EFBANK Online streamlines the loan selection process, allowing you to derive the maximum benefits from your car loan.
Though most lenders do not specify a minimum salary requirement, your loan application may be rejected in case your salary does not exceed a predetermined threshold level as required by the internal requirement of the bank. In such cases applying with a co-borrower might be a better idea to increase your chances of successfully applying for a car loan.
A loan guarantor or a co-borrower is only required if you are unable to meet the eligibility criteria stated by the lending institution such as monthly income, age or credit score. Otherwise you can apply for a car loan on your own.

Home Loan FAQs

Home loan is a loan disbursed by a bank or financial institution (lender) to an individual specifically for buying a residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest.
Home loans are long term borrowing instruments with a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure offered to you for your personal loan depends on the loan amount that is sanctioned to you by the lender along with other factors.
Anyone — whether self employed or salaried individuals/professionals — with a regular source of income can apply for home loans. One must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation. This is the generic eligibility criteria and specifics such as the minimum and maximum age limits, minimum income level, etc. may differ from one lender to another.
When you log on to the home loan section of Allience Express Bank, you can apply for a home loan in minutes by following a few key steps: Find out the various lenders who would be interested in providing you with a home loan based on loan amount, income level and related criteria provided by you. Compare the home loan offers based on factors such as interest rates, processing fees and other relevant factors. Just choose and click to apply for the home loan with the specific provider with the click of a button. Subsequently your prospective lender will get in touch with you to get supporting documents and complete other formalities. In short by applying through Allience Express Bank, the process of comparing and choosing home loans is simplified by saving you a lot of time and effort.

Savings Account FAQs

A deposit account held at a bank or other financial institution that provides principal security, a modest interest rate and high degree of liquidity, is termed as a savings account. Savings account funds are considered one of the most liquid investments apart from cash. Savings accounts are thus ideal for keeping emergency money or money for daily expenses that you might need at a later date.
Savings accounts are the key business of commercial banks operating in the UK, hence to open a savings account, all you need to do is fill out a simple form on allienceexpressbank.com
Factors that need to be considered while choosing the right bank to open a savings account with include interest rate offered on your deposit, minimum balance required to maintain your account, customer service, branch availability and other factors.

Education Loan FAQs

Education loans are offered by banks to students to enable them to pay for higher studies such as graduation and post graduation courses, both in the UK and overseas. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course related expenses may also be covered by the education loan. In case of overseas studies, many education loan providers include the price of a return ticket into the education loan corpus. As most students have no previous credit history, the parent or guardian has to co-sign for an education loan as a guarantor. Moreover, education loans also require key lender approved collateral such as property documents, fixed deposits, etc. Though there is an interest free (moratorium period) for an education loan, if you service the interest accrued on an education loan during the period, you may receive a further discount on the education loan.
Every bank has its own eligibility criteria for dispensing education loans, but a few common parameters are: Applicant should be an UK national. Applicant should have confirmed admission in a college/educational institution at the time the loan application is made. Applicant should be in the age bracket 16–35 years. The Applicant should have a co-borrower such as a parent who acts as guarantor for the loan Collateral in the form of a fixed deposit etc. is required for loan amounts higher than 50,000 EURO.
In case you have lost your card or it has been stolen, the priority is to block the card and prevent unauthorised transactions. Please call the card issuer’s customer care number and inform them of the card loss/theft so that the card is blocked and the replacement card issue procedure is started.
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