CBSE Guess > Indian 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 |
- No objection certificate from the employer for
prosecuting higher studies and to avail loan from the Bank.
- Salary undertaking letter from employer for recovery of installments.
- Undertaking letter from employer to adjust the dues to the bank from out of terminal benefits, of the employee if needed,.
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For any other clarification, please contact your nearest branch of Andhra Bank
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