CBSE Compartment Result 2023 OUT: Click For Direct Link
August 3, 2023
Education Loan from Allahabad Bank
Kapil G.
Allahabad Education Loan Scheme
Allahabad Bank offers loans to meritorious students who have secured admission in recognized institutes in India or abroad.
Eligibility Criteria:
(a) Student eligibility:
Student be an Indian National
Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.
(b) Courses Eligible:
Studies in India
- Graduation Courses- B.A, B.COM, B.Sc. etc.
- Post Graduation Courses: Masters Courses, Ph D, etc.
- Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computeretc.
- Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
- Courses like- ICWA, CA, CFA etc.
- Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
- Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course pursued abroad, the Institute should be recognised by the competent local aviation/ shipping authority.
- Courses offered in India by reputed foreign universities.
- Evening Courses of approved Institutes.
- Other Courses leading to diploma/degree etc conducted by the Colleges/ Universities approved by UGC/Govt/AICTE/AIBMS/ICMR etc.
Studies 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 should be recognised by the competent local aviation/ shipping authority.
Quantum of Loan:
- Need based finance subject to repaying capacity of the parents / students with following ceilings:
- Studies in India: Maximum Rs 20 lacs
- Studies abroad: Maximum Rs. 50 lacs.
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.
- Insurance premium for student borrower.
- Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.
Read: SBI education loans
Margin
- For loan upto Rs 4.00 lacs: NIL
- For loan above Rs 4.00 lacs:
(i) Studies in India: 5%
(ii) Studies abroad: 15% - Scholarship / Assistantship to be included in Margin.
- Margin Money to be brought on year-to-year basis and disbursements are made on a pro-rata basis.
Application of Interest:
Simple interest during moratorium period.
Service interest during moratorium period regularly and avail a special discount of 1.00% in interest rate.
Repayment:
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
Security:
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 Fee:
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/-
Latest News
People Reading Now
CBSE Compartment Result 2023 OUT: Click For Direct Link
August 3, 2023
CSAB 2023: Special Round Registration Begins Today
August 3, 2023
