Allahabad Bank Education Loan

Allahabad Bank Education Loan
Website: www.allahabadbank.com

Eligibility Criteria:

(1) Student eligibility:

(a) Student be an Indian National
(b) Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.

(2) Courses Eligible:

Studies in India

(a) Graduation Courses- B.A, B.COM, B.Sc. etc.
(b) Post Graduation Courses: Masters Courses, Ph D, etc.
(c) Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computeretc.
(d) Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
(e) Courses like- ICWA, CA, CFA etc.
(f) Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
(g) 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.
(h) Courses offered in India by reputed foreign universities.
(i) Evening Courses of approved Institutes.
(j) Other Courses leading to diploma/degree etc conducted by the Colleges/ Universities approved by UGC/Govt/AICTE/AIBMS/ICMR etc.

Studies Abroad:

(a) Graduation: For Job oriented professional/technical courses offered by reputed Universities.
(b) Post Graduation: MCA, MBA, MS etc.
(c) Courses conducted by CIMA London, CPA in USA etc.
(d) 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 10.00 lacs
Studies abroad: Maximum Rs. 20.00 lacs.

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

Security:

For loan upto Rs 4.00 lacs: Co-obligation* of parents/ guardian. No security

For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Co-obligation* of parents/ guardian together with collateral security in the form of suitable third party guarantee.

For loan above Rs 7.50 lacs: 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-obligator 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.)

For More Details Please Visit: www.allahabadbank.com/education.asp