Allahabad Bank 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).
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.
The information on recognition status of the Institute may be gathered from the following websites :
www.ugc.ac.in, www.aicte.org.in, www.education.nic.in (For studies in India)
www.webometrics.info (For studies abroad)
Quantum of Loan:
Need based finance subject to repaying capacity of the parents / students:
Studies in India/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.
Margin:
For loan upto Rs 4.00 lac: NIL
For loan above Rs 4.00 lac:
Studies in India: 5%
Studies abroad: 15%
Scholarship / Assistantship to be included in Margin
Margin Money to be brought on year-to-year basis
Application of Interest:
Simple interest during moratorium period
Service interest during moratoriumperiod 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.
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
Security/Rate of Interest:
Delivery Channel:
From all our Branches, Retail Banking Boutiques and Centralized Retail Banking Boutiques
On-line application facility
Value added Service:
FREE Debit Card
Insurance:
Group Life Insurance Cover to the extent of loan liability for entire repayment period is available.
Others:
The parent / guardian would become co-borrower with the student.
Education Loan would be sanctioned preferably through branches / RBBs/ CRBBs nearest to the place of residence of parents.
Second time education loan is available for higher studies / escalation of cost.
