How to apply for Allahabad Bank education loan scheme
Allahabad Bank, a leading public sector bank headquartered at Kolkata, is offering educational loan to meritorious Indian students for pursuing higher education in India and abroad. Read the article to know the details.
Allahabad Bank is a public sector bank of India. The corporate office of this bank is located at Kolkata. Like all other banks, Allahabad Bank also offers various schemes for meritorious students pursuing higher education in India and abroad. In this article we are going to discuss the details of educational loan scheme of Allahabad Bank for students pursuing higher education abroad and even within India.
List of eligible courses
Students taking admission in approved courses recognized by UGC/Govt./AICTE/AIBMS/ICMR, etc. are eligible for educational loan under this scheme. Students going to take admission in job oriented professional/technical courses offered by reputed universities abroad are also eligible for educational loan from Allahabad Bank. Students' eligibility
The eligibility conditions are as under: Quantum of loan
Applicable margin
Loan coverage
Fee payable to college/school/hostel and other related expenses.Moratorium period and Security
Rate of interest
For the purpose of educational loan, Allahabad Bank has fixed the minimum rate of interest at 9.45% and the maximum rate of interest at 11.55%. So, the mean interest rate is 10.50%.Processing charges/ Documentation charges
Repayment
The maximum repayment period of Allahabad Bank educational loan is 15 years.
Concluding comments
For further information about the educational loan scheme, interested students and the guardians are advised to contact the nearest Allahabad Bank Branch or to check the Bank Website www.allahabadbank.in