.:: Allahabad Bank Education Loan Scheme ::.

Eligibility Criteria:

Student eligibility:

• Student be an Indian National
• Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.

Courses Eligible:

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, Computeretc.
• 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.

Quantum of Loan:

Need based finance subject to repaying capacity of the parents / students with following ceilings:
Studies in India: Maximum Rs 10.00 lacs
Studies abroad: Maximum Rs. 20.00 lacs.

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.
• Insurance premium for student borrower.
• Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.

Margin

• For loan up to Rs 4.00 lacs: NIL
• For loan above Rs 4.00 lacs: (i) Studies in India: 5%
• 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.

To know for current Rate of interest Clik here

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.

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.

For more details:  Click here