Allahabad Bank Education Loan Scheme

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Allahabad Bank Education Loan Scheme aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad.

A meritorious student, though poor, is provided with an opport unity to pursue education with the financial support from the banking system with affordable terms and conditions.

Eligibility

Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).
Where the admission is purely based on the marks scored in qualifying examinations then the cut off marks for loan eligibility is 50%.
Meritorious Students admitted under Management Quota are also eligible for loan.

Courses

Studies in India (Indicative list):
Approved courses recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.

Studies Abroad:
For job oriented professional/ technical courses offered by reputed universities.

Coverage of Expenses

Fee payable to college/ school/ hostel and other related expenses.

Loan Amount

Study in India:
Up to Rs.20 Lac depending on the Institute. (List of the Institutes is available on Bank’s website.)
Study abroad: Rs.50 Lac.

Margin

Up to Rs.4 Lac: Nil
Above Rs.4 Lac: in India -5%; abroad - 15%

Rate of Interest

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

Moratorium period

Course Period plus one year or Six Months after getting Job, whichever is earlier.

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

Repayment - up to 15 years

Processing Fee

For studies in India
For loan amount above Rs.10.00 Lac -- 0.15%, maximum of Rs.3000/-
For studies abroad
For loan amount above Rs.20.00 Lac -- 0.10%, maximum of Rs.5000/-

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 , Loan for study abroad

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