|
|
| COMPARE : EDUCATION LOANS |
|
|
|
|
| Allahabad Bank Education Loan |
|
|
| Introduction |
|
| Allahabad Bank offers financial support to aspiring students who seek higher studies in India or abroad. The aspirant must have secured admission in professional / technical course through entrance test or merit based selection procedure. The bank also offers ‘Group Life Insurance’ cover facility for the students. |
|
|
|
|
| Highlights |
|
| |
Study Abroad |
Study India |
| Course |
Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
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. |
Loan for 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 and for
Courses like ICWA, CA, CFA etc and for
Courses conducted by IIMs, IITs/ IISc, XLRI, NIFT, NID etc and for
Regular Degree/ Diploma Courses like Aeronautical, Pilot Training, Shipping etc. approved by Director General of Civil Aviation/ Shipping and for approved courses offered in India by reputed Foreign Universities. |
| Loan Amount |
Min. - Rs 100000
Max. - Rs 2000000
|
Min. - Rs 100000
Max. - Rs 1000000
|
| Margin Money |
For loan upto Rs 4.00 lac: NIL
For loan above Rs 4.00 lac is 15%
|
No margin money on loans up to Rs 4.00 lacs
For loans above Rs 4.00 lacs: 5%
|
| Tenure |
Min. - 1 Yrs.
Max. - 15 Yrs.
|
Min. - 1 Yrs.
Max. - 15 Yrs.
|
| Interest Rate |
• 0.50% rebate for girl students
• 1.00% interest concession will be allowed if interest is paid within the study & moratorium period
|
Generally the rate lies btw 11.75% - 12.75%
• 0.50% rebate for girl students
• 1.00% interest concession will be allowed if interest is paid within the study & moratorium period
|
| Time to Process Loan |
7 days |
7 days |
|
|
 Fees & charges
Fees & charges
|
|
|
|
|
|
Eligibility Criteria
|
Eligibility Criteria
|
Study Abroad
|
Study Abroad:
|
| Age |
Min.: 16 Yrs. Max.: 55 Yrs. |
| Documents Required: |
| ID Proof |
Yes |
| Age Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
No |
| Photograph |
Yes |
| Bank Statement |
Yes |
| Signature Proof |
Yes |
| |
Study India
|
Study India:
|
| Age |
Min.: 16 Yrs. Max.: 55 Yrs. |
| Documents Required: |
| ID Proof |
Yes |
| Age Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
Yes |
| Photograph |
Yes |
| Bank Statement |
Yes |
| Signature Proof |
Yes |
| |
|
|
|
Security
|
Security |
|
|
For loan upto Rs 4.00 lacs: No collateral security is required.
For loan above Rs 4.00 lacs and upto Rs 7.50 lacs:
Satisfactory third party guarantee is required.
For loan above Rs 7.50 lacs:
(a) Collateral security of suitable value.
(b) Co-obligation of parents / guardian / third party alongwith assignment of future income of the student for payment of instalments |
|
|
|
Terms & Conditions
|
Terms & Conditions |
|
|
|
Repayment starts 1 year after course completion/ 6 months after obtaining employment (whichever earlier) |
|
|
|
|
|
|
Show All Education Loans
|
|
|
|
|
|
Twitter