Education and Career Forum

Hello,
I am studying B.Tech(Fashion Technology) in 3rd year now.
After my B.Tech I want to do MS in Germany.
I would like to know about the Bank Education Loan Scheme.
I have an account in Allahabad Bank.
So, kindly tell me about the Education Loan scheme in
Allahabad Bank for me.

Some of the norms of education loan are given below. For rest of the norms and terms and conditions you need to approach the concerned branch of Allahabad bank where you have an account and get the details from the branch manager.

- The highest amount of education loan for education in abroad is 20 lakhs.
- For loan above 7.5 lakhs, mortgage of property like house, vehicle, land, etc will be required along with third party guarantor and 20% security deposit.
- For loan above 4.5 lakhs and below 7.5lakh, third party guarantor and 15% security deposit is required.
- For loan below 4.5 lakhs no third party guarantor and security deposit is 5%.
- The rate of interest fluctuates from time to time as per the orders of RBI varying usually between 13-14.5 percent.
- If you pay the interest during the entire study course, you will get a rebate of 1% in the interest rate after completion of study course while repaying the loan.
- The interest is computed as simple interest.
- You need to start repaying the loan after six months from completion of course or on getting job whichever is earlier.

Once you have yourself admitted into an University from Germany then you will have to provide all the documents that is required then the Bank is very likely to sanction your Loan and you will get the required Loan amount you have requested on the basis of the Fees that will be required for you to pursue your course of MS from Germany.
Also make sure that if the Loan amount exceeds 10 Lakhs then you have a co-lateral that you can show and you will need that for your loan to get sanctioned.
Allahabad Bank has the Educational Loan Scheme in their bank so once you have all the documents in place you will have to apply for the Educational Loan in the branch of Allahabad Bank where you have your account.
It is very likely to get sanctioned provided you fulfill all the criteria that has been set by the Bank.
For the repayment of the Loan you will have the Option to repay along with the Interest once you have completed your degree.