Allahabad Bank has decreased its education loan interest rates by 0.20%, or 20 basis points with effect from Friday, December 01, 2017. This interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
Allahabad Bank – Current Education Loans or Student Loans Interest Rates
New Delhi (Delhi, India), February 19, 2018
Allahabad Bank Cuts Education Loan Interest Rate to 9.60% Per Annum
The Allahabad Bank has decreased its education loan interest rates by 0.20 percent, or 20 basis points with effect from Friday, December 01, 2017.
Allahabad Bank has revised its minimum education loan interest rate from 9.80 percent to 9.60 percent per annum (MCLR-1Year + 1.35%) for female students and from 10.30 percent to 10.10 percent per annum (MCLR-1Year + 1.85%) for male students for the education loan amount above Rs. 750,000.
Allahabad Bank has also revised its minimum education loan interest rate from 9.95 percent to 9.75 percent per annum (MCLR-1Year + 1.50%) for female students and from 10.45 percent to 10.25 percent per annum (MCLR-1Year + 2.00%) for male students for the education loan amount up to Rs. 4,00,000.
The education loans or student loans interest rate of Allahabad Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Allahabad Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.25 percent per annum with effect from Friday, December 01, 2017.
Allahabad Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
Allahabad Bank Student Loan Scheme – Current Education Loan Interest Rates for Various Category of Borrowers
Allahabad Bank Student Loan Scheme Interest Rate for Female Students:
9.75% Per Annum for Allahabad Bank Education Loan Amount up to Rs. 4,00,000
9.75% Per Annum for Allahabad Bank Education Loan Amount Rs. 400,001 to Rs. 750,000
9.60% Per Annum for Allahabad Bank Education Loan Amount above Rs. 750,000
Allahabad Bank Student Loan Scheme Interest Rate for Male Students:
10.25% Per Annum for Allahabad Bank Education Loan Amount up to Rs. 4,00,000
10.25% Per Annum for Allahabad Bank Education Loan Amount Rs. 400,001 to Rs. 750,000
10.10% Per Annum for Allahabad Bank Education Loan Amount above Rs. 750,000
Allahabad Bank Student Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate (Reset Period 1 Year)
Allahabad Bank Education Loans Minimum Borrowing Amount: Minimum Education Loan Amount is Rs. 50,000
Allahabad Bank Education Loans Maximum Borrowing Amount: Maximum Education Loan Amount is Rs. 20,00,000 for studies in India and Rs. 50,00,000 for studies abroad.
Allahabad Bank Education Loan Margin Amount:
Minimum 0% Margin of the Education Expenses for Loan up to Rs. 4,00,000
Minimum 5% Margin of the Education Expenses for Loan above Rs. 4,00,000 for Studies within India
Minimum 15% Margin of the Education Expenses for Loan above Rs. 4,00,000 for Higher Studies Overseas.
Allahabad Bank Education Loan Mode of Loan Amount Disbursal: Direct Credit to the Student’s Educational Institute
Allahabad Bank Student Education Loan Processing Fee and Documentation Charges: For Studies within India 0.15% of the Loan Amount above Rs. 10,00,000 (Maximum Rs. 3,000 plus GST) and for Studies Abroad 0.10% of the Loan Amount above Rs. 20,00,000 (Maximum Rs. 5,000 plus GST)
Minimum Age Limit of Applicants for Getting the Allahabad Bank Education Loan Sanctioned: Minimum Age 16 Years at the Time of Education Loan Commencement
Maximum Age Limit of Applicants for Getting the Allahabad Bank Education Loan Sanctioned: Maximum Age 35 Years for Non-Employed Personnels and 45 Years for Working Employees or Executives at the Time of Education Loan Commencement
Maximum Tenure for the Allahabad Bank Student Education Loan: Maximum Education Loan Tenure is 15 Years Post Moratorium Period
Allahabad Bank Student Education Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty
Allahabad Bank Education Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Charges for Allahabad Bank Education Loan EMI Late Payment: Minimum 2% Per Month of the Allahabad Bank Education Loan EMI Outstanding Amount (Minimum Rs. 500 plus GST)
Guarantor Requirement for the Allahabad Bank Education Loan: Guarantor is Required – The parent(s) or guardian of the student needs to be co-applicant(s) of the student loan
Eligible Courses for the Allahabad Bank Student Education Loan: Regular career-oriented full-time degree and diploma courses for studies in India and abroad.
Allahabad Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Allahabad Bank Limited