Education and Career Forum

I have heard about subsidy scheme. But I really don’t know what it is? Actually I am going to apply an education loan in Allahabad Bank for studying my MS in Abroad. So, I got the paper regarding this subsidy scheme but don’t know about this. Please explain me what it is?

Allahabad Bank Education Loan.

• A maximum loan of Rs. 20,000 can be taken if the course duration is upto 3 months.

• A maximum loan of Rs.50,000 can be taken if the course duration is more than 3 months but hoti 6 months.

• Rs.75,000, if the course duration is more than 6 months but upto 12 months.

• 1,50,000, if the course duration is more than 12 months.

The subsidy scheme of Allahabad Bank Education Loan is given below:-

1. The rate of Interest for the proposed scheme will be MCLR + 4.00%. (MCLR is 9.55%).

2. The loan is issued depending upon the repaying capacity of the parents.

3. The student must be an Indian Citizen in order to become eligible and should have secured admission to courses from Nursery to 12th Standard.