Andhra Bank Education Loan Scheme

[Kalyan]

Andhra Bank Education Loan Scheme

AB Dr. Pattabhi Vidya Jyothi

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

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,.

For more details, visit http://andhrabank.in

[rob11woods]

This is really helpful especially for those who intend to take their masteral or study without exactly having enough money.