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Education Loan - Allahabad Bank

Allahabad Bank

Purpose
You can avail of the attractive 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
You are eligible for the education loan if you fulfill the following criteria: A student who has secured admission or is already studying in any IIM, IIT, Indian Institute of Science, Bangalore, Jamnalal Bajaj Institute of Management, Mumbai, XLRI Jamshedpur, Roorkee Engineering College or Indian School of Mines, Dhanbad.

Amount of Loan
The loan will be in the form of a package which will cover entire tuition fees, hostel and mess charges, library fees or any other fees / charges payable to the institution subject to a maximum of Rs 2.50 lacs.

Period of loans
Loans repayable In 48 Equated Monthly Installment (EMI).The EMI will commence one year after the completion of the course or whenever is earlier.The interest, however, will be realised during the pendency of the loan on a quarterly basis.

Quantum of Loan
The maximum amount given as loan for studies in India is Rs. 10 lacs. Rs. 20 lacs is the maximum amount for studies abroad.

Expenses to be considered for Loan

  • The loan includes fees to be paid for colleges, hostel charges, examination fees, and laboratory and library fees.
  • It also covers expenses for purchasing all the necessary articles required for completion of the courses.
  • Travel expenses and money for purchasing computers are also provided to the students.
  • Other payments like building fund, refundable deposit and caution money are also included.


Loan Amount Interest Rate
Loans upto Rs.4 lacs (In India) 12.5% pa, SBMTLR presently 12.00 %p.a.
Loans above Rs 4 lacs 1% above SBMTLR presently 13.5 % p.a
Tenures: Minimum of 12 months to a maximum of 48 months

Contact :
Delhi Tel: 3341152
Bangalore Tel: 2261599
Chennai Tel: 8282206, 8230267
Hyderabad Tel: 7637738
Kolkata Tel: 2401529
Mumbai Tel: 4923246

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