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Education Loans

IGNOU Guess > Education > Educational Loans > Andhra Bank

Eligibility:

Age :

  • 12-30 years for studies in India
  • 18 to 35 years for study in other countries

Qualifying Marks Exempted

Quantum of Loan:

Maximum

  • Rs. 10.00 Lacs for studies in India
  • Rs. 20.00 Lacs for Studies Abroad

Purpose of Loan :

To meet cost of Tuition fee, Hostel fee, Examination fee, Books, Project work, Study tours, and Refundable deposits.
PLUS
AIR PASSAGE AND MAINTENANCE, FOR ABROAD STUDIES.

Margin :

  • Upto Rs.4.00 Lacs Exempted
  • Above Rs.4.00 Lacs 5% In India 15% for Abroad Studies.

Security:

  • Upto Rs.4.00 Lacs guarantee of parent
  • Rs.4.00 to 7.50 lacs - guarantee of the parent
  • Above Rs.7.50 Lacs--Collateral Security of suitable value & guarantee of the parent

Interest:

  • Upto Rs.4.00 Lacs--(BMPLR -1.25) - Presently 11.75%
  • Above Rs.4.00 lacs--(BMPLR + 0.50) presently 13.50% (BMPLR at present: 13.00%)
  • Concession of 0.50% for women for sanctions after 01.07.2005

DIFFERENT RATES OF INTEREST - DIFFERENT INSTITUTES

  • Wherever Andhra Bank has entered into MOU with

---- IIRM,BITS,Pilani ; BITS, Goa ; IPE ; Goa Institute of Management

Rate of Interest is 9 % fixed.

ISB - Rate of Interest (BMPLR -3.50) is 9.50 % floating

----GMRIT ; SVUCCMIS, Tirupathi ; IIIT, Hyderabad ;CIHL(ZIC

Center, Gurukulam)Hyderabad ; Balaji Society, Pune ; ICFAI Business

School -Rate of Interest is (BMPLR-2.00) 11.00 % Floating

NO PROCESSING CHARGES ; NO PREPAYMENT CHARGES APPLICABLE

INTEREST WILL BE CHARGED ON SIMPLE BASIS DURING STUDY /HOLIDAY PERIOD only.

B) AB Career Advancement Loan Scheme (ABCALS)

1 Eligibility Permanent employee of Govt / Public Sector Cos / Corporations /reputed Companies with 10 years of balance of service.
2 Purpose For studies with reputed Institutes and with International affiliations (Computer including printer can be purchased for all the courses with a maximum of Rs.50,000/-, within the over all limit.)
3 Amount of loan Maximum Rs.7.50 Lakh
4 Margin 10 %
5 Collateral security

NSCs, KVP, LIC policy surrender value, Govt. securities, Gold

ornaments, Bank deposits, Building/flat of applicant /

co-obligant value not less than loan amount.

6 Gestation Period One month
7 Repayment period Maximum 60 monthly installments commencing after one month from the date of advance.
8 Prepayment Charges

2% flat on the prepaid amount for all Term Loans where the

repayment is fixed beyond 36 months. i.e. installments paid

ahead of repayment schedule.

9 Other requirements
  1. No objection certificate from the employer for prosecuting higher studies and to avail loan from the Bank.
  2. Salary undertaking letter from employer for recovery of installments.
  3. Undertaking letter from employer to adjust the dues to the bank from out of terminal benefits, of the employee if needed,.

For any other clarification, please contact your nearest branch of Andhra Bank

 

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