Allahabad Bank Student Loan

Allahabad Bank offer study loans for various professionals/ technical courses that are offered by recognized universities of the nation. The student should be an Indian or he/she must have secured permission to professional or technical courses in India or Abroad through Entrance Test / Merit based Selection process. These courses or programs include:

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, Computer etc.
• 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 recognized 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 recognized by the competent local aviation/ shipping authority.

The loan bears all the expenses for academy, hostel fees, assessment fees, and laboratory and library fees, all the necessary articles required for completion of the courses, travel expenses and money for purchasing computers are also provided to the students, other payments like building fund, refundable deposit and caution money are also included.

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.

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 do 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.

Margin:

• For loan upto Rs 4.00 lacs: NIL
• For loan above Rs 4.00 lacs:
• Studies in India: 5%
• 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.

Repay Time:

• 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 10.00 lacs: No collateral security is required. Co-obligation of parents or guardian required
• For loan upto Rs 4.00 lacs: No collateral security is required. Co-obligation of parents or guardian required
• For loan above 4 Lacs and upto 7 lacs: Satisfactory third party guarantee & Co-obligation required.

Interest:

• For IIT/ IIM/ ISB (loan upto 10.00 Lacs): PLR-1.75%
• For Other Loan upto 4.00 Lacs: PLR-0.75%
• For loan above Rs.4.00 Lacs: PLR-1.00%

For Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges, please visit the bank website.

For more details www.allahabadbank.com