Andhra Bank Education Loan | Andhra Bank Student Loan Apply online for Education Loan
Andhra Bank Contact Number : 044-4991868, 4994294
Web Link : www.andhrabank.in
Rules and Regulations
Eligibility and 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 LacsCollateral Security of suitable value & guarantee of the parent
Interest w.e.f., 10.11.2008
Upto Rs.4.00 Lacs(BMPLR -1.25) - Presently 12.00%
Above Rs.4.00 lacs(BMPLR + 0.50) presently 13.75%
(BMPLR at present: 13.25% w.e.f., 10.11.2008)
Concession of 0.50% for women for sanctions after 01.07.2005
DIFFERENT RATES OF INTEREST - DIFFERENT INSTITUTES
For IIMs (with out MOU), Rate of Interest is BMPLR-2.50 = 10.75% (Sanctions made from 15.07.2008)
Wherever Andhra Bank has entered into MOU with
IIRM,BITS,Pilani ; BITS, Goa ; IPE ; Goa Institute of Management GMRIT ; SVUCCMIS, Tirupathi ; IIIT, Hyderabad ;CIHL(ZIC Center, Gurukulam)Hyderabad ; Balaji Society, Pune ; ICFAI Business School
Rate of Interest is Floating i.e., BMPLR-2.00= 11.25 %
Where MOU with ISB,
Rate of Interest is floating i.e., BMPLR- 3.50 = 9.75 %
NOTE :
For MOU Institutions, the rate of interest is applicable till the MOU is in force.
NO PROCESSING CHARGES ; NO PREPAYMENT CHARGES APPLICABLE FOR EDUCATIONAL LOANS
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
i) No objection certificate from the employer for prosecuting higher studies and to avail loan from the Bank.
ii)Salary undertaking letter from employer for recovery of installments.
iii) Undertaking letter from employer to adjust the dues to the bank from out of terminal benefits, of the employee, if needed,.
Contact:
Hyderabad : 040 23468585
Bangalore: 080 22959620
Bhubaneshwar: 0674 2537907
Kolkata: 033 - 22810608
Chennai : 044 24994924
Mumbai: 022 26876181
New Delhi: 0124 2581936
http://www.andhrabank.in/
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