AllBank Vidya

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AllBank Vidya

    Purpose :
  • Educational Loan Scheme aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad.
  • PA meritorious student, though poor, is provided with an opportunity to pursue education with the financial support from the banking system with affordable terms and conditions.
  • Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).
  • Where the admission is purely based on the marks scored in qualifying examinations then the cut off marks for loan eligibility is 50%.
  • Meritorious Students admitted under Management Quota are also eligible for loan.
  • Studies in India (Indicative list):
  • Approved courses recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
  • Studies abroad:
  • For job oriented professional/ technical courses offered by reputed universities.
    Loan Limit :
  • Fee payable to college/ school/ hostel and other related expenses.
  • Study in India:
  • Up to Rs.75 Lac depending on the Institute. (List of the Institutes is available on Bank’s website.)
  • Study abroad:
  • Rs.75 Lac.
  • List of the Institutes
  • The loan documents should be executed jointly by the student and the parent (s)/ guardian as joint-borrower.
  • Spouse should be a co-borrower if his/her income is considered for eligibility. No Collateral, No guarantee.
  • Up to Rs.4 Lac – no collateral security
  • Above Rs.4 Lac – (depending on the Course / Institutes) security varies from third party guarantee, co-obligation of parents, full collateral security
  • up to 15 years