Allahabad Bank- Education Loan

Allahabad Bank Education Loan Scheme

Eligibility Criteria: Studies in India or Aboard

Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent). Where the admission is purely based on the marks scored in qualifying examinations then the cut off marks for loan eligibility is 50%

Meritorious Students admitted under Management Quota are also eligible for loan.

Studies in India (Indicative list):

Approved courses recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.

Studies abroad:

For job oriented professional/ technical courses offered by reputed universities.

Amount

Loan Limit :

Fee payable to college/ school/ hostel and other related expenses.

Study in India:

Up to Rs.75 Lac depending on the Institute. (List of the Institutes is available on Bank’s website.)

Study abroad:

Rs.75 Lac.

Security

  • The loan documents should be executed jointly by the student and the parent (s)/ guardian as joint-borrower.
  • Spouse should be a co-borrower if his/her income is considered for eligibility. No Collateral, No guarantee.
  • Up to Rs.4 Lac – no collateral security
  • Above Rs.4 Lac – (depending on the Course / Institutes) security varies from third party guarantee, co-obligation of parents, full collateral security

Repayment

up to 15 years

List of the Institutes


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