All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE etc.
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable Deposit
- Travel Expenses/Passage money for studies abroad
- Purchase of computers considered necessary for completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan
- For studies in India, maximum Rs. 10 lacs
- Studies abroad, maximum Rs. 20 lacs
For loans upto Rs.4 lacs – 12.75% p.a. Floating
For loans above Rs.4 lacs – 13.75% p.a. Floating
- No processing fee/ upfront charges
- Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
|Place of Study||Loan Amount||Repayment Period
|In India||Up to Rs. 7.5 lacs||5-7|
|Above Rs. 7.5 lacs||5-10|
|Abroad||Up to Rs. 15 lacs||5-7|
|Above Rs. 15 lacs||5-10|
|Amount||Studies In India||Studies Abroad|
|Upto Rs. 4 lacs||No Security||No Security|
|Above Rs. 4 lacs to Rs. 7.50 lacs||Third Party Guarantee||Third Party Guarantee|
|Above Rs. 7.50 lacs to Rs. 10 lacs(India)/ Rs. 15 lacs(Abroad)||Tangible Collateral security for full value of loan||Tangible Collateral security of suitable value of loan or third party guarantee|
|Rs 15 lacs to Rs. 20 lacs||___||Tangible Collateral security for full value of loan|
- For loans up to Rs.4.0 lacs : No Margin
- For loans above Rs.4.0 lacs:
- Studies in India: 5%
- Studies Abroad: 15%
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship etc
- Schedule of expenses for the specified course
- 2 passport size photographs
- Borrower’s Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
* Conditions Apply
Objective of the Education loan Scheme
The Education loan scheme aims at providing financial assistance on reasonable terms:
- To the poor and needy to undertake basic education.
- To the meritorious students to pursue higher/professional/technical education.
Eligibility Criteria of Education loan scheme
- Courses Eligible
- Studies in India
School education including plus 2 stage
Normal Graduation Courses – B.A., B.Com., B.Sc., Microbiology, etc.
Post Graduation Course: Masters Courses, Ph.D., etc.
Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, etc.
Courses like: ICWA, CA, CFA, etc.
Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
Courses conducted in India by reputed Foreign Universities.
Evening courses of approved institutes.
Courses leading to diploma / degree etc. conducted by the Colleges/ Universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc
- Studies abroad
Graduation: For job oriented professional / technical courses offered by reputed Universities.
Post Graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA London, CPA in USA etc
Quantum of Loan:
Need based finance subject to repaying capacity of the parents/ students with following ceilings:
Studies in India: Maximum Rs 7.50 lacs
Studies abroad: Maximum Rs.15.00 lacs
For loan upto Rs 4.00 lacs: NIL
For loan above Rs 4.00 lacs:
(i) Studies in India: 5%
(ii) Studies abroad: 15%
Scholarship / Assistantship to be included in Margin.
Margin Money to be brought on year to year basis as and disbursements are made on a pro-rata basis
- Should be an Indian National
- Secured admission to professional/technical courses through Entrance Test/ Selection process.
- Secured admission to foreign university/Institutions.
- Expenses considered for loan:
- Fee payable to college/school/ hostel.
- Examination/Library/Laboratory fee.
- Purchase of books/ equipment’s/instruments/uniforms.
- Caution deposit/building fund/refundable deposit supported by Institution bills/ receipt.
- Travel expenses/ passage money for studies abroad.
- Purchase of computers-essential for completion of the course.
- Any other expenses required to complete the course- like study tours, project work, thesis etc.
Group Life Insurance cover
Under the plan a low cost group life insurance cover will be provided for the loan liability of Educational Loan borrowers (students) during entire period of loan (i.e., course period & moratorium period plus repayment period), in case of his unfortunate death. Click here for more
Loan Upto Rs.4.00 lacs No collateral security Loan above Rs.4.00 lacs & upto Rs.7.50 lacs Security is in the form of satisfactory third party guarantee Loan above Rs.7.50 lacs (a) Collateral security of suitable value(b) Co – obligation of parents/ guardians/third party along with assignment of future income of the student for payment of installments
In case of loan above 4 lacs, the documents should be executed by the both the student and parent/guardian.
- The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/Units of UTI , NSC, KVP, LIC policy, gold shares/debentures , bank deposit in the name of student/parent/guardian or any other third party.
- In case the loan is given for purchase of computer the same to be hypothecated to the Bank.
- The assignment of future income of the student for payment of installments may also be obtained irrespective of loan amount.
Rate of Interest
Repayment of study loan
Repayment holiday/Moratorium :
Course period +1 year or 6 months after getting job, whichever is earlier.
- Loan together with accrued interest will be repaid in maximum 84 Equated Monthly Instalments (EMI).
Processing Charges for study loan
No processing/upfront charges.
Some of the foreign universities require the students to submit a certificate from their bankers about the sponsors’ solvency/financial capability , with a view to ensure that the sponsors of the students going abroad for higher studies are capable of meeting the expenses till completion of studies. Accordingly branches can also issue the capability certificate for students going abroad for higher studies. For this financial and other supporting documents may be obtained from applicant, if required.
