*
Eligibility:
o Age :
+ 12-30 years for studies in India
+ 18 to 35 years for study in other countries
*
Qualifying Marks Exempted
1. Quantum of Loan:
Maximum
o Rs. 10.00 Lacs for studies in India
o Rs. 20.00 Lacs for Studies Abroad
2.
Purpose of Loan :
o To meet cost of Tuition fee, Hostel fee, Examination fee, Books, Project work, Study tours, and Refundable deposits.
PLUS o
AIR PASSAGE AND MAINTENANCE, FOR ABROAD STUDIES.
3. Margin :
o Upto Rs.4.00 Lacs Exempted
o Above Rs.4.00 Lacs 5% In India 15% for Abroad Studies.
4. Security:
o Upto Rs.4.00 Lacs guarantee of parent
o Rs.4.00 to 7.50 lacs - guarantee of the parent
o Above Rs.7.50 Lacs--Collateral Security of suitable value & guarantee of the parent
5. Interest w.e.f., 10.11.2008
o Upto Rs.4.00 Lacs--(BMPLR -1.25) - Presently 12.00%
o Above Rs.4.00 lacs--(BMPLR + 0.50) presently 13.75%
(BMPLR at present: 13.25% w.e.f., 10.11.2008)
o Concession of 0.50% for women for sanctions after 01.07.2005
DIFFERENT RATES OF INTEREST - DIFFERENT INSTITUTES 6.
For IIMs (with out MOU), Rate of Interest is BMPLR-2.50 = 10.75% (Sanctions made from 15.07.2008)
Wherever Andhra Bank has entered into MOU with
IIRM,BITS,Pilani ; BITS, Goa ; IPE ; Goa Institute of Management GMRIT ; SVUCCMIS, Tirupathi ; IIIT, Hyderabad ;CIHL(ZIC Center, Gurukulam)Hyderabad ; Balaji Society, Pune ; ICFAI Business School
Rate of Interest is Floating i.e., BMPLR-2.00= 11.25 %
Where MOU with ISB,
Rate of Interest is floating i.e., BMPLR- 3.50 = 9.75 %
NOTE : For MOU Institutions, the rate of interest is applicable till the MOU is in force.
More detail visits: Andhra Bank Education Loan