Website : http://www.allahabadbank.com/
Bank Type : Nationalised Bank
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.
Provided study loan amount in India : Upto 10 Lakhs
Provided study loan amount in Abroad : Upto 20 Lakhs
Student be an Indian National ;Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.
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.
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.
Interest Rate :
Loan Upto Rs. 4.00 lacs -For students of IIT / IIM/ ISB PLR-1.75% ;For Others PLR-0.75%.Loan above Rs. 4.00 lacs- For students of IIT / IIM/ ISB PLR-1.75% ; For Others PLR-1.00% .ISB means Indian School of Business, Hyderabad.Girl students may be provided a special relief of 1.00% in all cases as above.
Processing Fee :
For studies in India- Nil.For studies abroad -Rs.500/- upfront subject to the conditions that this amount would be adjusted against the loan amount once the loan is availed from us.
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.
For IIT/IIM/ISB -For loan upto Rs 10.00 lacs- No collateral security is required. co-obligation of parents/ guardian required. ISB means Indian School Business, Hyderabad. For others-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.)
Other Information :
Group Life Insurance Cover -For entire loan liability in tie-up with LICI (One time upfront premium, can also be financed by adding into project cost.), Prospective borrowers, who are not covered under the group insurance scheme, will be allowed to take a single premium term insurance cover equal to the loan amount, individually on their own or premium being a component of project cost for financing. Others: a.The parent / guardian would become co-borrower with the student and application for education loan will also be signed by the parent / guardian alongwith the student while availing loan under Educational Loan Scheme. b. Education Loan would preferably be sanctioned through branches / RBBs nearest to the place of residence of parents. c.Second time education loan is available for higher studies / escalation of cost.
For more details, visit http://www.allahabadbank.com/education.asp