ALLAHABAD BANK EDUCATION LOAN INTEREST RATES
Allahabad Bank Education Loans Schemes – Eligibility, Interest Rates, Offers, EMI and Procedure of Education loan from Allahabad
- 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 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.
Education Loan Interest Rates as Follows:-
|Education Loan: Interest Rates as per Bank’s Base Rate (BR) w.e.f. 01.05.2012|
|(i) For IIT/ IIM/ ISB (loan upto 10.00 Lacs)|
(ii) For Others
(a) Loan upto 4.00 Lacs
(b) Loan above Rs.4.00 Lacs
|10.50% +2.25% = 12.75%10.50% +3.00% = 13.50%|
10.50% +3.00% = 13.50%
|@ For girl students, rebate @1% will be allowed under each slab.|
Rebate of 1.00% on the interest charged in the moratorium period will be provided if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.
Quantum of Loan:
Need based finance subject to repaying capacity of the parents / students with following ceilings:
- Studies in India: Maximum Rs. 10.00 lac
- Studies abroad: Maximum Rs. 20.00 lac.
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 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.
- 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.