| Bank Loans for MBA: Allahabad Bank
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Security
|
Upto
Rs.4.00 lacs |
No
security |
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Above
Rs.4.00 lacs |
Collateral
security of suitable value or Co-obligation of guarantee alongwith |
Rate of Interest
(Prime Lending Rate (PLR) w.e.f. 01st Aug 2002 is 11.5% p.a.)
|
Upto
Rs.4.00 lacs |
PLR* with
quarterly rest |
|
Above
Rs.4.00 lacs |
PLR* + 1%
with quarterly rest |
All the above rates will be treated as fixed rate of interest.
Repayment
Repayment holiday/Moratorium :Course period +1 year or 6 months after getting job, whichever is earlier. The loan to be repaid within a maximum period of 7 years after commencement of repayment .
Documentation
In case of loan upto 4 lacs, the documents should be executed by the student. No additional security may be insisted upon.
In case of loan above 4 lacs, the documents should be executed by the both the student and parent/guardian.
The security can be in the form of land/ building/ Govt. Securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold shares/ debentures, bank deposit in the name of student/ parent/ guardian or any other third party.
In case the loan is given for purchase of computer the same to be hypothecated to the Bank.
The assignment of future income of the student for payment of installments may also be obtained irrespective of loan amount.
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