Abhyudaya Bank Education Loan Rate of Interest
The bank asks for no prepayment charges.
- Interest is to be served during the moratorium period.
- The Loan is sanctioned co-jointly to the applicants and their guardians.
- The minimum loan amount is INR 10 Lacs for India and INR 20 Lacs for Abroad.
The interest rates are in accordance with the guidelines of the RBI.
- The RoI for students is PLR-0.25 which is currently 12.75%.
- The RoI for girls is PLR-0.75 which is currently 12.25%.
CALCULATE YOUR EDUCATION LOAN EMI
1,000 per month
1,000
1,000
Looking for admission for India and Abroad?
Abhyudaya Bank Education Loan Eligibility
- Indian National. The student should be a citizen of India.
- Admission Basis. The admission should have been on the basis of an entrance exam or on merit basis.
- Eligible Courses. Graduate/ Postgraduate degree and PG Diplomas in professional, technical and career-oriented courses.
- Eligible Institutes. Recognized premier institutes in India and Abroad.
- Qualification. Passed Class HSC examination or graduation.
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| Bank / Financer |  Change bank |  Change bank |  Change bank |  Change bank |  Change bank |
| Applicable Rate of Interest | For Boys: 12.75% For Girls: 12.25% | For List AA Institutes, the interest is 8.75% for loan amount up to INR 30 Lacs without collateral For List A Institutes, the interest is 9.05% for IITs and NITs and 9.55% for other institutes For List B Institutes, interest rate is 10.20% for loan amount up to INR 20 Lacs and 9.95% if collateral security value is greater than loan amount For List C Institutes, interest rate is 9.05% for NITs and 10.05% for others | up to 3 Years: BR+1.50% Above 3 Years :1.50% + Term Premium where BR is at the rate of 10.00%. | Upto 4 Lacs- 16.50% Upto 7.5 Lacs- 17.50% Above 7.5 Lacs- 15.50% | |
| Max Loan with Collateral | For India: Minimum- 10 Lacs and Maximum- 25 Lacs For Abroad: Minimum- 20 Lacs and Maximum- 50 Lacs. | For AA Category: 40 Lacs For A Category: 20 -30 Lacs For B Category: 20 Lacs For C Category: 7.5 Lacs | 7.50 Lacs to 15 Lacs | 10Lacs | |
| Max loan without collateral | For India: Minimum- 10 Lacs and Maximum- 25 Lacs For Abroad: Minimum- 20 Lacs and Maximum- 50 Lacs. | For AA Category: 40 Lacs For A Category: 20 -30 Lacs For B Category: 20 Lacs For C Category: 7.5 Lacs | 7.50 Lacs to 15 Lacs | 10Lacs | |
| Processing Fee | As per extent Shareholdings Norms +GST | Upto INR 4 Lakhs: No Above INR 4 Lakhs: INR 5,000 | Nil | Nil | |
| Repayment Period | 180 months EMI including Moratorium Period | 15 years | 15 years | 7 Years | |
| Loan for top institutions | No | Yes, SBI Scholar Loan Scheme | Yes, PNB Pratibha | No | |
| Margin | Up to INR 4 Lacs: Nil Above INR 4 lacs: For India: 10% For Abroad: 20% | Scholar Loan Scheme- Nil | 5%(above 4Lacs) | Upto loan 4 Lacs _ No margin Above 4 Lacs_ for India: 5% | |
| Age Limit | No age criteria | No age criteria | No age criteria | No age criteria | |
| Loan Security | Two sureties worth INR 12,000 and INR 25,000 per month Collateral of tangible security equal to the entire loan amount | Upto INR 4 Lacs: Parents considered as co-borrower Between INR 4 to 7.50 Lacs: Parent as well as third party guarantee is required Above INR 7.50 Lacs: Tangible security along with parents as co borrower | Co-obligation of parents/guardian as joint co-borrowers | Third party guarantee Collateral security Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount Assignment of Future salaries in favor of Axis Bank | |
| Eligibility concession for SC/ST | No | No | 50% for SC/ST 60% for General category. | No | |
| Processing Time | N.A | 20 days | 15 Days | 14 Days | |
| Prepayment charges | Nil | Nil | Nil | Nil | |
| Penal charges | Nil | Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period. | Nil | @ 2% per month on the overdue installment/s | |
| Mandatory insurance cover | Yes | Yes | Yes | Yes | |
| Travel expeneses | Yes | Yes | Yes | Yes | |
| Bank transfter allowance | No such clause mention | Yes | Branch Transfer allowance is available | No such clause mentioned | |
| Top up loan availability | Unavailable | Available. Also, takeover loan facility is also available | Available | No such clause mentioned | |
| Interest Subsidy Schemes | CSIS Skill Loan scheme Padho Pradesh | Skill Loan Scheme CSIS | Padho Pardesh CSIS Skill Loan Scheme | CSIS | |
| Tax benifit | Yes | Yes | Yes | Yes | |
| Concession/benefits | Zero margin for loan up to INR 4 Lacs 0.50% rebate in the rate of interest for female applicants Zero processing fee (in India) Loan is sanctioned co-jointly to the applicants and their guardians | Concession to girl students 1% concession if interest is serviced during moratorium period including course period | 0.5% concession to girl students 0.5% concession if interest is serviced during moratorium period including course period Online application | There is no processing fee charged No pre- payment charges are applied No pre- closure charges are applied Loan Disbursal period is 15 working days from the date of final submission of documents |
How to apply for Abhyudaya Bank Education Loan ?
