Allahabad Bank Gyan Dipika Scheme

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The purpose of Allahabad Bank Gyan Dipika Scheme is to help the Parents/ Guardians of students pursuing school education from Nursery standard to 12th Standard.

Gyan Dipika Scheme provides

Admission fees including caution money, building fund, refundable other deposits, maintenance fees etc.
Annual fees including Development fees, Examination fees, Library/ Laboratory fees, Hostel charges and other fees related to Hostels, purchase of Books, Equipment, Uniforms, Computer etc.
Tuition Fees to be paid in advance on quarterly/half-yearly/yearly basis.

Eligibility Criteria :

Should be an Indian national residing in India.
Student should have secured admission to a Recognized/Affiliated and Reputed School/High School / Junior School / College (including
CBSE/ICSE/State Board) for courses under Nursery standard to 12th Standard identified/ approved by the respective Zonal Office of the Bank.

Loan Criteria :

Need based finance subject to the repaying capacity of the parents,
Maximum limit limit of the quantum of finance - Rs.1 lac, including all types of expenses or any of the expenses under the scheme as mentioned above,
Net combined income of the parents'/guardians' should be above 40% of gross income, after considering the EMI of the proposed loan.

Loan Limit : Maximum Rs. 1,00,000/-

Margin : NIL

Rate of interest & Processing Fee

For interest rate check out this link, Allahabad Bank Interest Rate

Repayment Period :

The loan is repayable in three years by 36 Equal Monthly Installments to be paid by Post Dated Cheques (PDCs).
However, if the loan is taken for quarterly/half yearly expenses, the repayment period would be adjusted in line with the periodicity of the expenses.
First installment will be due in the next month after the last disbursement.

Security :

No tangible/collateral security is required,
However, a concession of 100 basis points would be allowed for 100% security cover of the loan amount by way of immovable property/other liquid security,
Personal guarantee of the parents/guardian's.

Contact Details

Allahabad Bank Head Office,
2, N. S. Road, Kolkata -700 001
EPABX Nos.: 033 2242 0851 / 2242 3373
2242 0863/ 2242 0915/ 2242 0869/ 2210 3777
2242 0900 / 2242 0883/ 2242 0912
Website : visit

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Tags

School Education Loan , Allahabad Bank

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