Education and Career Forum

Hello Everyone,
How can I take an Education Loan from Allahabad Bank? What is the interest rate of this Bank if I take for B.Tech course from this Bank? I really need to get an Education Loan. Kindly tell me about this immediately.

To get an Education loan in Allahabad Bank, you should have secured admission in B.Tech course in any recognised college/ university. You can apply for Education loan by visiting Bank branch which is at your nearest location. They will inform you all details about the loan process and you can proceed further. The rate of interest on Education loan of Allahabad Bank is mentioned below :-

--> For IIMs, IITs & others :- MCLR
--> For NITs & others :- MCLR+1.50%
--> For other Institutes :- MCLR+2.00%

Procedure to take education loan from Allahabad Bank :-

- Approach nearest branch of Allahabad Bank to your residence once you get admission call from a well recognized institute.
- Contact the branch manager and put forward your loan request.
- Make sure you take prospectus and fee structure letter/document along with you.
- Get to know the detailed terms and conditions of education loan.
- Act as per bank's instructions to get your loan sanctioned by complying with all terms and conditions and completing all formalities.

The rate of interest fluctuates from time to time as per orders from Reserve Bank of India. Usually it fluctuates in the range of 13-14.5 percent computed as simple interest for the entire study period.