Allahabad Bank Education Loan - Student Loan in India

Allahabad Bank Education Loan

Allahabad Bank Education Loan Eligibility

Indian National who has secured admission to professional/ technical courses in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection Process after completion of H.S.C. (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.

Allahabad Bank Education Loan Courses Eligible:

Courses eligible for study in India:

Approved courses leading to Graduate/ Posy-Graduate degree and P.G. Diplomas conducted by recognized Colleges/ Universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

Courses like ICWA, CA, CFA etc.

Courses conducted by IIMs, IITs/ IISc, XLRI, NIFT, NID etc.

Regular Degree/ Diploma Courses like Aeronautical, Pilot Training, Shipping etc. approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India.

Approved courses offered in India by reputed Foreign Universities.

Courses eligible for Study abroad:

Graduation: For Job oriented professional/technical courses offered by reputed Universities.

Post Graduation: MCA, MBA, MS etc.

Courses conducted by CIMA London, CPA in USA etc.

Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., the Institute duly recognized by the Competent University/ State Body/ Local Aviation/ Shipping Authority.

The information on recognition status of the Institute may be gathered from the following websites :

www.ugc.ac.in, www.aicte.org.in, www.education.nic.in (For studies in India)

www.webometrics.info (For studies abroad)

Allahabad Bank Education Loan Quantum of Loan:

Need based finance subject to repaying capacity of the parents / students:

Studies in India: Maximum Rs. 20.00 lac.

Studies in Abroad:  Maximum Rs. 50.00 lac.

Allahabad Bank Education Loan Expenses Considered for Loan:

Fee payable to College / School /Hostel

Examination/Library/Laboratory Fee

Purchase of Books / Equipments/ Instruments/ Uniforms

Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institution, subject to the conditions that amount does not exceed 10% of the total tuition fees for the entire course.

Travel Expenses/Passage Money for studies abroad.

Purchase of Computers essential for completion of the course at reasonable cost.

Insurance premium for student borrower

Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.

Reimbursement of the fee paid at the time of counseling if applied within 60 days from the date of such payment.

Allahabad Bank Education Loan Margin:

For loan upto Rs 4.00 lac: NIL

For loan above Rs 4.00 lac:

Studies in India: 5%

Studies abroad: 15%

Scholarship / Assistantship to be included in Margin

Margin Money to be brought on year-to-year basis

Allahabad Bank Education Loan Application of Interest:

Simple interest during moratorium period

Service interest during moratorium period regularly and avail a special discount of 1.00% in interest rate.

Allahabad Bank Education Loan Repayment:

Repayment Holiday / Moratorium is “Course Period + 1 year” or “6 months after getting job”, whichever is earlier.

Loans up to Rs.7.50 Lac to be repaid within a maximum period of 10 years & those above Rs.7.50 Lac within a maximum period of 15 years after commencement of repayment period

Allahabad Bank Education Loan Security

For any amount of loan:

  • Assignment of Future income
  • Co-obligation of parents / guardians

Allahabad Bank Education Loan Rate of Interest:

For studies in India

For IIMs, IITs & others - MCLR+0.35%

For NITs & others - MCLR+1.85%

For other Institutes - MCLR+2.00%

Allahabad Bank Education Loan For studies Abroad

For loan amount up to Rs.4.00 Lac - MCLR +2.00%

For loan amount above Rs.4.00 Lac up to Rs.7.50 Lac - MCLR+2.00%

For loan amount above Rs.7.50 Lac - MCLR+1.85%

0.50% rebate for girl student 1.00% interest concession if interest is paid during study & moratorium period 

Delivery Channel:

From all our Branches, Retail Banking Boutiques and Centralized Retail Banking Boutiques

On-line application facility

Value added Service:

FREE Debit Card

Insurance:
Group Life Insurance Cover to the extent of loan liability for entire repayment period is available.

Others:
The parent / guardian would become co-borrower with the student.
Education Loan would be sanctioned preferably through branches / RBBs/ CRBBs nearest to the place of residence of parents.
Second time education loan is available for higher studies / escalation of cost.