Allahabad Bank Education Loans: Interest Rates, Features & Eligibility Criteria

Applicants can get an education loan at a floating rate of interest of 12.5% p.a. Females can also get a concession of 0.50% p.a. on the interest rate.

There is no margin money required for the study loans up to INR 4 Lakhs. For more than INR 4 Lakhs, the margin money that the applicant has to pay from his/her side is up to 15% for abroad education and 5% for study in Indian colleges.

The bank can provide up to INR 15 Lakhs for studies in India and up to INR 25 Lakhs for studying abroad.

Repayment of Allahabad Bank education loan can be started either after the completion of course or a year after the student gets a permanent job. If the disbursed loan amount is up to INR 7.5 Lakhs, the repayment period can be up to 10 years, while the loan amount above INR 7.5 Lakhs, the loan repayment period can be up to 15 years.

• If the required loan amount is below INR 4 Lakhs, students do not have to mortgage any form of collateral. Parents have to sign as a co-applicant and it would be enough.
• For loan amount between INR 4 Lakhs and INR 7.5 Lakhs, a third-party co-applicant is required along with the parents.
• For a loan amount of more than INR 7.5 Lakhs, parents can be co-applicant along with collateral of suitable value is required to assure the repayment of the loan.

Read More About: Education Loan Without Collateral for Abroad Studies

• Address proof: Voter ID, passport, aadhar card, etc.
• Academic record: 10th/12th mark sheet for undergrad students and graduation degree & mark sheet for PG students.
• Age proof
• Family income proof: salary certificate, ITR, pension certificate of the guardian.
• Community certificate
• Admission certificate or I20 
• Fee details proof
• Collateral documents (if applicable): valuation certificate, registry documents, LIC policy, etc.
• An affidavit declaring that no education loan is taken from any other bank by the student and parent.