Purpose
You can avail of the attractive education loan scheme if you have secured admission to or are already studying in any of the country's IIMs or IITs or in any of the designated institutes.
Eligibility
You are eligible for the education loan if you fulfill the following criteria :
A student who has secured admission or is already studying in any IIM, IIT, Indian Institute of Science, Bangalore, Jamnalal Bajaj Institute of Management, Mumbai, XLRI Jamshedpur, Roorkee Engineering College or Indian School of Mines, Dhanbad.
Amount of Loan
The loan will be in the form of a package which will cover entire tuition fees, hostel and mess charges, library fees or any other fees/charges payable to the institution subject to a maximum of Rs.2.50 lakh.
Period of Loans
Loans repayable in 48 Equated Monthly Installments (EMI). The EMI will commence one year after the completion of the course. The interest, however, will be released during the pendency of the loan on a quarterly basis.
Loan Amount and Interest Rate
Loans upto Rs.4 lakh (In India) 12.5% pa SBMTLR presently 12.00 %pa
Loans above Rs.4 lakh 1% above SBMTLR presently 13.5 % pa
Tenure : Minimum of 12 months to a maximum of 48 months
For updated information please visit Allahabad Bank
http://indiaeducation.net/rd.asp?url=http://www.allahabadbank.com
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