Allahabad Bank Education Loan 2023 –Education is the key to unlocking one’s potential and realizing their dreams. However, the cost of higher education can be a significant burden for many students and their families. To help ease this financial burden, Allahabad Bank offers education loans to students who aspire to pursue higher education in India or abroad. Allahabad Bank Education loan is designed to provide financial assistance to students who want to pursue their education without worrying about the cost. In this article, we will delve into the details of Allahabad Bank Education loan and how it can help students achieve their academic goals.

Details of Allahabad Education Loan 2023

Maximum Loan Limit	Rs. 20 Lacs
Processing Fee	No Processing Fee
Concession	0.50 % for females
Loan repayment	10 – 15 years
Loan collateral	Up to Rs. 4 lacs no collateral Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee Above Rs.7.5 Lacs – 100% loan amount tangible collateral
Interest rate	7 – 11 %

About Allahabad Bank

Allahabad Bank is a public sector bank in India that was established in 1865. It is one of the oldest banks in the country and has a rich history of serving the people of India. The bank has its headquarters in Kolkata, West Bengal, and has a network of branches spread across the country.

Allahabad Bank offers a wide range of banking products and services to its customers, including savings accounts, current accounts, fixed deposits, loans, and credit cards. The bank also offers various digital banking services such as internet banking, mobile banking, and online bill payments to make banking more convenient for its customers.

Interest Rate

The interest rates for Allahabad Bank Education loans are subject to change from time to time and are dependent on various factors such as the loan amount, repayment tenure, type of course, and the creditworthiness of the borrower.

Allahabad Bank Education Loan Interest Rate for Indian Institute & Courses

IIMs & IITs	MCLR
NITs	MCLR+ 1.50
Other Institutes	MCLR+2.00

Allahabad Bank Education Loan Interest Rate for Foreign Institute & Courses

Education loan up to Rs.4 lakhs	MCLR+2.00%
4 lakhs to Rs.7.5 lakhs	MCLR+2.00%
Above Rs.7.50 lakhs	MCLR+ 1.50

Eligibility Criteria

The eligibility criteria for Allahabad Bank Education loans may vary depending on the specific loan scheme and the type, of course, the borrower wishes to pursue. However, here are some general eligibility conditions that are typically required:

• The borrower should be an Indian citizen.
• The borrower should be between 16 and 35 years of age.
• The borrower should have completed his/her higher secondary education (12th grade) or equivalent and secured admission to a recognized course in India or abroad.
• A co-applicant is required for the loan, and it can be a parent, spouse, or any other immediate family member.
• The borrower or the co-applicant should have a steady source of income to repay the loan.
• A good credit score is essential for loan approval, and the bank may check the credit score of both the borrower and the co-applicant.
• Depending on the loan amount, collateral may be required to secure the loan.

Documents Required

The following documents are generally required to apply for an Allahabad Bank Education loan:

• Proof of identity
• Proof of address
• Proof of age
• Proof of income
• Admission letter
• Fee structure
• Academic records
• Collateral documents
• Passport size photographs

List of Colleges included in Allahabad Education Loan 2023

Allahabad Bank Education loan covers a wide range of courses and colleges, both in India and abroad. The bank generally provides loans for courses that are recognized by regulatory bodies such as UGC, AICTE, Medical Council of India, etc. Some of the colleges that may be covered by Allahabad Bank Education loan are:

• Indian Institutes of Technology (IITs)
• Indian Institutes of Management (IIMs)
• National Institutes of Technology (NITs)
• All India Institute of Medical Sciences (AIIMS)
• Delhi University
• Jawaharlal Nehru University (JNU)
• Indian School of Business (ISB)
• Harvard University
• Stanford University
• Massachusetts Institute of Technology (MIT)

Courses Covered under Allahabad Education Loan 2023

Allahabad Bank Education loan covers a wide range of courses, both in India and abroad. The bank generally provides loans for courses that are recognized by regulatory bodies such as UGC, AICTE, Medical Council of India, etc. Some of the courses that may be covered by Allahabad Bank Education loan are:

• Engineering and Technology courses
• Management courses
• Medical courses (MBBS, BDS, MD, MS, etc.)
• Law courses
• Architecture courses
• Agriculture courses
• Hotel Management courses
• Fine Arts courses
• Vocational Education and Training courses
• Postgraduate and doctoral courses

Expenses Covered under Allahabad Education Loan 2023

Allahabad Bank Education loan typically covers a wide range of expenses related to the borrower’s education, both in India and abroad. Some of the expenses that may be covered by Allahabad Bank Education loan are:

