EDUCATION LOANS

Allahabad Bank,

Allahabad Bank, the oldest joint stock bank of the nation was established in the year 1865. It is a nationalized bank and offers various kinds of financial services to its customers including Education loan. The education loan scheme offered by the Allahabad Bank was launched to provide financial assistance to meritorious students on reasonable terms. Scroll down the page to know more about Allahabad Bank Education Loan.

Eligibility Criteria for Allahabad Bank Education Loan

a)Eligibility Criteria for Students


* Students seeking education loans should be an Indian National.
* An applicant will be considered eligible for the loan if he gets admission to professional or technical course in India or abroad through an entrance exam or a merit-based selection procedure.

b)Courses Eligible for Getting Loan

1.
Education in India
* Bachelor Degree courses like B.COM, B.A, B.Sc and others
* Master Degree courses and Ph.D programs
* Professional courses like Management, Engineering, Law, Computer, Agriculture, Dental, Medical, Veterinary and others.
* Certificate courses in Computer offered by reputed institutes which are accredited to the Department of electronics or institutions certified under the university.
* Other courses like CA, ICWA, CFA.
* Programs which are conducted by the reputed institutions like IIT, XLRI, IIM, NIFT, IISc.


* Regular diploma and degree courses like pilot training, Aeronautical, shipping and others. The courses offered should be approved by the Director General of Civil Shipping or Aviation.
* Courses that are conducted by the renowned foreign universities.
* Evening courses which are conducted by the approved institutes.
* Various diploma and degree courses conducted by the various colleges and universities approved by Govt., ICMR, UGC, AIBMS, AICTE and others.

Education Abroad

* Bachelor's Degree-Professional and technical courses which are offered by various reputed universities.
* Master's Degree-MS, MBA, MCA and others.
* Programs offered by CPA in USA and CIMA in London.
* Various regular diploma and degree courses in pilot training, aeronautical, shipping approved or recognized by the competent local shipping or aviation authority.

Quantum of Loan


The maximum amount given as loan for studies in India is Rs. 10 lacs. Rs. 20 lacs is the maximum amount for studies abroad.

Expenses to be considered for Loan

* The loan includes fees to be paid for colleges, hostel charges, examination fees, and laboratory and library fees.
* It also covers expenses for purchasing all the necessary articles required for the completion of courses.
* Travel expenses and money for purchasing computers are also provided to the students.
* Other payments like building fund, refundable deposit and caution money.




INDIAN BANK



With the boom in banking sector in the recent past, several banks offer education loans in India these days. Indian Bank is no exception and offer education loans to students interested to pursue education in India or abroad. Gather information on learning loans: Indian Bank from this page and pursue your dream education.

Course:


Indian Bank learning loan is offered for a number of courses.

* You can apply for the education loan of Indian Bank if you want to pursue a graduate, diploma or post graduate program.

* The loan is also sanctioned for studying computer certificate courses of recognized bodies, which are accredited to the Department of Electronics.
* If you plan to study employment-oriented vocational or professional course, a program of CPA in the US or CIMA-London or specialized programs like MBA or MCA, you can apply for a loan in Indian Bank.

Eligibility:


Learning Loans are offered by Indian Bank to only Indian Nationals. The applicant should get admission to a professional or vocational course through a selection procedure based on merit or entrance test. The student will be considered eligible for studying in India if aged 15 to 30 years. A student should be aged between 18 to 35 years, if applying for studies abroad.

Expenses taken into account:


The educational loan covers insurance premium for the student as well as caution deposit, refundable deposit or building fund up to 10%. The educational cost of the course including travel expense, cost of essential purchases and fee of college, hostel, school and exam are taken into consideration.

Amount of Loan and Repayment:


You can borrow an education loan of maximum Rs 10 lacs for studying in India whereas a maximum amount of Rs 20 lacs can be borrowed for studying in abroad. The amount may increase in special cases.

* For loans above Rs 4 lacs taken for studying in India and abroad, there is a margin of 5% and 15% respectively. The loan can be repaid in 5 to 7 years.
* If you borrow a loan of above Rs 4 lacs, then you should provide the bank with a guarantee of a 3rd party.
* If the amount borrowed is more than Rs 7.5 lacs, then the co-obligation of parents or guardian of the student along with a collateral security need to be guaranteed. The future income of the student also needs to be assigned for paying the installments.


STATE BANK OF INDIA

State Bank of India provides its customers with a variety of personal banking services. SBI, which is actively engaged in Community Services Banking, also offers education loans to students aspiring to continue higher studies. SBI Study Loans are sanctioned only to Indian Nationals. A study loan is sanctioned for studies both in India and abroad.

Courses:


A candidate, who applies for a program with prospects of employment, can apply for the loan. Whether you apply for a graduate, professional or postgraduate program or any other course sanctioned by UGC, AICTE or the government, you will be considered eligible for the loan.

Expenses taken into account:

* The student loan covers school, college or hostel fees as well as cost for buying books and other necessary items.
* Apart from the library, exam or library fees, even caution deposit, refundable deposit and building fund are considered for the loan.
* Other expenses, which are mandatory for completing the course, travel expense as well as a maximum cost of Rd 50,000 for buying a 2 wheeler, are taken into account.

Quantum of Loan & Security:


An applicant is sanctioned a loan of maximum Rs 10 lacs for studying in India and Rs 20 lacs for studying in abroad. On a loan above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.

* No security is required for loan amount upto Rs 4 lacs.
* A borrower should present a 3rd party as guarantee for a loan amount above Rs 4 lacs. However, on SBI discretion, this clause of 3rd party guarantee may be waived off in certain cases.
* If you borrow a loan amount above Rs 7.5 lacs, you need to offer a material collateral security and assign the future income of the student for paying installments.
* The guardians or parents of a borrowing student should secure an education loan.
* If the borrower is married, his or her spouse, parents-in-law or parents can act as the co-obligator.

Repayment:


The borrower can begin repaying 6 months after getting job or one year after the course is completed, whichever happens earlier. The loan can be repaid in a period of 5 to 7 years.

Education Loan for ISM students:


Education loans are also offered to the students of ISB. An ISB student can borrow upto 95% of costs. There is also a margin of 5% on the loan amount, which needs to be repaid in 7 years. For detailed information on this loan scheme for ISB students, you can contact the branch at Hyderabad University Campus Branch.