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Educational Loan at Allahabad Bank
Posted Date: 14 May 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: Ramkumar Member Level: Diamond
Rating:  Points: 1
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Eligibility Criteria:
(a) Student eligibility:
Student be an Indian National
Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.
(b) Courses Eligible:
Studies in India
Graduation Courses- B.A, B.COM, B.Sc. etc.
Post Graduation Courses: Masters Courses, Ph D, etc.
Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computeretc.
Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
Courses like- ICWA, CA, CFA etc.
Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course pursued abroad, the Institute should be recognised by the competent local aviation/ shipping authority.
Courses offered in India by reputed foreign universities.
Evening Courses of approved Institutes.
Other Courses leading to diploma/degree etc conducted by the Colleges/ Universities approved by UGC/Govt/AICTE/AIBMS/ICMR etc.
Studies 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 should be recognised by the competent local aviation/ shipping authority.
Quantum of Loan:
Need based finance subject to repaying capacity of the parents / students with following ceilings:
Studies in India: Maximum Rs 10.00 lacs
Studies abroad: Maximum Rs. 20.00 lacs.
Security:
For IIT/IIM/ISB*
For loan upto Rs 10.00 lacs- No collateral security is required. co-obligation* of parents/ guardian required
For Loan above Rs. 10.00 lacs -
(a) Co-obligation * of parents/ guardian together with tangible collateral security of suitable value covering full loan amount, alongwith the assignment of future income of the student for payment of installments.
*ISB means Indian School Business, Hyderabad
For others
For loan upto Rs 4.00 lacs: No collateral security is required. co-obligation* required For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee & Co-obligation* required.
For loan above Rs 7.50 lacs: (a) Co-obligation * of parents/ guardian together with tangible collateral security of suitable value covering full loan amount, alongwith the assignment of future income of the student for payment of installments.
*(The loan documents would be executed by both the student and the parent/ guardian as joint-borrower i.e. co-obligator. The co-obligation should be parent / guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law.)
For more details, visit http://www.allahabadbank.com/education.asp
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Responses
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| Author: Vidya 25 May 2008 | Member Level: Diamond Points : 2 | useful information
| | Author: Shinu 31 May 2008 | Member Level: Gold Points : 2 | I was looking for information on loans. I have been interested in this and happy to read more about it.Thanks for the information
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