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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.

Features & Benefits of Best Student Loans

Objective

Allahabad Bank educational loan scheme is designed to offer financial support to meritorious students for pursuing higher education in India and abroad.

• Attractive rate of interest.
• Minimal documentation.
• Customized education loans & flexible repayment plans.
• Instant approval process & faster disbursal.
• 100% education finance.
• Principal amount can be paid after the completion of the course.
• Flexible co-applicant & collateral requirements.
• 0.50% concession for girl students.

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 for Allahabad Bank Education Loan:

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).

• The cut off marks for loan eligibility is 50% where admission is purely based on the marks secured in qualifying examinations.
• A meritorious student who has qualified for a seat under merit quota shall also be eligible for a loan under this scheme.

Courses Eligible for Allahabad Bank Education Loan

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.

Documents required for loans for students:

• Letter of admission.
• Filled in Loan Application Form with 2 passport size photographs.
• Statement of cost of study.
• PAN Card of the student and parent/ guardian.
• AADHAR Card of the student and parent/ guardian.
• Proof of identity (Driving License/Passport/Aadhar/ any photo identity issued by the government).
• Proof of residence (Driving License/Passport/Electricity bill/Telephone bill)
• Student/Co-borrower/ guarantor's bank account statement for the last 6 months.
• IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee).
• Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
• Proof of income (i.e. salary slips/ Form 16) parent/ guardian/ other co-borrower.

Quantum of Loan

For study in India:	Up to Rs.75 Lakhs depending on the Institute
Study abroad:	Up to Rs.75 Lac.

 

Allahabad Bank Education Loan Interest Rate For studies in India -

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

Allahabad Bank Student Loan processing fees

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:

• The parents or the guardian will be the co-applicant or the loan and the primary debtor.
• If spouse’s income is considered for eligibility, she/he should be a co-borrower. Hence, no collateral, no guarantee required.
• Tangible collateral will be accepted as security by the bank with the third-party guarantee.
• No security required for loans up to 4 Lakhs.

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.