• Tuition fees payable to the institution
• Examination, library, and laboratory fees
• Purchase of books, equipment, and instruments
• Hostel or accommodation charges
• Purchase of computer or laptop if required for the course
• Travel expenses for studies abroad
• Study tours, project work, and thesis expenses
• Insurance premium for the borrower and the co-borrower
• Any other expenses required for the completion of the course

Allahabad Bank Education Loan Repayment

Allahabad Bank Education loan generally provides a repayment period of up to 15 years, including a moratorium period of up to 1 year after the completion of the course. During the moratorium period, the borrower is not required to make any repayments. The repayment of the loan typically starts after the moratorium period and may be made in equated monthly installments (EMIs).

The borrower can choose the repayment period depending on his/her financial situation. The bank may also provide a grace period of up to 6 months in case of unforeseen circumstances that affect the borrower’s ability to make repayments. The interest rate and the repayment terms may vary depending on the loan scheme and the borrower’s eligibility criteria.

Loan Conditions

Allahabad Bank Education loan typically comes with certain conditions and terms that the borrower must comply with. Some of the common loan conditions are:

Institute	Amount	Interest
Domestic: Institutes stated in this list	Up to 7.5 lakhs: Covered under Credit Guarantee Fund Scheme for Education Loans (CGFSEL) 7.5 Lakhs-20 lakhs: Full tangible security not required Above 20 lakhs: 100% tangible security required	1MYCLR or 1MYCLR +1.50% (may vary)
Domestic: Institutes not listed in the above list but recognized by Govt./UGC/AICTE/AIBMS/MCI, etc.	Max 7.5 lakhs: Covered under Credit Guarantee Fund Scheme for Education Loans (CGFSEL)	MCLR+ 2.00% (may vary)
International	Up to 7.5 lakhs: Covered under Credit Guarantee Fund Scheme for Education Loans (CGFSEL) Above 7.5 lakhs: 100% tangible security required Note: In the case of the top 25 institutions in the world, no collateral is required up to 20 lakhs for PG studies and up to 15 lakhs for UG Studies	MCLR+ 2.00% (may vary)

Collateral Security

Allahabad Bank Education loan may require collateral security, depending on the loan amount and the borrower’s eligibility criteria. Collateral security is a form of security provided by the borrower to the bank to ensure that the loan is repaid as per the agreed terms and conditions. It provides the bank with a safety net in case the borrower is unable to repay the loan.

The collateral security may be in the form of tangible assets such as property, fixed deposits, or any other acceptable security. The bank typically accepts collateral security that has a value equal to or higher than the loan amount. The collateral security is returned to the borrower after the full repayment of the loan.

Contact Number

After the merger, you have to contact an Indian bank. In case of any query or doubts, customers can contact the 24 x 7 Toll-Free numbers mentioned below

• Customer Care Number 1800 425 00 / 1800 425 00 000
• Official Website Allahabad Bank
• Customer Care E-mail customercare@allahabadbank.in

FAQs

Here are some frequently asked questions (FAQs) about Allahabad Bank Education loan:

Q: Who is eligible for the Allahabad Bank Education loan?

Ans: Students who have secured admission to a recognized institution for a course in India or abroad are eligible to apply for the loan. The borrower must also meet the bank’s eligibility criteria related to age, academic qualifications, and credit score.

Q: What is the maximum loan amount that can be availed under the Allahabad Bank Education loan?

Ans: The maximum loan amount that can be availed under the loan scheme may vary depending on the borrower’s eligibility criteria and the loan scheme. Generally, the loan amount covers the cost of education, including tuition fees, accommodation expenses, and other related expenses.

Q: Is collateral security required for Allahabad Bank Education loan?

Ans: Collateral security may be required for Allahabad Bank Education loan, depending on the loan amount and the borrower’s eligibility criteria.

Q: What is the repayment period for the Allahabad Bank Education loan?

Ans: The repayment period for Allahabad Bank Education loan is generally up to 15 years, including a moratorium period of up to 1 year after the completion of the course.

Q: What is the interest rate for the Allahabad Bank Education loan?

Ans: The interest rate for Allahabad Bank Education loans may vary depending on the loan scheme and the borrower’s eligibility criteria. The interest rate may be fixed or floating and is subject to change based on market conditions.

Q: Can the loan be pre-closed before the end of the repayment period?

Ans: Yes, the loan can be pre-closed before the end of the repayment period. However, a penalty may be charged by the bank for prepaying the loan before the agreed repayment period.

 

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