Allahabad Bank Education Loan| Interest Rates| Eligibility| September 2016

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

Allahabad Bank Education loan details:

Interest Rates 9.60% – 11.60%
Max. Loan Amount 20 Lakh
Processing Fees NIL
Loan Repayment 7 years

 
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).
 

Compare Education Loan
Full Name:
Country of Study:
Course of Study:
Co-borrower’s* Income:
Email ID :
Residence City:
Course Name:
Required Loan Amount:
Mobile:
+91
Applicant’s Income Status :

I authorize Deal4loans.com & its partnering banks to contact me to explain the product & I Agree to privacy policy and Terms and Conditions.

* Co-borrower : Relative with good income who can support your education loan application. Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother

 
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:- 2016

For studies in India
 
For IIMs, IITs & others – Interest Rates are 9.60%
For NITs & others – 11.10%
For other Institutes – 11.60%
 
For studies Abroad
 
For loan amount up to Rs.4.00 Lakh – 11.60%
For loan amount above Rs.4.00 Lac up to Rs.7.50 Lac – 11.60%
For loan amount above Rs.7.50 Lac – 11.10%
 
 0.50% rebate for girl students
 1.00% interest concession if interest is paid
during study & moratorium period
 
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