Allahabad Bank Education Loan Interest Rate
| INTEREST RATE | 8.80% to 11.40% |
| LOAN TENURE | In 10 to 15 years after the Holiday | Moratorium Period |
| PROCESSING FEE | As decided by the bank from time to time |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | As decided by the bank from time to time |
About Allahabad Bank
Allahabad Bank is a public sector bank in india with total assets 3642 crore. It has headquarter in Kolkata. Allahabad Bank was founded on April 24, 1865. It has 3107 branches and total assets 36421208 ATMs across India.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Allahabad Bank which includes Allahabad Bank Official Website, Allahabad Bank ATMs accross the India, Allahabad Bank Branches accross the India, Allahabad Bank Contact Numbers, Allahabad Bank official EmailID, Allahabad Bank Headquarter and Allahabad Bank Headquarter Address. Find Allahabad Bank Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.
Other Products of Allahabad Bank:
| Home Loan | Personal Loan |
| Education Loan | Business Loan |
| Car Loan | Two Wheeler Loan |
| Gold Loan | FD Interest Rates |
| Allahabad Bank RD Interest Rates | Allahabad Bank ATMs Location |
| PPF Account |
Allahabad Bank Education Loan Purpose
Allahabad Bank Eligible Courses for Education Loan
Studies in India (Indicative list): Approved courses recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc. Studies abroad: For job oriented professional/ technical courses offered by reputed universities.Allahabad Bank Education Loan Document Required
For salaried individuals
- Duly filled up and signed education loan application form along with photographs
- KYC (Know Your Customer)documents
- Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
- Latest salary slip showing all deductions or Form 16 along with recent salary certificate
- Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
- Bank Statement or Bank Pass Book of having entries of last 6 months
- Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- Detailed break-up of the costs of the course (Optional)
For all individuals except salaried
- Duly filled up and signed education loan application form along with photographs
- KYC (Know Your Customer)documents
- IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
- Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
- Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
- Bank Statement or Bank Pass Book of having entries of last 6 months
- Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- Detailed break-up of the costs of the course (Optional)
Allahabad Bank Education Loan Amount
a) For studies in India, maximum Rs. 20 Lakhs.b) For studies abroad, maximum Rs. 50 Lakhs
Margin
a) Up to Rs.4 lakhs-Nil.b) Above Rs. 4 lakhs- Studies in India 5% Studies Abroad 15%
Allahabad Bank Education Loan Repayment
Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.Security
Upto Rs.4.00 Lakhs - No Security. Parent(s)|guardian to be joint borrower(s).Above Rs.4.00 Lakhs upto Rs.7.50 Lakhs - Collateral in the form of satisfactory third party guarantee.
Above Rs.7.50 Lakhs: Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.
Mode of Repayment of Education Loan
Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.
Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.
National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.
Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.
Contact details of Allahabad Bank, Allahabad Bank SMS balance check number SMS banking, Allahabad Bank mobile banking, Allahabad Bank toll free number,Allahabad Bank toll free number 24*7, Allahabad Bank miss call number.
- MISSED CALL NUMBERS - 08108781085, 09289592895
- CUSTOMER CARE NUMBERS - 1.80e+11
- CONTACT NUMBERS - 1800-430-00000
Allahabad Bank Contact Details
- BANK OFFICIAL WEBSITE - https://indianbank.in/
- CONTACT NUMBERS - 1800-430-00000
- EMAIL ID - [email protected], [email protected]
- MISSED CALL NO. - 08108781085, 09289592895
- CUSTOMER CARE NO. - 1.80e+11
- TOTAL BRANCHES - 3107
- TOTAL ATMS - 1208
- HEADQUARTER - Kolkata
- BANK ADDRESS - Head Office,2, Netaji Subhas Road,Kolkata-700 001.
Allahabad Bank Education Loan FAQs Education Loan Document Required
