24 Jan 2019 | 5 min read
Education loan, under the loan category, is one of the popular products offered by Allahabad Bank. The loan has been customized to meet different levels of academic requirements of individuals. The Allahabad Bank offers financial supports in the form of education loans to aspiring students who seek to pursue higher studies in India or abroad. The student must have secured admission in professional or technical course through entrance exam or merit based selection procedure.
Being one of the major education loan lenders, Allahabad Bank offers extremely competitive education loans at better interest rates. Every year, numerous students secure admissions to top universities and colleges in India and abroad with Allahabad Bank education loans.
Objective
Allahabad Bank educational loan scheme is designed to offer financial support to meritorious students for pursuing higher education in India and abroad.
Margin
Margin applicable to the Allahabad Bank Education Loan is as under:
Loan Amount |
Margin |
Up to Rs. 4 Lakhs |
NIL |
Above 4 Lakhs |
|
Education in India |
Education abroad |
5% |
15% |
Eligibility:
Student should have got admission to a higher education course in recognized institutions in India or abroad through entrance test/ merit based selection process after completion of HSC (10 plus 2 or equivalent).
India
Courses approved by Govt. / University Grants Commission (UGC)/ All India Board of Management Studies (AIBMS) /All India Council of Technical Education (AICTE) / Indian Council of Medical research (ICMR) recognized colleges / universities recognized which offer Graduate / Post-Graduate degrees and P.G. Diplomas.
Abroad
Job oriented technical and professional courses offered by recognized institutes/universities.
The education loan eligibility in India varies from person to person based on monthly obligation and monthly income. If you are wondering about the amount and interest rate on your loans for education, you can use the education loan eligibility calculator on Afinoz’s website. This calculator is designed keeping in mind the school and college loan eligibility in India & Abroad; so that you know the maximum amount you can get, before applying for the loan.
Quantum of Loan
For study in India: |
Up to Rs.75 Lakhs depending on the Institute |
Study abroad: |
Up to Rs.75 Lac. |
Name of the Institute / University |
Interest |
IIMs; IITs; All AIIMS; AFMC (Pune); BITS (Pilani); Christian Medical College (CMC), Vellore/Ludhiana; Indian School of Business (ISB) Hyderabad/Mohali; Xavier Labour Relation Institute (XLRI) Jamshedpur; Grant Medical College, Mumbai; Indian Institute of Foreign Trade, Delhi/Kolkata; Tata Institute of Social Science, Mumbai; Jawaharlal Institute of PG Medical Education and Research, Pondicherry; Indian Institute of Science, Bangalore; S.P.Jain Institute of Management & Research (SPJIMR), Mumbai; Xavier Institute of Management Bhubaneswar; Jamnalal Bajaj Institute of Management Studies, Mumbai; Kasturba Medical College, Manipal /Mangalore; King Edward Medical College, Delhi; Lady Hardinge Medical College, Delhi; PG Institute of Medical Education & Research (PGIMER), Chandigarh; Amrita School of Medicine, Kochi; Shri Ramchandra Medical College & Research Institute, Chennai; National Law School of India University, Bangalore; School of Planning & Architecture, New Delhi/Bhopal |
1YMCLR* |
For Institutes not included in above list and incorporated in top 50 College/Institutes under respective stream (Medical /Engineering/Management/Pharmacy/Law/Architecture in National Institutional Ranking Framework of MoHRD |
1YMCLR+1.50% |
For other colleges / universities recognized by AICTE/ AIBMS / MCI/ UGC / other competent government authorities |
MCLR+2.00% |
For Studying Abroad |
|
Abroad education |
MCLR+2.00% |
*MCLR stands for marginal cost of funds based lending rate
Amount |
Studies in (Country) |
Revised Processing Charge |
For loan amount up to Rs. 10 lakhs |
India |
NIL |
Above 10 lakhs |
India |
0.15%, maximum of Rs. 3000 |
For loan amount up to Rs. 20 lakhs |
Abroad |
NIL |
Above 20 lakhs |
Abroad |
0.10%, maximum of Rs. 5000 |
Repayment Period: Up to 15 years, and the moratorium period is up to 1 year after completing the course.
Security:
You can contact our team to get more information or apply for loans for students or investment products by calling on +91 120 411 0376 or by emailing at info@afinoz.com. Afinoz.com provides solutions that are quick, reliable, transparent, confidential, and above all free.
The company also offers other financial products such as home loan, car loan, education loan, loan against property, and loan against security (LAS) etc. from the top banks and NBFCs at the lowest possible interest rate without any hassle. Our objective is to make financial products reasonable and easily accessible to everyone. We promise to provide instant, reliable, transparent and confidential solutions without any charge.
Compare Allahabad Education Loan with Education Loan from other leading banks and NBFCs, such as SBI Education Loan, Axis Bank Education Loan, HDFC Education Loan, Credila Education Loan, PNB Education Loan, and so on. We also offer other lending products and services such as Allahabad Home Loan, PNB Housing Home Loan, PNB Personal Loan, ICICI Bank Personal Loan, ICICI Bank Home Loan, HDFC Personal Loan, HDFC Education Loan, ICICI Bank Home Loan, Bank of Baroda Home Loan, Bank of Baroda Personal Loan, Mahindra Finance Personal loan, Kotak Mahindra Home Loan, etc. Fill this blog form for further information or you can dial the number given above.