Education and Career Forum

I am in a need of an education loan so that I can get admission and study BTech. I am going to apply an Education Loan in Allahabad Bank. So, kindly tell me what kind of securities they want to take for taking an education loan?

There is no security required for Education Loan in Allahabad Bank to study Bachelor of Technology. However, there are certain documents required of the Co-Borrower so that in case you are not able to repay the loan amount in scheduled time period then the bank can turn to the co-borrower for loan recovery.

The list of documents required to apply for the education loan for security reasons are:-

Documents required of the student:-
:-Photo ID
:-Residence Proof
:-Passport size photograph 2

Documents required of the Co-Borrower:-
:-Aadhaar
:-Pan card
:-passport size photograph2
:-residence proof (electricity bill, telephone bill, house lease agreement, bank statement any one of them).
:-6 month bank account statement
:-ITR/Form 16 of last 2 years
:-Income proof( Latest 3 salary slips)

No securities is required for Education Loan in Allahabad Bank to study BTech.

You must have good academic record. Your age should be above 15 years to apply for a loan.

You can get a loan for the duration of up to 15 years.

No security is required from a student but a personal guarantee of parents is taken. The candidate can get an education loan of up to 50 lakhs. The candidate who has passed 12th class or graduated from any recognized university is eligible for the job.

Securities which are required for Education Loan in Allahabad Bank to study BTech are given below.

1. Intermediate certificate.
2. Income certificate
3. Co applicant's Bank statement
4. Admission letter

You will be getting loan on the basis of your previous academic and ability to repay loan.

After completing BTech course you have to repay loan amount.