Allahabad Bank Education Loan for Higer studies in India and Abroad
Allahabad Bank Education Loan Scheme
- Indian National who secures admission for professional/ technical courses in the recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection Procedure after completion of H.S.C. (10 plus 2 OR equivalent).
Courses eligible for study in India:
- Approved courses lead the Graduation/ Posy-Graduation degree and P.G. Diplomas that would be conducted by recognized Colleges/ Universities that is recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
- Courses like CA, CFA, ICWA etc.
- Courses are conducted by IITs/ IISc, XLRI, NIFT, IIMs, NID etc.
- Regular Degree or Diploma Courses like Aeronautical, Pilot Training, Shipping etc. which is approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India.
- Approved courses would be offered in India by reputed Foreign Universities.
Courses eligible for Study abroad:
- Graduation: Job oriented professional/technical courses offered by reputed Universities.
- Post Graduation: MBA, MS, MCA etc.
- Courses conducted by CPA in USA, CIMA London, 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 the recognition status for the Institute that may be gathered from the following websites:
www.webometrics.info (For studies abroad)
Quantum of Loan:
Finance that is based on need is subjected for 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
- 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.
- Fee is payable for College / School /Hostel
- Examination/Library/Laboratory Fee
- Reimbursement of the fee paid at the time of counseling if applied within 60 days from the date of such payment.
There will be no margin upto Rs 4 lacs for loans. Above that Rs 4 lacs, 5% margin for studies within India and 15% for higher studies overseas.
Application of Interest:
- In Moratorium period, Simple interest will be applicable .
- Service interest during moratorium period regularly and a special discount of 1.00% in the interest rate.
- Repayment Holiday or Moratorium is the “Course Period + 1 year” or “6 months after getting job”, which is earlier.
- Loans up to Rs.7.50 Lac should be repaid in a maximum of 10 years & those above Rs.7.50 Lac in a maximum of 15 years after commencement of repayment period.
- For IIT/IIM/ISB(Indian School of Business, Hyderabad ), for loan upto Rs 10.00 lac- NIL, Only co-obligation of Parent / Guardian
- For others
- Loan upto Rs 4.00 lacs: NIL, Only the co-obligation by Parent / Guardian
- Loan above Rs 4.00 lacs and upto Rs 7.50 lacs: that Satisfactory third party guarantee & Co-obligation* of parent/ guardian.
- Loan above Rs 7.50 lacs: Co-obligation * of parents/ guardian and the tangible collateral security covering full loan amount.
- From our Branches, Retail Banking Boutiques and Centralized Retail Banking Boutiques
- On-line approval facility for leading 250 institutions within 72 hours.
Value added Service
- FREE Debit Card
- Group Life Insurance Cover for the extent for loan liability with the entire repayment period that is available.
- The parent / guardian would be the co-borrower to the student
- Education Loan would be sanctioned by branches / RBBs/ CRBBs nearest to the place of residence of parents.
- Second time education loan would be available for higher studies / escalation of cost.