Education Loan in Allahabad BankEducational Loan in Banks »
Education Loan in Allahabad Bank
(a) Allahabad Bank Education Loan Eligibility Criteria :
Allahabad Bank Student Loan Eligibility
- Student be an Indian National.
- Secured admission to professional / technical courses in India or Abroad through Entrance Test / Merit based Selection process.
(b) Allahabad Bank Education Loan Eligible Courses :
Allahabad Bank Education Loan for Studies in India
- Graduation Courses : B.A, B.Com, B.Sc. etc.
- Post Graduation Courses : Masters Courses, Ph D, etc.
- Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
- Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
- Regular Degree / Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation / Shipping, if the course pursued abroad, the Institute should be recognised by the competent local aviation / shipping authority.
- Courses offered in India by reputed foreign universities.
- Evening Courses of approved Institutes.
- Other Courses leading to diploma / degree etc conducted by the Colleges / Universities approved by UGC / Govt / AICTE / AIBMS / ICMR etc.
Education Loan in Allahabad Bank for Abroad Studies
- 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 should be recognised by the competent local aviation / shipping authority.
Quantum of Education Loan : Need based finance subject to repaying capacity of the parents / students with following ceilings :
- Studies in India : Maximum ₹ 10.00 lacs.
- Studies abroad : Maximum ₹ 20.00 lacs.
Expenses Considered for Education Loan from Allahabad Bank
- 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.
- Insurance premium for student borrower.
- Any other expenses required to complete the course, such as Study Tours, Project Work, and Thesis etc.
Allahabad Bank Student Loan Margin
- For loan upto ₹ 4.00 lacs : Nil
- For loan above ₹ 4.00 lacs :Studies in India : 5%.
- Studies in India : 5%.
- Studies abroad : 15%.
- Scholarship / Assistantship to be included in Margin.Margin Money to be brought on year-to-year basis and disbursements are made on a pro-rata basis.
Allahabad Bank Education Loan Interest Rate
- For IIT / IIM / ISB ( loan upto 10.00 Lacs ) : PLR – 1.75%.
- For Other:
- Loan upto 4.00 Lacs: PLR-0.75%.
- For loan above ₹4.00 Lacs: PLR-1.00%.
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. Loan to be repaid within a maximum period of 7 years after commencement of repayment.
Collateral Security for Education Loan in Allahabad Bank
For IIT/IIM/ISB :
For loan upto ₹10.00 lacs: No collateral security is required. co-obligation* of parents / guardian required.
ISB means Indian School Business, Hyderabad.
For others :
For loan upto ₹ 4.00 lacs : No collateral security is required. co – obligation* required For loan above ₹ 4.00 lacs and upto ₹ 7.50 lacs: Satisfactory third party guarantee & Co-obligation* required.
For loan above ₹ 7.50 lacs : Co – obligation * of parents / guardian together with tangible collateral security of suitable value covering full loan amount, alongwith the assignment of future income of the student for payment of installments.
( The education loan documents would be executed by both the student and the parent / guardian as joint-borrower i.e. co – obligator. The co – obligation should be parent / guardian of the student borrower. In case of married person, co – obligator can be either spouse or the parent ( s ) / parents – in – law. )
Mortgage Charges : Actual expenses, if any, will be borne by the Student/Parent or Guardian.
Delivery Channel : From all of our branches ( Presently more than 2150 ) spread throughout the country. On – line sanction for leading 250 institutions within 72 hours.
Value added Service :
- Free Debit Card.
- For SB account holders in networked branches.
Group Life Insurance Cover.
For entire loan liability in tie – up with LICI.
( One time upfront premium, can also be financed by adding into project cost. ), Prospective borrowers, who are not covered under the group insurance scheme, will be allowed to take a single premium term insurance cover equal to the loan amount, individually on their own or premium being a component of project cost for financing.
- The parent / guardian would become co-borrower with the student and application for education loan will also be signed by the parent / guardian alongwith the student while availing loan under Educational Loan Scheme.
- Education Loan would preferably be sanctioned through branches / RBBs nearest to the place of residence of parents
- Second time education loan is available for higher studies / escalation of cost.
Application Form Submission 16 Dec 2020 to 16 Jan 2021.