ALLAHABAD BANK EDUCATION LOAN INTEREST RATES

ALLAHABAD BANK EDUCATION LOAN INTEREST RATES

Allahabad Bank Education Loans Schemes – Eligibility, Interest Rates, Offers, EMI and Procedure of Education loan from Allahabad

Eligibility:

  • 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.

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 IndiaMaximum Rs. 10.00 lac
  • Studies abroadMaximum 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:

  • 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.

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