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:

The student must be an Indian national.
He/She should have secured admission to a higher education course in recognized institutions in India or abroad through entrance test/ merit based selection process after completion of HSC (10 plus 2 or equivalent).
Where the admission is purely based on the marks scored in qualifying examinations then the cut off marks for loan eligibility is 50%.
Meritorious students admitted under management quota are also eligible for this loan.>/li>

Quantum of loan

Study in India: Up to Rs. 20 lakh depending on the Institute.
For study abroad: The upper limit is Rs. 50 Lakh

Applicable margin

Upto Rs. 4 Lakh: Nil
Above Rs. 4 Lakh: In India – 5%; Abroad – 15%

Loan coverage

Fee payable to college/school/hostel and other related expenses.

Moratorium period and Security

Course period plus one year or six months after getting job, whichever is earlier.
The loan documents should be executed jointly by the student and the parent (s)/ guardian as joint-borrower.
Up to Rs. 4 Lakh: No collateral security
Above Rs. 4 Lakh: (Depending on the course/ institutes) Security varies from third party guarantee, co-obligation of parents, full collateral 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

For studies in India: For loan amount above Rs. 10.00 Lakh -- 0.15%, subject to maximum of Rs. 3000/-
For studies abroad: For loan amount above Rs. 20.00 Lac – 0.10% subject to a maximum of Rs. 5000/-

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

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