Allahabad Bank Education Loan:

Allahabad Bank Education Loan is a form of support to students with merit, however don’t have funds for further education. . Allahabad Bank provides help to study in India or any country abroad. Allahabad Bank Education Loan is a great way of studying abroad when a student is unable to qualify for a full time scholarship program. It has been observed that students specially pursuing technical education have applied more and more for these loans.

Allahabad Bank Education Loan interest rate:

The Allahabad Bank Education Loan interest rate is competitive and attractive for the students applying to study in India and abroad.

Allahabad Bank Education Loan rate for loan (for IIT/IIM/ISB) up to Rs. 10 lacs is BR + 2.25%.

For others loan upto 4.00 lacs is BR + 3.25%

For loan above Rs. 4.00 lacs is BR + 3.00%

Allahabad Bank Education Loan rate for girl student has a concession of 1%.

Allahabad Bank Education Loan interest rate has a penal interest rate of 2% for studies abroad.

Allahabad Bank Education Loan eligibility and expenses covered:

For Allahabad Bank Education Loan can be taken for the following purposes and courses.

Courses for Allahababad Bank Education Loan eligibility for study in India are: Graduation Courses , Post Graduation Courses, Professional Courses, Computer Certificate Courses, CA, ICWA, CFA, IIM, IIT, IISc, XLRI, NIFT, Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping; Courses offered in India by reputed foreign universities; evening courses of approved institutes and other courses by different colleges/universities approved by UGC/Govt/AICTE/ICMR/AIBMS etc.

Courses eligible for study abroad are : graduation, post graduation, courses conducted by CIMA London, CPA in USA, regular degree/diploma like aeronautical, pilot training, shipping etc recognized by the competent local aviation/shipping authority.

Education Loan eligibility for Allahabad Bank Education Loan interest rate

The eligibility process has a process of margin money if the loan is taken for more than 4 lacs.

Studies In India 5%

Studies Abroad 15%

Other major qualifications for Allahabad Bank Education Loan eligibility are:

• 1To qualify for Allahabad Bank Education Loan eligibility the candidate should be an Indian national.
• 2Admission to technical kind of courses in India is possible through Allahabad Bank Education Loan eligibility.
• 3For admission abroad the student should have qualified in the merit selection process of the university.
• 4The maximum loan for studies in India is at the maximum is Rs.10 lacs
• 5The maximum loan for studies abroad is at the maximum is Rs. 20 lacs.

The expenses covered under the loan is

• 1.College Fee
• 2Purchase of books, equipments or uniform
• 3Library/examination/laboratory  fees
• 4Caution deposit, building fund, refundable deposit
• 5Travel expenses
• 6Money to purchase a computer
• 7Money for insurance premium
• 8 Money required for study tours, project work and thesis.

Allahabad Bank Education Loan Review And Documentation:

According to the Allahabad Bank Education Loan review the student would need to provide the following documents for the processing of the loan.

• 1Fully completed loan application form
• 2Two Photographs
• 3Mark sheet for the exam one has qualified for

For IIT/IIM/ISB only co-obligation of parent/guardian is required.

For others loan upto 4.00 lacs only co-obligation of parents or guardian and loan above 4.00 lacs and less than 7.50 lacs a third party guarantee & co-obligation of parent or guardian is required.

For loan above 7.50 lacs co-obligation of parents or guardian and tangible collateral security to cover full loan amount is required.

Allahabad Bank Education Loan review and documentation of the parents

• 1Occupation
• 2Income Tax Statement for the last two years
• 3A brief about the asset and liabilities possessed by the borrower
• 4Salary slip
• 5 PAN No.
• 6Passport No.

Allahabad Bank Education Loan review and documentation for the self employed individual

• 1Bank Statement
• 2Income Tax Return
• 3Profit and Loss Account or Balance Sheet of the Company
• 4Proof of Source Of Income
• 5Brief about the asset and liabilities possessed by the borrower.

Allahabad Bank Education Loan loan review and application procedure:

Allahabad Bank Education Loan application can be downloaded from their website http://www.allahabadbank.com/education.asp

People can go ahead and fill up the form in which the details of the student and the co- borrower is mentioned along with the necessary documentation. People can go ahead and submit the application at the branch or they can also submit the form online and the loan will be disbursed in installments to the college or institute directly.

Allahabad Bank Education Loan rate repayment option and Pre closure process:

The loan needs to be paid back in within a maximum period of  7 years after commencement of repayment. The student can avail a repayment holiday for a period of  one year or six months after a person gets a job or whichever is earlier. The pre closure process is stated by the branch of the bank. Late fee charges will be as per the agreement.

Allahabad Bank Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Allahabad Bank Education Loan eligibility and Allahabad Bank Education Loan Rate etc. are on the official site at http://www.allahabadbank.com/furnishing_loan.asp

Short Description: Allahabad Bank Education Loan is given as per Allahabad Bank Education Loan eligibility and Allahabad Bank Education Loan rate. Allahabad Bank Education Loan interest rate is best as per Allahabad Bank Education Loan review.