Andhra Bank Education Loan Scheme

Dr. Pattabhi Vidya Jyothi Educational 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 :

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)

Eligibility    
 
Permanent employee of Govt / Public Sector Cos / Corporations /reputed Companies with 10 years of balance of service. 
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.)    
Amount of loan  

Maximum Rs.7.50 Lakh
Margin 

10 %
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.
Gestation Period  

One month
Repayment period  

Maximum 60 monthly installments commencing after one month from the date of advance.

Prepayment Charges  

2% flat on the prepaid amount for all Term Loans where the repayment is fixed beyond 36 months. i.e. installments paidahead of repayment schedule.             


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  :        www.andhrabank.in