Purpose:
You can avail of the attractive education loan scheme if you have secured admission to or are already studying in any of the country`s IIMs or IITs or in any of the designated institutes.
Eligibility:
You are eligible for the education loan if you fulfill the following criteria: A student who has secured admission or is already studying in any IIM, IIT, Indian Institute of Science, Bangalore, Jamnalal Bajaj Institute of Management, Mumbai, XLRI Jamshedpur, Rookie Engineering College or Indian School of Mines, Dhanbad.
Amount of Loan:
The loan will be in the form of a package which will cover entire tuition fees, hostel and mess charges, library fees or any other fees / charges payable to the institution subject to a maximum of Rs 2.50 lacs
Period of loans:
Loans repayable In 48 Equated Monthly Installment (EMI).The EMI will commence one year after the completion of the course or whenever is earlier. The interest, however, will be realized during the pendency of the loan on a quarterly basis.
Loan Amount Interest Rate:
- Loans upto Rs.4 lacs (In India) 12.5% pa, SBMTLR presently 12.00 % p.a
- Loans above Rs 4 lacs 1% above SBMTLR presently 13.5 % p.a
- Tenures: Minimum of 12 months to a maximum of 48 months
Contact:
Delhi Tel: 3341152, Bangalore Tel: 2261599, Chennai Tel: 8282206, 8230267, Hyderabad Tel: 7637738, Kolkata Tel: 2401529, Mumbai Tel: 4923246.
Website:www.allahabadbank.com
Disclaimer:
Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.