Allahabad Bank offers loans to meritorious students who have secured admission in recognized institutes in India or abroad.
Student be an Indian National
Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.
Read: SBI education loans
Simple interest during moratorium period.
Service interest during moratorium period regularly and avail a special discount of 1.00% in interest rate.
Repayment Holiday / Moratorium is Course Period + 1 year or 6 months after getting job, whichever is earlier.
Loan to be repaid within a maximum period of 7 years after commencement of repayment.
Read: Education loans in India
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.)
Processing Fees/ Documentation Charge:
For studies in India
For loan amount above Rs.10.00 Lac — 0.15%, maximum of Rs.3000/-
For studies abroad
For loan amount above Rs.20.00 Lac — 0.10%, maximum of Rs.5000/-