Purpose

 
 

Educational Loan Scheme aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad.| A meritorious student, though poor, is provided with an opportunity to pursue education with the financial support from the banking system with affordable terms and conditions.

Rate of Interest

 
 
  • 1.(i) For IIT/ IIM/ ISB (loan upto 10.00 Lacs)-11.70% (.50% rebate for girls) (ii) For Others (a) Loan upto 15.00 Lacs-12.20% (.50% rebate for girls) (b) Loan above Rs.4.00 Lacs - 12.70% (.50% rebate for girls)
 
 

Eligibility for Educational Loan

 
 

Any individual who has secured admission in a course run by Industrial Training Institutes (it is), Polytechnics or in a School recognized by Central or State Education Boards or in a College affiliated to recognized University, Training Partners affiliated to National Skill Development Corporation (NSDC) / Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a Certificate / Diploma / Degree issued by such Organization as per National Skill Qualification Framework (NSQF) is eligible for loan under the Scheme.

The Government of India / State Governments may, from time to time, notify Institutes / Organizations for this purpose, which will be advised accordingly.

Courses run by above mentioned Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the ?Skill Loan Scheme?.

 
 

About the Bank

 
 

Allahabad Bank (Hindi: ???????? ????) is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of establishment. It was founded in Allahabad in 1865

 
 

FAQ Loan

 
 

1. Is there any discount / rebate on the Allahabad Bank interest rate? Yes, girl students are entitled to a rebate of 0.50% on the chargeable interest rate. Also, interest concession of 1.00% will be awarded if borrower pays the interest amount within the study & moratorium period.

2. Will my travel expenses be covered by this loan if I am going to pursue a course abroad? Yes, this loan does cover your travel expenses or passage money if you are going to pursue a course overseas.

3. Are there any additional benefits which the Allahabad Bank education loan provides? Applicants of this loan are entitled to a free debit card along with the loan amount. They can also avail an additional loan for higher studies or to cover any cost of escalation.

 
 
 
 
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