Allahabad Bank Education Loan| Interest Rates| Eligibility| Information

Allahabad Bank Education Loans Schemes – Eligibility, Interest Rates, Offers, EMI and Procedure of Education loan from Allahabad 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).


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Full Name : Country of Study :
DOB :

Course of Study :
Co-borrower’s* Income:
Residence City :
Collateral Security :
Yes   No
Other City :
Mobile No :
+91
Email ID :
Loan Amount :

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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.

Education Loan Interest Rates as Follows:- 2014

Education Loan:
(i)  For IIT/ IIM/ ISB (loan upto 10.00 Lacs)
(ii) For Others
(a) Loan upto 15.00 Lacs
(b) Loan above Rs.4.00 Lacs
11.70% (.50% rebate for girls)

12.20% (.50% rebate for girls)
12.70% (.50% rebate for girls)

@ For girl students, rebate @1% will be allowed under each slab.
Rebate of 1.00% on the interest charged in the moratorium period will be provided if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.

Quantum of Loan:

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

  • Studies in India: Maximum Rs. 10.00 lac
  • Studies abroad: Maximum Rs. 20.00 lac.

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.

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.

Available Products of Allahabad Bank :-

Source: Allahabad Bank Website

 

·    0.50% rebate for girl students

 

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Disclaimer: This information is sourced from Bank's Website to help customers to gain information on Banks product.
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