Allahabad Bank

Why For / Purpose / Objective:

You can avail of the attractive allahabad education loan scheme if you have secured admission to or are already studying in any of the country's IIMs or IITs or in any of the designated institutes.

Eligibility Criteria

Student eligibility:

• Student be an Indian National
• Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.

Courses Eligible

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, Computeretc.
• 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 recognised 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 recognised by the competent local aviation/ shipping authority.

Quantum/ Amount 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 in 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 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.
• Insurance premium for student borrower.
• Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.

Margin/ Allowance:

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

Rate of Interest

            *ISB means Indian School of Business, Hyderabad
             Girl students may be provided a special relief of 1.00% in all cases as above.

Repayment /Tenures:

Repayment Holiday / Moratorium is Course Period + 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.

Contact:

Delhi Tel: 011-27567383,
Bangalore Tel: 080- 26798444,
Chennai Tel: 044-28546272/ 044-28547497,
Hyderabad Tel: 040-24745621,
Kolkata Tel: 033-22319144,
Mumbai Tel: 022-22679600/22679854.

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