A Tradition of Trust
Interest Rate
10.55%
Max Loan
₹20 Lakh
Max Tenure
15 years
Processing Fee
NIL
Allahabad Bank (now merged with Indian Bank) offers competitive education loans under the IBA Model Scheme. The bank provides loans for studies in India and abroad with nil processing fees and standard government bank terms.
| Parameter | Details |
|---|---|
| Bank Name | Allahabad Bank |
| Bank Type | Govt Banks |
| Interest Rate | 10.55% – 11.05% |
| Maximum Loan Amount | ₹20 Lakh |
| Maximum Tenure | 15 years |
| Processing Fee | NIL |
| Moratorium Period | Course period + 12 months |
| Eligible Schemes | Padho Pardesh, CSIS |
| Loan Category | Interest Rate (p.a.) |
|---|---|
| Up to ₹4 Lacs | 10.55% p.a. |
| ₹4L – ₹7.5 Lacs | 10.80% p.a. |
| Above ₹7.5 Lacs | 11.05% p.a. |
Rates are indicative. Final interest rate depends on applicant profile, course, institute, and collateral provided.
IBA Model Scheme
Nil processing charges
Covers India & abroad
CSIS & Padho Pardesh eligible
Moratorium: course + 1 year
Advantages
Disadvantages
Indian national with admission
Co-applicant with income
Minimum 50% in qualifying exam
Visit branch or apply via Vidyalakshmi portal
Submit application with documents
Verification and approval
Disbursement
Pro Tip: Apply at least 4–6 weeks before your course fee payment deadline to avoid last-minute delays.
A Tradition of Trust
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Eligible Government Schemes
Padho Pardesh, CSIS
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