Andhra Bank Student Education Loan

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 lacs - 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 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

1- IIRM,BITS,Pilani ; BITS, Goa ; IPE ; Goa Institute of Management
       Rate of  Interest  is   9 %  fixed.

2- ISB    -  Rate of  Interest  (BMPLR -3.50)  is  9.50 % floating
 

3- 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)