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Allahabad Bank Education Loan in India – Allahabad Bank offers several types of financial amenities comprising Education loan to its clienteles. The education loan system offered by the Allahabad Bank was launched to provide financial assistance to commendable candidates on reasonable terms.
The Allahabad Bank bids education loans to Indian nationals who secure admission to professional or technical courses in renowned institutes.
Allahabad Bank Education Loan in India Eligibility Criteria
Eligibility Criteria for Students:
- Candidates seeking education loans should be an Indian National.
- The candidate will be considered authorized for the loan if he/she acquires admission to professional or technical course in India through an entrance exam or a merit-based selection procedure.
Courses eligible for study in India
- Sanctioned courses prominent to Graduate/ Post-Graduate degree and P.G. Diplomas accompanied by documented Colleges/ Universities renowned by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
- Courses like ICWA, CA, CFA etc.
- Courses accompanied by IIMs, IITs/ IISc, XLRI, NIFT, NID etc.
- Regular Degree/ Diploma Courses like Aeronautical, Pilot Training, Shipping etc. sanctioned by Director General of Civil Aviation/ Shipping, if the course is pursued in India.
- Permitted courses offered in India by reputed Foreign Universities.
Quantum of Loan
The maximum amount given as loan for studies in India is Rs. 10 lacs.
Expenses to be considered for Loan
- The loan comprises fees to be paid for hostel charges, laboratory, colleges, examination fees, and library fees.
- It also conceals expenditures for acquiring all the essential articles required for completion of the courses.
- Travel expenditures and money for procuring computers are also provided to the candidates.
- Other expenditures like building fund, refundable deposit and cautiousness money are also included.
Security for Allahabad Bank Education Loan in India
Up to Rs.4.00 lacs – No guarantee security is obligatory
Above Rs.4.00 lacs and up to Rs 7.50 lacs – Satisfactory third party guarantee is compulsory.
Above Rs. 7.50 lacs – Collateral security of appropriate value or Co-obligation of parents / guardian / third party along with assignment of upcoming income of the student for imbursement of installments
In case of loan up to 4 lacs, the brochures should be implemented by the candidates. No supplementary security may be insisted upon. However, in case of minor candidates, the documents are to be executed by the guardian on behalf of the minor and also on his own behalf. The pronote and the money deliberation reception are to be signed by the guardian in two capacities i.e. (I) for self and (ii) On behalf of the minor.
- Money Consideration
- Agreement of Term Loan
- Assurance by the guardian
- Deed of sanction to be implemented by a minor on attaining majority
- Letter of waiving presentment of Pronote
- Acknowledgement of debt.
Scholarship/assistantship to be included in margin. Margin may be brought-in on year to year basis as and when disbursements are made on a pro-rata basis.
|Upto Rs.4.00 lacs||Nil|
|Above Rs.4.00 lacs||–|
|Studies in India||5%|
Allahabad Bank Education Loan in India Interest Rate
|For IIT/ IIM/ ISB (loan upto 10.00 Lacs)||PLR-1.75%|
|For Other Loan upto 4.00 Lacs||PLR-0.75%|
|For loan above Rs.4.00 Lac||PLR-1.00%|
@ Girl students rebate of 1.00%
@ Rebate of 1.00% if interest is serviced during moratorium.
Allahabad Bank Education Loan in India Documents Required
The official papers compulsory have not been revealed on the website. But usually the following documents are required by banks pre-sanction:
- Mark sheets of the qualifying examinations
- Proof of admission to the course
- Schedule of expenses for the course
- Copies of letters confirming scholarship, etc
- Copies of foreign exchange permits, if applicable
- Passport-size photographs.
- Statement of the borrower’s bank account for past six months
- Income-tax assessment order, not more than two years old
- Brief statement of the borrower’s assets and liabilities
- If you are not an existing bank customer, you will also need to give proof of identity and residence.