Online sanction of study loan facility is available for the students opting for professional courses offered by the following institutes
|1||IIM Ahmedabad||SP Nagar Ahmedabad|
|2||IIM Bangalore||Jayanagar Bangalore|
|3||IIM Calcutta||Alipore Calcutta|
|4||IIM Indore||Embassy Towers Indore|
|5||IIM Lucknow||Aliganj Lucknow|
|7||IIT Chennai||Adyar Chennai|
|8||IIT Delhi||Ananlok &Adhchini New Delhi|
|9||IIT Guwahati||Pan Bazar Guwahati|
|10||IIT Kanpur||Lakhanpur Kanpur|
|11||IIT Kharagpur||Rly Market Kharagpur|
|12||IIT Mumbai||Ghatkopar Mumbai|
|14||IIT Varanasi||Brij Enclave Varanasi|
|15||IIS Bangalore||KG Road Bangalore|
|16||Jamunalal Bajaj Intt of Mgt Science||Fort, Mumbai|
|17||XLRI Jamshedpur||Bistupur Jamshedpur|
|18||Indian School of Mines Dhanbad||Dhanbad|
|19||AMITY Delhi (Ritnand Balved Edu. Foundantion)||South Extension New Delhi|
|20||AMITY Noida (Ritnand Balved Edu. Foundantion)||Noida|
|21||AMITY Lucknow (Ritnand Balved Edu. Foundantion)||Ujariyawan Lucknow|
|22||AMITY Jaipur (Ritnand Balved Edu. Foundantion)||Tonk Road Jaipur|
|23||AMITY Bhubaneshwar (Ritnand Balved Edu. Foundantion)||Nayapalli Bhubaneswar|
|25||Faculty of Management Studies Delhi||South Extension Delhi|
|26||Narsee Moonjee Institute of Mgt Studies Mumbai||Ghatkopar Mumbai|
|27||National Instt. of Planning & Mgt. Delhi||South Extension Delhi|
|28||Loyola Instt. of Bus. Adm. Chennai||Advar Chennai|
|29||Xavier Instt. of Mgt. & Technology Ghaziabad||N.Y. Market Ghaziabad|
|30||Mgt Development Instt Gurgaon||Gurgaon|
|31||XIM Bhubneswhwar||Nayapalli Bhubaneswar|
|32||PSG Institute of Management||Coimbatore|
|33||ICFAI Business School Hyderabad||Hyderabad Main|
|34||Tata Instt. of Social Scinces, Mumbai||Ghatkopar Mumbai|
|35||Nirma Instt. of Management Ahmedabad||SP Nagar Ahmedabad|
|36||Indian School of Business, Hyderabad||Hyderabad Main|
|37||IISWBM, Kolkata||Alipore Kolkata|
|38||IIFT, Delhi||ADCHINI Delhi|
|39||SP Jain Intt. of Mgt & Research, Mumbai||Ghatkopar Mumbai|
|40||KJ Somaya Intt of Mgt Studies& Research Mumbai||Ghatkopar Mumbai|
|41||DEI Agra||Agra University|
|45||SPA Delhi||South Extension Delhi|
|47||Jamia Hamdard Delhi||South Extension Delhi|
|48||Shri Mata Vaishnoa Devi University, Jammu Tawi||Jammu|
|49||MGR ERI Chennai||Adyar Chennai|
|50||Mody Instt. of Tech and Science, Lakshmangarh Sikar Rajasthan||Tonk Road Jaipur|
|52||BITS Pilani||Tonk Road Jaipur|
|54||SRM Instt. of Science and Technology, Chennai||Advar Chennai|
|55||Sikkim Manipal Instt of Technology, E Sikkim||Gangtok|
|56||SIST Chennai||Adyar Chennai|
|57||SASTRA Thanjavur||Adyar Chennai|
|58||VIT Vellore||Adyar Chennai|
|59||IIIT Alallahabad||Civil Lines Allahabad|
|61||IIIT Hyderabad||Hyderabad Main|
|62||NIT ALLAHABAD||Civil Lines Allahabad|
|63||NIT Bhopal||Arera Colony Bhopal|
|67||NIT Jaipur||Tonk Road Jaipur|
|68||NIT Jalandhar||Civil Lines Jalandhar|
|69||NIT Jamshedpur||Bistupur Jamshedpur|
|71||NIT Nagpur||Civil Lines Nagpur|
|72||NIT Patna||Patna University Branch|
|77||NIT Surat||Nanpara Surat|
|81||Punjab University, Chandigarh||Chandigarh Main|
|82||NIFFT Ranchi||Ranchi Main|
|83||Ready to Go? Animate – A Machino,||Kolkata|
|84||International Institute of Information Technology (I2IT)||Pune|
|85||Kalinga Institute of Technology (KIIT)||Bhubaneswar|
For students of other institutes, study loans are available from all branches of Allahabadbank.
Click here for printable Application Form.
Click here for online application form (study loan)