Andhra Bank offers education loan for the indian students at attractive rates of interest in helping them to study abroad, The education loan is provided very quickly by the Andhra Bank in a hassle free process with low documentation.
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.
Purpose: Andhra Bank’s Education Loan should be considered towards
- Tution Fees
- Hostel Fees
- Examination Fees
- Study Tours, Project work
- Cost of Books, Stationary
- Equipment essential for courses
- Caution Deposits/ Building Funds/ Refundable Deposits supported by institution bills/receipts, subject to the condition that the amount does not exceed 10% of the total tution fees for the entire course
Co-obligation:
- Co-obligation of parents. Must be an Indian Citizen.
- Wherever parents are not there, Bank could consider grandparents as co-obligator to the loans taking into account their networth.
- In case of court appointed guardians, their co-obligation shall be obtained
- In case of married person, co-obligator can be spouse or the parents(s)/ Parents-in-law
Collateral Security:
- Upto Rs.4.00 lacs NIL
- Rs. 4.00 lacs to 7.5 lacs Co-obligation of parent/guardian/third party
- Above Rs. 7.50 lacs Tangible security of suitable value besides co-obligation of parent.Parent co-obligation and assignment of future income
Holiday Period: 1 year after course period or 6 months after getting job, whichever is earlier.
Repayment: The loan to be repaid in 5-7 years after commencement of repayment
Others:
- Only one loan will be sanctioned for abroad studies subject to a maximum of Rs. 20.00 lacs.
- Multiple Loans in the same family, In case of receipt of application of more than one loan for student borrower from a family the family as a unit will be taken into account for considering the loan and security norms are applicable taking into account the total quantum of finance sanctioned to the family subject to margin, repaying capacity of the student / parent
