Allahabad Bank Skill Loan Scheme

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Allahabad Bank's "Skill Loan Scheme" aims at providing a loan facility to individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria

Eligibility Criteria

Any individual who has secured admission in a course run by Industrial Training Institutes (ITI's), Polytechnics or in a School recognized by Central or State Education Boards or in a College affiliated to recognized University, Training Partners affiliated to National Skill Development Corporation (NSDC) / Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a Certificate / Diploma / Degree issued by such Organization as per National Skill Qualification Framework (NSQF) is eligible for loan under the Scheme.
The Government of India / State Governments may, from time to time, notify Institutes / Organizations for this purpose, which will be advised accordingly.
Courses run by above mentioned Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the “Skill Loan Scheme”.

Minimum Age :

There is no specific restriction with regard to the age of the student to be eligible for skilling loan.
However, if the student is a minor, while the parent executes documents for the loan, the branches will obtain a letter of acceptance / ratification from him / her (student) upon attaining majority.

Quantum of Finance :

Minimum quantum of finance is Rs. 5,000/- and maximum Rs.150,000/-.

Margin

10% of loan amount (Maximum)

Rate of Interest

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

BR+1.50% 1.00% interest concession, if interest is paid within the study & moratorium period

Processing Fee : Nil

Moratorium period : 6 Months to 12 Months

Repayment Period:

Loans up to Rs.50000/- -- up to 3 years
Loans above Rs.50000/- up to Rs.1.00 Lac -- up to 5 years
Loans above Rs.1.00 Lac -- up to 7 years

Security

The loan documents should be executed jointly by the student and the parent (s)/ guardian as joint-borrower.
Up to Rs.4 Lac – no collateral security
Above Rs.4 Lac – (depending on the Course / Institutes) security varies from third party guarantee, co-obligation of parents, full collateral security

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

Allahabad Bank , ITI Education Loan

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