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Allahabad bank


Overview

Allahabad Bank, the oldest joint stock bank of the nation was established in the year 1865. It is a nationalized bank and offers various kinds of financial services including Education loan to its customers. The education loan scheme offered by the Allahabad Bank was launched to provide financial assistance to meritorious students on reasonable terms. Scroll down the page to know more about Allahabad Bank Education Loan.


Eligibility Criteria:


(a) Student Eligibility:

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

(b) 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.


Studies 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 should be recognised by the competent local aviation/ shipping authority.


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.



ROI (Rate of Interest)



1.

Personal Loan to Doctors

PLR+1.00%

2

Education Loan

*    For IIT/ IIM/ ISB (loan upto 10.00 Lacs)
*    For Other Loan upto 4.00 Lacs
*    For loan above Rs.4.00 Lac

PLR-1.75%

PLR-0.75%
PLR-1.00%

@ Girl students rebate of 1.00%
@ Rebate of 1.00% if interest is serviced during moratorium

 



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


Re-payment


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.



Security


For IIT/IIM/ISB*


For loan upto Rs 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 Rs 4.00 lacs:
 

No collateral security is required. co-obligation* required For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee & Co-obligation* required.



For loan above Rs 7.50 lacs:


(a) 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 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.)



Note: For any further information, please visit the nearest branch of Allahabad Bank.



Apply For Loan
 
*  Name :
*  Address :
*  Phone No. :
*  Email :
*  School/College Name :
*  Purpose :
*  Loan Amount :
*  Period :
     
   
 
 
 
 

 

 
   
 

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