Allahabad Bank Educational Loans

The main objectives of the Education Loan provided by Allahabad Bank are to assist the poor and needy to undertake basic education and to assist the meritorious students to pursue higher/professional/technical education.

Courses Eligible

Studies in India

School education including 10+2 stage
Normal Graduation Courses - BA, BCom, BSc, Microbiology, etc.
Post Graduation Course: Masters Courses, Ph.D., etc.
Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, etc.
Courses like: ICWA, CA, CFA, etc.
Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
Courses conducted in India by reputed Foreign Universities.
Evening courses of approved institutes.
Courses leading to diploma / degree etc. conducted by the Colleges/ Universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc

Studies abroad

Under Graduation: For job oriented professional / technical courses offered by reputed Universities.
Post Graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA London
Courses conducted by CPA in USA etc

Quantum of Loan

Need based finance subject to repaying capacity of the parents/ students with following ceilings:
Studies in India: Maximum Rs 7.50 lacs
Studies abroad: Maximum Rs.15.00 lacs

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 as and disbursements are made on a pro-rata basis

Eligibility of Students

Should be an Indian National
Secured admission to professional/technical courses through Entrance Test/ Selection process.
Secured admission to foreign university/Institutions.

Expenses considered for loan:
Fee payable to college/school/ hostel.
Examination/Library/Laboratory fee.
Purchase of books/ equipment's/instruments/uniforms.
Caution deposit/building fund/refundable deposit supported by Institution bills/ receipt.
Travel expenses/ passage money for studies abroad.
Purchase of computers-essential for completion of the course.
Any other expenses required to complete the course- like study tours, project work, thesis etc.

For further details, click on the link:
Allahabad Bank Educational Loans