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Andhra Bank Education Loan Scheme
Posted Date: 18 Apr 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: Bala Member Level: Diamond
Rating:  Points: 5
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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
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Responses
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| Author: Shinu 31 May 2008 | Member Level: Gold Points : 2 | I was looking for information on loans. I have been interested in this and happy to read more about it.Thanks for the information
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