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- Interest Rate : 8.5 To 11%
- Down Payment : 0% (Flexible)
- Number of EMI : 0 (Flexible)
- Processing Fees : Education Loan Doesn't have any processing fees or charges%
- KYC : Student Aadhar Card, 2 Passport Photo, Passport (if going abroad)
KYC for Co-Borrower : Aadhar card, pan card & residence proof - Education : Admit letter, cost of study statement, 10th and 12th Mark sheet
- Income of Parents : Pan card, 6 month bank account statement, ITR of last 2 years/ Form 16, Salary Slip. Assets and liabilities brief statement
- Applicant or student has to be resident of India
- Confirmed Admission in higher education course in recognised institutions in India or Abroad through entrance test/merit based selection.
- Deserving students under management quota are also eligible for the loan
- Approved courses recognised by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
- Studies abroad : For job oriented professional/ technical courses offered by reputed universities.
- Graduation: For job oriented professional / technical courses being offered by reputed universities.
- For degrees like MCA, MBA, MS
- Regular degree/ diploma courses like aeronautical, pilot training, shipping etc. offered by institutes which are recognized by the concerned university / state body / local aviation / shipping authority.
Required Documents
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Eligibility Criteria
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Study in Abroad
Frequently asked questions
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>Allahabad Bank Education Loan FAQs:
1. Is there any discount / rebate on the Allahabad Bank interest rate?Yes, girl students are entitled to a rebate of 0.50% on the chargeable interest rate. Also, interest concession of 1.00% will be awarded if borrower pays the interest amount within the study & moratorium period.
2. Will my travel expenses be covered by this loan if I am going to pursue a course abroad?
Yes, this loan does cover your travel expenses or passage money if you are going to pursue a course overseas.
3. Are there any additional benefits which the Allahabad Bank education loan provides?
Applicants of this loan are entitled to a free debit card along with the loan amount. They can also avail an additional loan for higher studies or to cover any cost of escalation.
4. What is the moratorium period allowed with this loan?
Applicants are entitled to a moratorium period which of either 1 year after the end of the course duration or 6 months after getting a job, whichever takes place earlier.
5. If I get a scholarship or assistantship, will it be included in the loan margin?
Yes, any Scholarship or Assistantship will be included in the Margin.
Other details
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Security
The loan documents should be executed jointly by the student and the parent (s)/ guardian as joint-borrower.
Spouse should be a co-borrower if his/her income is considered for eligibility. No Collateral, No guarantee.
Up to Rs.4 Lac – no collateral security
Above Rs.4 Lac – (depending on the Course / Institutes) security varies from third party guarantee, co-obligation of parents, full collateral security
