Eligibility Criteria

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.

How and where to apply

Complete the online application and submit it. The loan application will be processed and decision conveyed via email in just 2 days.

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 lacs.

Disbursement

The loan amount will be disbursed in instalments 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, alongwith 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% p.a. + interest tax.
(subject to change as per RBI guidelines)

Repayment Terms

In 48 Equated Monthly Instalments (EMIs). The EMIs 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 realised 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/-.
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.