| Allahabad Bank
offers you a golden opportunity to be independent. Now, you can avail of the attractive
education loan scheme through Allahabad Bank. If you have secured admission or are already
studying in any of the country’s IIMs or IITs or in any of the designated institutes
of repute as under, you can easily qualify for the loan with low interest rates, immediate
sanction, minimum formalities and easy repayment terms. This scheme comes as a special gesture from us towards you - the
future power-holders of the nation. So, make your move and take the right step towards
independence.
We look forward to a rewarding relationship
with you.
Eligibility Criteria
Any student who has secured admission or is already studying in any IIM, any IIT, Indian
Institute of Science, Bangalore, Jamnalal Bajaj Institute of Management, Mumbai, XLRI
Jamshedpur, Roorkee Engineering College or Indian School of Mines, Dhanbad is eligible for
the loan.
How and where to apply
Complete the online application and submit it. The loan application will be processed and
decision conveyed via email in just 2 days.
Quantum 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.
Disbursement
The loan amount will be disbursed in installments and will be remitted directly to the
Institutes after the necessary formalities are completed. The student shall be required to
provide the Bank, information regarding year wise/term wise/semester wise break up of all
fees and expenses with scheduled dates of payment duly certified by the institution,
alongwith the application form.
Rate of Interest |
| Upto 25,000/- |
12% p.a. +
interest tax |
| From Rs 25,001 to
Rs 1,50,000/- |
13.5% + interest |
| (subject to change as per RBI guidelines) |
Repayment Terms
In 48 Equated Monthly Installments (EMIs). The EMIs will commence one year after the
completion of the course or whenever the students gets a job, whichever is earlier. The
interest, however, will be realized during the tendency of the loan on quarterly basis.
Documentation formalities
- Agreement with the student.
- Guarantee of father/guardian
- Guarantee of 3rd party with
net worth more than Rs. 50.000/-.
- Assignment of Insurance Policy on the
life of the student equivalent to the loan amount.
Loan application will be processed and
sanctioned at the designated branch. The documents will be executed by the
student/guarantors and disbursement will be done by a branch of Allahabad Bank near the
permanent residence of the student. |
