The education loan scheme offered by the Allahabad Bank was launched to provide financial assistance to good students on valuable terms.

Eligibility Criteria

• 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 process.

Student Loans India – Eligibility

• 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 by a university.
• Other courses like CA, ICWA and CFA.
• Courses which are provided 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 taken by the approved institutes.
• Various diploma and degree courses conducted by 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, aeronautics or shipping approved or recognized by the competent local shipping or aviation authority.

Loan Amount

• The maximum amount given as loan for education in India is Rs 10 lakhs. The maximum amount given as loan for abroad education is Rs 20 lakhs.

Expenses taken into account

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