Allahabad Bank Education Loan
In this article, we have given the complete details of Education loan provided by Allahabad Bank. Get details of Interest Rates, Eligibility, and more.
Eligibility:
- Any individual who has secured admission in a course run by Industrial Training Institutes (it is), Polytechnics or in a School recognized by Central or State Education Boards or in a College affiliated to recognized University, Training Partners affiliated to National Skill Development Corporation (NSDC) / Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a Certificate / Diploma / Degree issued by such Organization as per National Skill QualificationFramework (NSQF) is eligible for loan under the Scheme.
- The Government of India / State Governments may, from time to time, notify Institutes / Organizations for this purpose, which will be advised accordingly.
- Courses run by above-mentioned Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the “Skill Loan Scheme”.
Course Duration:
There is no specific restriction with regard to the age of the student to be eligible for skilling loan.
Minimum Age:
- There is no specific restriction with regard to the age of the student to be eligible for skilling loan.
- However, if the student is a minor, while the parent executes documents for the loan, the branches will obtain a letter of acceptance/ratification from him/her (student) upon attaining majority.
Purpose:
- “Skill Loan Scheme” aims at providing a loan facility to individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria
Quantum of Finance:
Minimum quantum of finance is Rs. 5,000/- and maximum Rs.150,000/-.
Margin:
10% of loan amount (Maximum)
The rate of Interest:
BR+1.50% 1.00% interest concession, if interest is paid within the study & moratorium period
Processing Fee:
Nil
Moratorium Period:
6 Months to 12 Months
Repayment Period:
- Loans up to Rs.50000/- — up to 3 years
- Loans above Rs.50000/- up to Rs.1.00 Lac — up to 5 years
- Loans above Rs.1.00 Lac — up to 7 years
Security:
- The loan documents should be executed jointly by the student and the parent (s)/ guardian as joint-borrower.
- Up to Rs.4 Lac – no collateralsecurity
- Above Rs.4 Lac – (depending on the Course / Institutes) security varies from third party guarantee, co-obligation of parents, full collateral security
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