ANDHRA BANK-EDUCATION LOAN

Andhra Bank-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 :

Up to Rs.4.00 Lacs Exempted
Above Rs.4.00 Lacs 5% In India 15% for Abroad Studies.

Security:

Up to Rs.4.00 Lacs guarantee of parent
Rs.4.00 to 7.50 lacks guarantee of the parent
Above Rs.7.50 Lacs Collateral Security of suitable value & guarantee of the parent

Interest:

Up to Rs.4.00 Lacs (BMPLR -1.25) - Presently 11.75%
Above Rs.4.00 lacks (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.

o ----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)

1Eligibility

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 any other clarification, please contact your nearest branch of Andhra Bank

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