esiksha.com - Loans - Allahabad Bank

Special Criteria	Allahabad Bank offers you a golden opportunity to be independent. Now, you can avail of the attractive education loan scheme through Allahabad Bank. If you have secured admission or are already studying in any of the country's IIMs or IIT's or in any of the designated institutes of repute as under, you can easily qualify for the loan with low interest rates, immediate sanction, minimum formalities and easy repayment terms. This scheme comes as a special gesture from us towards you - the future power-holders of the nation. So, make your move and take the right step towards independence. We look forward to a rewarding relationship with you.
Eligibility	Any student who has secured admission or is already studying in any IIM, any IIT, Indian Institute of Science, Bangalore, Jamnalal Bajaj Institute of Management, Mumbai, XLRI Jamshedpur, Roorkee Engineering College or Indian School of Mines, Dhanbad is eligible for the loan.
Quantum of Loan	The loan will be in the form of a package which will cover entire tuition fees, hostel and mess charges, library fees or any other fees / charges payable to the institution subject to a maximum of Rs 2.50 lakhs disbursement.
Amount	The loan amount will be disbursed in installments and will be remitted directly to the Institutes after the necessary formalities are completed. The student shall be required to provide the Bank, information regarding year wise/term wise/semester wise break up of all fees and expenses with scheduled dates of payment duly certified by the institution, along with the application form. Rate of Interest Upto 25,000/- 12% p.a. + interest tax From Rs 25,001 to Rs 1,50,000/- 13.5% + interest tax (subject to change as per RBI guidelines) Repayment Terms: In 48 Equated Monthly Installments (EMI's). The EMI's will commence one year after the completion of the course or whenever the students gets a job, whichever is earlier. The interest, however, will be realized during the pendency of the loan on quarterly basis. Documentation formalities · Agreement with the student. · Guarantee of father/guardian. Guarantee of 3rd party with net worth more than Rs. 50.000.00
General Information	Assignment of Insurance Policy on the life of the student equivalent to the loan amount. Loan application will be processed and sanctioned at the designated branch. The documents will be executed by the student/guarantors and disbursement will be done by a branch of Allahabad Bank near the permanent residence of the student.