Education Loan In Allahabad Bank

ALLAHABAD BANK EDUCATION LOAN| INTEREST RATES| ELIGIBILITY| INFORMATION

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.

Quantum of Loan:

Need based finance subject to 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 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.

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.

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.

Education Loan Interest Rates as Follows:-

Education Loan: Interest Rates as per Bank’s Base Rate (BR) w.e.f. 01.05.2012
	(i)  For IIT/ IIM/ ISB (loan upto 10.00 Lacs) (ii) For Others (a) Loan upto 4.00 Lacs (b) Loan above Rs.4.00 Lacs	10.50% +2.25% = 12.75% 10.50% +3.00% = 13.50% 10.50% +3.00% = 13.50%
@ For girl students, rebate @1% will be allowed under each slab. Rebate of 1.00% on the interest charged in the moratorium period will be provided if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.