Allahabad Bank Education Loan

Allahabad bank offers various schemes on education loan for the Indian aspirants. To know more about it you can continue reading.

Bank Name Amount of Loan Repayment Tenure Interest Rate

20 - 50 lacs

15 years

11.20 - 13.70 %

Eligible Courses

Studies in India:

  • Any of the approved course which leads to diploma / post graduation or graduation to the candidate who is studying. The college / university conducting the course should also be recognized by either of govt. / AICTE / UGC.
  • CA, CFA and ICWA like courses.
  • The courses conducted under any of the autonomous institute like NID, NIFT, XLRI, IISc, IITs or IIMs are also eligible for loan from Allahabad bank.
  • The other regular courses like pilot training, aeronautical course or shipping if they are approved by the director general and the study is conducted in India itself.
  • The courses conducted in India under some of the reputed foreign university.
  • For perfect recognition of courses visit the website of AICTE or UGC.


Studies abroad:

  • Any one of the job oriented graduation course from any reputed foreign university.
  • MBA, MCA or MS like courses for post-graduation degree.
  • To know in detail you can visit the website webometrics.info.


Expenses considered for loan

  • Fee payable for the causes like college fee / school fee / hostel fee / laboratory fee / library fee / examination fee / building fee / caution fee / refundable fee / insurance premium fee etc.
  • The expenses that are suggested by the university / college necessary which includes travel passage / uniform / equipment / instruments / computers / project work / thesis work / books etc.


Amount of Loan

  • 20 Lac if the applicant wishes to study in India depending upon Institute
  • 50 Lac if the applicant student wishes to study abroad


Interest Rates

  • Basic applicable simple interest rate + 2.00 % for loan of 4 Lac
  • Basic applicable simple interest rate + 1.50 % for loan of above 7.50 Lac
  • Girl candidate are given more exemption on interest rate.


Processing Fees

No processing fee for studying in India whereas a little processing fee for studying abroad


Repayment Tenure

  • For this firstly understood repayment holiday plus the moratorium period. It is equal to course duration + a single year or course duration + 6 months of job whatever of above is earlier.
  • 10 years are given for repaying loan up to 7.5 Lac and 15 years are given for loan above than 4 Lac


Security

  • For loan up to 4 Lac or 10 Lac for IITs IIMs and ISB only co obligation security is taken.
  • For more than 4 Lac collateral security in form of third party is taken
  • Tangible security of money equal to loan is taken for loan more than 7.5 Lac


Margin

No margin for loan of 4 Lac and for above a margin of 5 % in India and 15 % in abroad


Documentation Required

  • Indian national proof
  • All past mark sheet an duly filled form
  • Admission letter of any college / university in the above mentioned course
  • The selection should be done on merit base only

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