Andhra Bank Education Loan

8 0 Education Loan

Brief History

“Andhra Bank” was founded by the eminent freedom fighter and a multifaceted genius, Dr.Bhogaraju Pattabhi Sitaramayya. The Bank was registered on 20th November 1923 and commenced business on 28th November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs.

Margin

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

Interest rate

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%)

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

STUDIES IN INDIA
Eligibility	Must be an Indian National Must be over 12 years of age but within 30 years Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process. No minimum qualifying marks.
Eligible Courses	School Education/ Intermediate/ Graduation Courses/ Post Graduation Courses/ Professional Courses: Engineering/ Medical/ Agricultural/ Veterinary/ Dental/ Physiotherapy/ Nursing/ Law/ Management/ PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government. All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
Quantum of Finanace	Need based finance subject to repaying capacity of the parents/ students with a maximum of Rs. 10.00 lacs.
Margin	Upto Rs.4,00,000/- – NIL ; Above Rs. 4,00,000/- – 5%
Mode of Disbursement	The loan amount should be released in proportion to the number of years, depending upon the progress of the student. The scholar should produce a certificate from the competent authority for successful completion of academic year for further releases.
STUDIES ABROAD
Scope of the scheme	The scheme will apply to deserving/ meritorious students who wish to pursue studies abroad.
Eligibility	Must be an Indian National Must be over 17 years of age but within 35 years. Must have secured admission in Overseas College/ University/ Institution in any of the following disciplines Must be in possession of Admission confirmation letter from the concerned University. Must be in possession of a valid Passport and Visa.
Courses Eligible for Finance	Graduation – For job oriented profession/ technical courses offered by reputed universities. Post Graduation – MCA, MBA, MS etc Courses conducted by CIMA – London, CPA in USA etc., Graduate/ Post Graduate studies in Arts, Science, Commerce and Business Administration. Graduate/ Post Graduate studies in Pharmacy Graduate/ Post Graduate studies in any Professional/ Technical courses. PhD ( Doctor of Philosophy)
Quantum of Finance	Need based as informed in the admission/ confirmation letter of the University/ College, subject to a maximum of Rs. 20.00 lacs
Margin	Upto Rs. 4,00,000/- : NIL ; Above Rs. 4,00,000/- : 15%
Mode of Disbursement	Initially an amount equal to the cost of air passage and Foreign Exchange towards the payment of semester fee and hostel expenses as per admission card of the college. Further amounts will be released proportionate to expenses towards semester fees, hostel fees etc. on annual basis
At any point of time there should not be more than two loans outstanding in the name of the student under the scheme.