Allahabad Bank: Education Loans

Education Loan Eligibility Criteria for Study in India

Those students, who have successfully completed the following course or pursuing any of the following courses, can avail this facility.

• School education including plus 2 stage
• Normal Graduation Course – B.A., B.Com., B.Sc., Microbiology, etc.
• Post Graduation Course: Masters Courses, Ph.D., etc.
• Professional Courses: Engineering, Medical Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, etc./li>
• Course like ICWA, CA, CFA, etc
• Computer Certificate Course of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
• Course conducted in India by reputed Foreign Universities.
• Evening course of approved institutes.
• Courses leading to diploma / degree etc. conducted by the Colleges/ Universitie4s approved by UGC / Govt. / AICTE / AIBMS / ICMR etc 

Allahabad Bank Education Loan for Study Abroad

Those students who are doing their graduation for job oriented professional / technical courses offered by reputed Universities or doing post graduation in in MCA, MBA, MS etc. or courses conducted by CIMA London, CPA in USA etc..

Rate of Interest

London Up to Rs. 4.00 lacs.

Study in India 12%.

Study Abroad 12%.

Repayment

Repayment Holiday / Moratorium is Course Period + 1 Year ( in case job is not obtained) or t6 month after getting job, whichever is earlier..

Security for Education Loan 

For loan upto Rs 4.00 lacs:.

No collateral security is required..

For loan above Rs 4.00 lacs and upto rRs 7.50 lacs:.

Stisfactory third party guarantee is required..

For loan above Rs 7.50 lacs:

(a) Collateral security of suitable value..

(b) Co-obligation of parents / guardian / third party along with assignment of future income of the student for payment f instalments.

Processing Fee of Education Loan : Nil.

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 as and disbursement are mand on a pro-rata basis.

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