Allahabad Bank

NAME TYPE WEBSITE
Allahabad Bank Goverment https://www.allahabadbank.in
  1. Studies in India(Indicative list): Approved courses recognized by UGC/Govt./AICTE/AIBMS/ICMR etc.
  2. Studies abroad: For job oriented professional/technical courses offered by reputed universities. Marks scored in qualifying examinations then the cut off marks for loan eligibility is 50%.Meritorious Students admitted under Management Quota are also eligible for loan.
  1. Letter of admission
  2. Filled in Loan Application Form
  3. 2 passport size photographs
  4. Statement of cost of study
  5. PAN Card of the student and Parent/Guardian
  6. AADHAR Card of the student and Parent/Guardian
  7. Proof of identity (Driving Licence/Passport/Aadhar/any photo identity)
  8. Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
  9. Student/Co-borrower/guarantor's bank account statement for last 6 months
  10. IT return/IT assessment order, of previous 2 years of Parent/Guardian/other co-borrower(if Payee)
  11. Brief statement of assets & liabilities of Parent/Guardian/other co-borrower
  12. Proof of income (i.e. salary slips/Form 16) Parent/guardian/other co-borrower
  • Study in India: Up to Rs.20 Lac depending on the Institute. (List of the Institutes is available on Bank’s website.)
  • Study abroad: Rs.50 Lac.

 

  1. Up to Rs 7.50 lakh - Within a maximum period of 10 years                                                                                                           
  2. Above Rs 7.50 lakh - up to  15 years
  • For studies in India: For loan amount above Rs.10.00 Lac -- 0.15%, maximum of Rs.3000/-
  • For studies abroad: For loan amount above Rs.20.00 Lac -- 0.10%, maximum of Rs.5000/-

 

  • Up to Rs.4 Lac: Nil
  • Above Rs.4 Lac  in India—5%
  • Above Rs.4 Lac in abroad—15%
  • The loan documents should be executed jointly by the student and the parent (s)/guardian as joint-borrower.
  • Up to Rs.4 Lac – no collateral security
  • Above Rs.4 Lac – (depending on the Course/Institutes) security varies from third party guarantee, co-obligation of parents, full collateral security

YES

  1. Need based finance subject to the repaying capacity of the parents
  2. Maximum limit  of the quantum of finance - Rs.1 lac, including all types of expenses or any of the expenses under the scheme as mentioned above
  3. Net combined income of the parents'/guardians' should be above 40% of gross income, after considering the EMI of the proposed loan.
  4. Loan Limit : Maximum Rs. 1,00,000/-
  5. Margin : NIL
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