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Allahabad Bank Education Loan 2017-2018 | Eligibility, Application & Interest Rate

Allahabad Bank Education Loan 2017-2018

Are you seeking for Allahabad Bank Education Loan for your higher studies in a reputed and recognized university/institution for better future? Here is the perfect way to approach your desired destiny. Allahabad Bank is one of the most promising nationalized banks in India with a success story of 150 years. The Allahabad Bank had around 2500 branches across India with its headquarters in Kolkata, India. The Allahabad Bank Education Loan offers education loan to the Students with the Indian Nationality and who had secured admission into Technical/Professional courses in recognized university/institution in India or Abroad through merit-based selection or relevant entrance test in order to Ensure quality higher education.

Key features of Allahabad Bank Education Loan

  • The Allahabad Bank Education Loan Scheme provides up to 20 Lacs for studies in India and up to 50 Lacs for studies in Abroad.
  • Any graduate/Post graduate who got the first class/above 80% in their academics and interested on higher education in India or Abroad can avail Allahabad Bank Education Loan.
  • The students who have a good score in students and come under management quota can also eligible for Allahabad Bank Education Loan.
  • The Nationality of the applicant must be Indian, irrespective of the location where they are going to do higher studies.
  • The eligibility criteria for Allahabad Bank Education Loan is almost same for every course
  • There is a provision Grace period of one year after the completion of academics.

Allahabad Bank Education Loan

Allahabad Bank Education Loan Eligibility

The Allahabad Bank Education Loan eligibility criteria are majorly based on the marks gained in entrance examination or relevant Test for respective higher studies. The cutoff marks for availing Allahabad Bank Education Loan is 50%. The students who come under management quota are also eligible to apply for the Allahabad Bank Education Loan. The professional courses which are mentioned below are Approved/Eligible for Allahabad Bank Education Loans. The courses for studies in India and studies in Abroad are different. For clear information keep reading this post carefully without any fail. Here in this section, we are presenting Approved courses of Allahabad Bank Education Loan Eligibility.

Allahabad Bank Education Loan Eligibility Criteria

Candidates who are going to study at renowned universities or job oriented technical professional courses are eligible for Allahabad Bank Education Loan.

Allahabad Bank Important Documents

Allahabad Bank Education Loan Amount

The Quantum of the Allahabad Bank Education Loan is based on the repaying capacity of the parents or applicant as per their financial need. The complete details are mentioned as follows

  • Studies in India: Loan amount will be up to 10 Lacs.
  • Studies in Abroad: Loan amount will be up to 50 Lacs.

Expenses considered for Allahabad Bank Education Loan

Below are the some of the covered expenses of Allahabad Bank Education Loan scheme.

  • It includes various payable fees like college fee, Hostel fee, Examination fee etc.
  • Also, students can avail Allahabad Bank Education Loan amount for purchasing things for study purpose like books, uniforms, instruments in order to complete the course without any fail.
  • It involves Travel expenses too.
  • Passage money for studies in Abroad.
  • Some other expenses which are mandatory in educational system namely Industrial Tours, Project works or Thesis etc.

Margin for Allahabad Bank Education Loan

The Margin policies for Allahabad Bank Education Loan are as follows:

  • There will be No Margin for the applicants who had taken the loan up to 4 lacs.
  • If the applicant takes more than 4 lacs then He/she need to pay 5% of the loan amount for studies in India.
  • And 15% of the Loan amount for studies in Abroad.
  • Allahabad Bank Education Loan Margin includes Scholarship or assistantship too.
  • Margin amount will be charged on yearly basis and disbursements are made on a Pro-rata Basis.

Details of Allahabad Bank Education Loan Interest

Below we have given the details about the Allahabad Bank Education Loan Interest:

Allahabad Bank Education Loan Interest

There will be a rebate of 0.50% for the girl students and 1.00 % interest concession if applicants are paid loan amount during the moratorium period.

Allahabad Bank Education Loan Repayment

Allahabad Bank Education Loan to be paid within a maximum span of 7 years after the commencement of repayment. There will be one provision of one year after getting the job. A post dated cheque should be used for repaying the Allahabad Bank Education Loan. It should be repaid in 36 installments or EMIs.

Allahabad Bank Education Loan Security

  • For loan up to 4 lakhs: The candidates who are applied for Allahabad Bank Education Loan up to 4 lacs no collateral security is required.
  • For loans 4 to 7.5 lakhs: There will be a need of satisfactory 3rd party nomination
  • For loan more than 7.50 lakhs: Co-obligation of parents or guardian or third person with tangible of future income of the candidate for payment of EMIs.

Processing Fee for Allahabad Bank Education Loan

There will be no processing fee for Allahabad Bank Education Loan. But it has Documentation charges which are clearly specified in below:

  • It charges Maximum of 3000/- on loans of above 10 Lacs and maximum of 5000/- for the loans above 20 Lacs loans.

Things to Know

  • Values added services: Free debit card
  • Availabilities: Allahabad Bank home loan, Allahabad bank personal loan.
  • The parent or guardian would become a co-borrower with the student.
  • Allahabad Bank Education Loan would be sanctioned through the branches nearest to the Residence address of the parents or Applicants

Useful Allahabad Bank Posts For Job Aspirants:

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