Andhra Bank offers educational loans to meritorious students for pursuing a higher degree either in India or abroad. .student educational loan andhra bank for higher studies.student educational loan andhra bank for higher studies go with below links for more information.
12-30 years for studies in India
18 to 35 years for study in other countries
Qualifying Marks Exempted
Quantum of Loan:
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.
AIR PASSAGE AND MAINTENANCE, FOR ABROAD STUDIES.
Upto Rs.4.00 Lacs Exempted
Above Rs.4.00 Lacs 5% In India 15% for Abroad Studies.
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
Rate of Interest is subject to change in BMPLR from time to time
Interest w.e.f., 01.04.2009
Upto Rs.4.00 Lacs–(BMPLR -1.25) – Presently 11.00%
Above Rs.4.00 lacs–(BMPLR + 0.50) presently 12.75%
(BMPLR at present: 12.25% w.e.f., 01.04.2009)
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 = 9.75% (Sanctions made from 15.07.2008)
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)
student educational loan andhra bank for higher studies eligibility details and other information:
|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|
|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
iii) Undertaking letter from employer to adjust the dues
to the bank from out of terminal benefits, of the employee
student educational loan andhra bank for higher studies with low interest is applicable for eligible students.
for more formation visit official website www.andhrabank.com link1
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