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Allahabad Bank Education Loan

Feb 14, 2011 15:51 IST
Allahabad Bank Education Loan
Allahabad Bank Education Loan

Eligibility Criteria:

(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.

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 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.

Margin

  • 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.

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