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.

Courses Eligible
 

Studies in India :

  • Graduation courses : BA, B.COM.,B.Sc.,etc.
  • Post Graduation courses : Masters &PhD.
  • Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
  • Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
  • Courses like ICWA, CA, CFA etc
  • Courses conducted by IIM, IISc, IIT, 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 institiutes.
  • Other courses leading to diploma/ degree etc. conducted by colleges
    Universities approved by UGC/ Govt/AICTE/ AIBMS/ICMR etc.

Studies in 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.

Amount 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.

Margin

  • For loan upto Rs 4.00 lacs: NIL
  • For loan above Rs 4.00 lacs:
    (i) Studies in India: 5%
    (ii)Studies abroad: 15%

Period of loans

Loans upto Rs.4 lacs:Interest Rate

For students of IIT/IIM/ ISB* :PLR-1.75%
For Others:PLR-0.75%
 
Loans above Rs 4 lacs
For students of IIT/IIM/ISB*:PLR-1.75%
For Others:PLR-1.00%
ISB means Indian School of Business, Hyderabad
Girl students may be provided a special relief of 1.00% in all cases as above.

Contact : Repayment

Repayment Holiday / Moratorium is Course Period + 1 year  or 6 months after getting job, whichever is earlier.
Loan to be repaid within a maximum period of 7 years after commencement of repayment.

Delhi Tel: 3341152
Bangalore Tel: 2261599
Chennai Tel: 8282206, 8230267
Hyderabad Tel: 7637738
Kolkata Tel: 033-24758978
Mumbai Tel: 4923246