Content Top Ad

Allahabad Bank Education Loan Scheme

Allahabad Bank Education Loan Scheme
  

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.

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.

The information on recognition status of the Institute may be gathered from the following websites:

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

www.webometrics.info(For studies abroad)

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.

Margin

  • For loan upto Rs 4.00 lac: NIL
  • For loan above Rs 4.00 lac:
        (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

Click here for Rate of interest

Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges

Application of Interest:

  • Simple interest during moratorium period.
  • Service interest during moratorium period regularly and avail a special discount of 1.00% in interest rate.

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.

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
      • For loan upto Rs 4.00 lacs: NIL, Only co-obligation of Parent / Guardian
      • For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee & Co-obligation* of parent/ guardian.
      • For loan above Rs 7.50 lacs: Co-obligation * of parents/ guardian & tangible collateral security covering full loan amount.

Delivery Channel

  • From all 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

Insurance:

  • Group Life Insurance Cover to the extent of loan liability for entire repayment period is available.
  • Others
      • The parent / guardian would become co-borrower with the student
      • Education Loan would be sanctioned preferably through branches / RBBs/ CRBBs nearest to the place of residence of parents.
      • Second time education loan is available for higher studies / escalation of cost.

Source : ALLAHABAD BANK

Content Bottom Ad

AddThis Smart Layers