Abhyudaya Bank Education loan application form can be available online or offline at Bank branches.
Visit the official website for Abhyudaya Bank.
Select the scheme and click on Apply Now.
Fill out the form with your details.
Upload the mandatory documents required.
Submit the form and take out a print out of the application.
Visit the bank branch for further formalities.
Applicants can directly visit the nearest branch and ask for an application form. The bank representative will then guide them with all the necessary information regarding eligibility, documents required and also which loan is best suitable.
Abhyudaya Bank Education Loan Details
For Abroad: INR 20 to 50 Lacs.
Above INR 4 lacs:
For India: 10%
For Abroad: 20%
Collateral of tangible security equal to the entire loan amount
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Expenses covered under Abhyudaya Bank Student Loan Scheme
- Tuition Fee
- Examination/ Library/ Laboratory Fee
- Passage money for Abroad
- Hostel Fee
- Cost of books, equipment required, instrument or uniforms
- Miscellaneous expenses such as study tours, project work, thesis etc
Courses Covered Under Abhyudaya Bank Student Loan Scheme
In India
Graduate/ postgraduate/ postgraduate diploma courses
Courses offered by institutions recognized by UGC, Government, AICTE, AIBMS or ICMR
Courses such as MBBS, PG in Medicine etc.
Courses offered by IIMs, IITs, IISc, XLRI, NIFT, NID etc.
Regular Degree/ Diploma program such as Aeronautical, pilot training, shipping etc. which are approved by Director General of Civil Aviation/ Shipping (only if it is pursued in India)
Approved courses offered by reputed foreign universities in India
Courses Covered Under Abhyudaya Bank Student Loan Scheme
In Abroad
Job oriented Professional and Technical Courses
Post graduation courses such as MCA, MBA, MS etc.
Courses which are conducted by CIMA, London and CPA, USA
Courses that lead to a Degree or Diploma such as Pilot Training, shipping, aeronautical etc.
Education Loan Documents Required ?
Admission letter along with fee structure, mark sheets, etc.
Attested copies of Id proof and Residence proof.
Two recent passport size photographs of applicant, co-applicant, and guarantor.
Mark sheet of qualified public exam for school, college in India.
Salary Proof including latest salary slip, Form 16 and recent salary certificate
Details of proof of admission
Schedule of expenses for the course.
Copy of passport and visa for abroad courses
Interest Subsidy Schemes
Central Scheme of Interest Subsidy (CSIS)
Formulated by the Govt. of India, a scheme to assist the students belonging to the economically weaker section.
Skill Loan Scheme
Skill Loan Scheme is launched to provide monetary support to students who wish to pursue courses to develop skills and prepare for job industry.
Padho Pradesh
Padho Pardesh scheme founded under the initiative of Prime Ministers new 15 point programme to benefit the minority community.
Frequently Asked Questions
What schemes does Abhyudaya bank considers for its education loans?
+ -In whose name is the loan granted?
+ -What is the age limit for availing loan in Abhyudaya Bank?
+ -What does margin on any loan mean?
+ -Where can I avail Abhyudaya Bank Education Loan?
+ -Is there any provision to apply for loan online?
+ -Is there any minimum aggregate marks to meet the eligibility criteria to avail Abhyudaya Bank education loan?
+ -What is the discount/ rebate offered by Abhyudaya bank?
+ -What all is included in tangible collateral security?
+ -Is scholarship or assistantship included in the margin?
+ -What is Moratorium Period?
+ -What is tenure of an education loan?
+ -What does MCLR stands for?
+ -What all expenses are covered under this course?
+ -Will my travel expense will be covered if I take loan from Abhyudaya Bank?
+ -I have taken admission through management quota. Am I eligible?
+ -What do you mean by reputed or recognized institutes?
+ -Are there any special benefits if I have secured admission to one of the top premier institutes?
+ -What is the processing fee or prepayment charges?
+ -Will cost of my computer be covered under the loan sanctioned?
+ -Why is Pan Card necessary?
+ -Are diploma or certificate courses considered under Abhyudaya Bank education Loan (both for India and Abroad)?
+ -Is a co-borrower necessary for loan?
+ -Who can be my co-borrower?
+ -What all documents are required from the co-borrower?
+ -What is the KYC requirement in education loan?
+ -What are maximum term for repayment?
+ -How can I repay the loan?
+ -What is EMI? How are they calculated?
+ -Is the loan disbursed in name of individual applicant or to the institute/ university directly?
+ -If I am unable to complete my course in given tenure, will my repayment term be extended?
+ -What is method of application of interest on education loan?
+ -What is interest rate of education loan?
+ -What is interest subsidy on education loan?
+ -What is employment verification in an education loan?
+ -Are there any tax benefits in education loans?
+ -Is it necessary to have bank account with the bank while availing loan from that particular bank?
+ -Can I repay my loan in foreign currency even if my bank is in India?
+ -Why do banks require insurance policy as security?
+ -Are there any additional benefits on availing loan from Abhyudaya loan?
+ -What is credit score? Is it important for education loan?
+ -Are NRIs eligible for the education loan?
+ -Is Visa a necessary document for studying abroad?
+ -What all procedures do one have to go through while applying for abroad?
+ -If a student have any query, where or whom to contact?
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