Allahabad Bank Education Loan Application - Allahabad Bank Domestic and Foreign Edu loan Complete Details

Allahabad Bank Education Loan Online Application for Domestic and Foreign Education loan and Courses with Interest Rates with complete details ....
Everyone who need to get apply education loan at Allahabad Bank they can apply with required number of documents for domestic and foreign study's in their applicable branch. Once the student will completed their admission process they can concentrate to apply for taking out an educational loan at their branch. After contacted their home branch the bank officials are getting the following documents to process the student education loan at Allahabad Bank.
Allahabad Bank Education Loan

Required Documents or Certificates to Apply

  • Proof of admission to the selected recognized institution like Admission Receipt or seat allotment order issued by authority of college or University.
  • Proof of latest mark sheet and consistently high academic performance and the student cut-off marks details it's generally differ from general students to reserved students.
  • Payable fee detailed Schedule
  • Produce the statement's of income, assets and liabilities etc.
  • Produce the details of passport with a valid visa if the student will apply for foreign education to study in abroad
After successfully submitted those all certificates or documents the bank officers will verified the submitted certificates after then they will call the student for an interview. After completed of the process the student will have sanctioned education loan with in 15 days then the student will get a promissory note which you will have to sign.

The Allahabad Bank Education loan will cover tuition fees. hostel fees, exam fees, library fees, purchasing books, travel and other expenses for educational projects and etc.

Eligibility to get Allahabad Bank Edu Loan

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.

The information on the recognition status of the Institute may be gathered from the following websites
  • www.ugc.ac.in,
  • www.aicte.org.in,
  • www.education.nic.in (For studies in India)
  • www.webometrics.info (For studies abroad)

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
The fees 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 up-to Rs 4.00 lac: NIL
For loan above Rs4.00 lac:
Studies in India: 5%
Studies abroad: 15%
Scholarship / Assistant ship to be included in Margin
Margin Money to be brought on year-to-year 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.
Loans up to Rs.7.50 Lac to be repaid within a maximum period of 10 years & those above Rs.7.50 Lac, within a maximum period of 15 years after commencement of repayment period.

Security Required

For any amount of loan
Assignment of Future income
The Co-obligation of parents / guardians

Rate of Interest

BR+1.50%
0.50% rebate for girl students
1.00% interest concession will be allowed if interest is paid within the study & moratorium period


Name Of The Institute

The Following Institues selected students can get education loan amount of Maximum Rs.20 Lac.
  1. INDIAN INSTITUTE OF MANAGEMENT (IIM) Ahmedabad
  2. INDIAN INSTITUTE OF MANAGEMENT (IIM) Bangalore
  3. INDIAN INSTITUTE OF MANAGEMENT (IIM) Kashipur
  4. INDIAN INSTITUTE OF MANAGEMENT (IIM) Kolkata
  5. INDIAN INSTITUTE OF MANAGEMENT (IIM) Kozikode
  6. INDIAN INSTITUTE OF MANAGEMENT (IIM) Lucknow
  7. INDIAN INSTITUTE OF MANAGEMENT (IIM) Lucknow-Noida Campus
  8. INDIAN INSTITUTE OF MANAGEMENT (IIM) Raipur
  9. INDIAN INSTITUTE OF MANAGEMENT (IIM) Ranchi
  10. INDIAN INSTITUTE OF MANAGEMENT (IIM) Rohtak
  11. INDIAN INSTITUTE OF MANAGEMENT (IIM) Shillong
  12. INDIAN INSTITUTE OF MANAGEMENT (IIM) Trichy
  13. INDIAN INSTITUTE OF MANAGEMENT (IIM) Udaipur
  14. INDIAN SCHOOL OF BUSINESS (ISB) Hyderabad
  15. INDIAN SCHOOL OF BUSINESS (ISB)-Mohali Campus
  16. XAVIER LABOUR RELATION INSTITUTE (XLRI) Jamshedpur

Delivery Channel

From all our Branches, Retail Banking Boutiques and Centralized Retail Banking Boutiques
On-line application facility
Value added Service:
FREE Debit Card

Insurance
Group Life Insurance Cover to the extent of loan liability for the entire repayment period is available.

Others
The parent / guardian would become co-borrower with the student.
Education Loan would be sanctioned preferably through branches / RBBs/ CRBBs nearest to the place of residence of parents.
Second time education loan is available for higher studies / escalation of cost.


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