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Allahabad Bank Education Loan for Higer studies in India and Abroad

Allahabad Bank Education Loan Scheme

Eligibility:

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:

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.ugc.ac.in , www.aicte.org.in , www.education.nic.in (For studies in India)

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:

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.

Margin

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:

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.

Security:

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.

Delivery Channel

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

Insurance:

Group Life Insurance Cover for the extent for loan liability with the entire repayment period that is available.
Others

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.

Allahabad Bank Education Loan for Higer studies in India and Abroad