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