Allahabad Bank Education Loan Summary Table
Allahabad Bank Education Loan Limit | For India – INR 10 Lacs
For Abroad – 20 Lacs |
Allahabad Bank Education Loan Interest Rate | 9.65% per annum |
Allahabad Bank Education Loan Margin | For loan above INR 4 Lacs
In India: 5% In abroad: 15% |
Allahabad Bank Education Loan Processing Fee | Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000 |
Allahabad Bank Education Loan Security | Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee. Above INR 7.50 Lacs: Tangible security along with parents as co-borrower |
Allahabad Bank Education Loan Repayment | Starts After 1 year of course completion or 6 months after getting a job |
Allahabad Bank Education Loan Features
The need for higher education from a reputed college is increasing which in result increases the chance of getting a well-paid job. However, a university with a good rank costs much higher due to its premium faculties and facilities. To overcome this, Education Loan plays a vital role in a student’s life!
Education loans help those students, who have the capabilities and potential. The loan covers their expenses for education such as tuition fees etc. The loan can be availed of to study in India or even abroad studies. Whatever the case, Allahabad Bank is there to help the students. Every student can apply for the Allahabad Bank education loan by following the specific criteria and documentation.
Allahabad Bank Education Loan Eligibility
Parameters | Eligibility Criteria |
Applicant’s Age |
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Who Can Apply? |
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Maximum Loan Amount |
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Frequency Of Repayment |
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Repayment Period |
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Allahabad Bank Education Loan Interest Rate
Allahabad Bank Education loan interest rates range from 7.15% – 10.05%.
Loan Amount Range | Courses in India | Courses Abroad | IIT, IIM, ISB Courses |
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Loans upto Rs. 4 lakh | 7.15% – 10.05% | 7.15% – 10.05% | 8.85 %- 10.05% |
Loans Rs. 4.0 – 7.5 lakh | 7.15% – 10.05% | 7.15% – 10.05% | 8.85 % – 10.05% |
Loans > Rs. 7.5 lakh | 7.15% – 10.05% | 7.15% – 10.05% | 8.85 % – 10.05% |
Allahabad Bank Education Loan Schemes with detailed features, documents, max loan, courses
Schemes | Maximum Loan Amount | Interest Rates |
Allahabad Bank Student Loan | Rs.20 lakh | 10.05% |
Allahabad Bank Scholar Loan | Rs.40 lakh | 8.95% to 9.25% |
Allahabad Bank Global ED-Vantage | Rs.1.5 crore | 10.05% |
Allahabad Bank Skill Loan | Rs.1.5 lakh | 9.55% |
Allahabad Bank Take Over of Education Loan | Rs.1.5 crore | 10.05% |
Allahabad Bank Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents. These documents are required from both the student and co-borrower:
Identity Proof | One of any mentioned documents for Identity proof:
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Residence Proof | One of the following documents for Residence proof (It should not more than 3 months old):
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Income Proof in case of salaried co-borrower |
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Income proof for self-employed co-applicant |
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Additional documents: Aside from KYC documents:
Student Applicant | Mandatory Passport submission |
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission | |
Proof of admission: A conditional application letter may be considered | |
Cost of education, schedule of expenses. | |
2-passport size photographs | |
If the loan was taken out before then loan account statement for the last 1 year. | |
Co-applicant | 2-passport size photographs |
If the loan was taken out before then loan account statement for the last 1 year. |
Allahabad Bank Education Loan Offered Courses
The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Allahabad Bank Education Loan also considers Full-time Executive Management Courses like PGPX.
EMI Calculator
Allahabad Bank Education Loan EMI Calculator
Allahabad Bank: Takeover of Education Loan
An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one to a lender and with a lower interest rate and better repayment policies.
The Allahabad Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Allahabad Bank also gives a 0.50% concession in the interest rate for girls.
How To Apply For Allahabad Bank Education Loan
- Visit Dialabank for an education loan.
- Go to the Allahabad Bank Education Loan page.
- Check out all the eligibility and documents criteria for an education loan.
- Fill out all the details required in the Education Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
FAQs For Allahabad Bank Education Loan
✅ In whose name is the loan granted?
The loan is specially made for a student’s education and therefore, it is granted in the name of the student.
✅ What is the age limit for availing of an education loan in Allahabad Bank?
There is no age limit restriction in education loans. However, the student must clear all the eligibility criteria’s stated by the bank.
✅ What does margin on any loan mean?
✅ Is scholarship or assistantship included in the margin?
✅ What does MCLR stand for?
List of Approved Institutes
- Architecture college
- Law college
- Medical college
- Pharmacy college
- Engineering college
- Bio-technology
- college
- Management college
- Science, Commerce, and Arts college
- Physical education college
- B.ED college