Allahabad Bank Education Loan
(a) Student eligibility:
- Student be an Indian National
- Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.
(b) 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.
- 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 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 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.
- For loan upto Rs 4.00 lacs: NIL
(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.
- For loan above Rs 4.00 lacs.