Allahabad Bank Education Loan

Eligibility :

Indian National who has secured admission to professional/ technical courses in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection Process after completion of H.S.C. (10 plus 2 OR equivalent).

Courses Eligible :

Courses eligible for study in India :

• 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.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIMs, IITs/ IISc, XLRI, NIFT, NID etc.
• Regular Degree/ Diploma Courses like Aeronautical, Pilot Training, Shipping etc. approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India.
• Approved courses offered in India by reputed Foreign Universities.

Courses eligible for Study 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 duly recognized by the Competent University/ State Body/ Local Aviation/ Shipping Authority.

                                    
Quantum of Loan :

Need based finance subject to repaying capacity of the parents / students :

Studies in India/Abroad : Maximum Rs. 20.00 lac.

Expenses Considered for Loan :

• Fee payable to College / School /Hostel.
• Examination/Library/Laboratory Fee.
• Purchase of Books / Equipments/ Instruments/ Uniforms.
• Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institution, subject to the conditions that amount does not exceed 10% of the total tuition fees for the entire course.
• Travel Expenses/Passage Money for studies abroad.
• Purchase of Computers essential for completion of the course at reasonable cost.
• Insurance premium for student borrower.
• Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.
• Reimbursement of the fee paid at the time of counseling if applied within 60 days from the date of such payment.

Margin :

• For loan upto Rs 4.00 lac : NIL
• For loan above Rs 4.00 lac :
  
  1. Studies in India : 5%
  2. Studies abroad : 15%
• Scholarship / Assistantship to be included in Margin.
• Margin Money to be brought on year-to-year basis.

For more information & apply online visit: https://www.allahabadbank.in