Allahabad Bank Education Loan

Allahabad Bank continues to serve relentlessly since its inception in 1865. The oldest joint stock bank of the nation has now become a nationalized bank. It functions mainly to provide education loan to deserving students on reasonable interest rates, along with other services related to finance to its customers.

Eligibility Criteria for Allahabad Bank Education Loan

  • Education loans are provided only to students who are Indian resident.

  • Eligibility required to sanction a loan is that the student should be admitted to any professional or technical course in India or abroad whereby selection is done through an entrance exam or by a merit-based selection procedure.

Courses Eligible for Getting Loan

Education in India

  • Bachelor Degree courses like B. COM, B. A, B. Sc and others

  • Master Degree courses and Ph. D programs

  • Professional courses like Management, Engineering, Law, Computer, Agriculture, Dental, Medical, Veterinary and others.

  • Certificate courses in Computer offered by reputed institutes which are accredited to the Department of electronics or institutions certified by a university.

  • Other courses like CA, ICWA and CFA.

  • Programs which are conducted by the reputed institutions like IIT, XLRI, IIM, NIFT, IISc.

  • Regular diploma and degree courses like pilot training, Aeronautical, shipping and others. The courses offered should be approved by the Director General of Civil Shipping or Aviation.

  • Courses that are conducted by the renowned foreign universities.

  • Evening courses which are conducted by the approved institutes.

  • Various diploma and degree courses conducted by various colleges and universities approved by Govt. ICMR, UGC, AIBMS, AICTE and others.

Education Abroad

  • Bachelor's Degree-Professional and technical courses which are offered by various reputed universities.

  • Master's Degree-MS, MBA, MCA and others.

  • Programs offered by CPA in USA and CIMA in London.

  • Various regular diploma and degree courses in pilot training, aeronautics or shipping approved or recognized by the competent local shipping or aviation authority.

Quantum of Loan

Student admitted in Indian institute for study gets Rs. 10lac maximum as loan amount. Rs. 20 lacs is the limit what a student can get for study in abroad.

Expenses to be considered for Loan

  • The student is alloted loan amount for fees to be paid in college or amount required as hostel charges, examination fees, laboratory and library fees.

  • The amount includes expenses incurred foritems necessary for completion of the course.

  • Loan amount also sanctions expenses incurred for travelling purpose for studies and also for technical requirements as purchasing computers.

  • Other payments like building fund, refundable deposit and caution money are also given to student, for his convinient study, by the bank.

Further Information

You can know about interest rates through Allahabad Bank