Andhra Bank Education Loan Details

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 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

Contact Number  : 044-4991868, 4994294

WebLink  : www.andhrabank.in