Allahabad Bank Foreign Education Loan – The educational loans are accessible by the Allahabad Bank to the Indian candidates only. The candidates should pursue admission to educational courses through entrance test selection procedure. The bank bids loans for several courses like graduation and post-graduation courses, professional courses, computer certificate courses, courses conducted by IIM, IIT etc. Allahabad Bank offers loans for studies in abroad.
For the candidates studying in abroad the maximum loan amount increases to 20 lacs.
Allahabad Bank Foreign Education Loan Eligibility Criteria
(a) Student eligibility:
Candidates should be of Indian Nationality
Secured admission to professional/ technical courses in Abroad through Entrance Test / Merit based Selection procedure.
(b) Courses Eligible:
- Graduation: For Job concerned with professional/technical courses accessible by reputed Universities.
- Post-Graduation: MCA, MBA, MS etc.
- Courses conducted by CIMA London, CPA in USA etc.
- Regular Degree/ Diploma courses like Aircraft, pilot training, shipping etc., the Institution should be documented by the knowledgeable local aviation/ shipping authority.
Quantum of Loan
Need based finance subject to reimbursing capacity of the parents / students with following ceilings:
Studies abroad: Maximum Rs. 20.00 lacs.
Expenses Considered for Allahabad Bank Foreign Education Loan
- Fee payable to Institution / School /Hostel
- Scrutiny/Library/Laboratory Fee
- Purchase of Books / Equipment/ Instruments/ Uniforms.
- Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institute, subject to the circumstances that total amount do not outstrip 10% of the total tuition fees for the entire course.
- Travel Expenses/Passage Money for education in abroad.
- Purchase of Computers essential for completion of the course.
- Insurance premium for student borrower.
- Any other expenditure required to complete the course, such as- Study Tours, Project Work, and Thesis etc.
- For loan up to Rs 4.00 lacs: NIL
(ii) Studies abroad: 15%
- Scholarship / Assistantship to be comprised in Margin.
- Margin Money to be brought on year-to-year basis and payments are made on a pro-rata basis.
- For loan above Rs 4.00 lacs.
Allahabad Bank Foreign Education Loan Documents required
Candidates have to submit the following documents to get Allahabad Bank Education loan. Students have to fill the Allahabad Bank Education loan application form and must comprise relevant necessary documents of latest last 2 months salary slip of parent and income tax assessment sheet. Candidates have to attach one set of Education qualification certificates of his/her last studies like 10th class and Intermediate etc.
- Income Proof-Any either salary slip/other
- Residency proof
- Education Certificates of SSC, Intermediate and other necessary, if required.
- Income tax assessment of last 2 years
- Last 6 months of Bank account balance sheet
- Latest 2 passport Photo graphs
- Admissions proof in college