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| COMPARE : EDUCATION LOANS |
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| Andhra Bank Education Loan |
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| Introduction |
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| Andhra Bank gives education loan under the AB Dr. Pattabhi Vidya Jyothi scheme. Loan covers expenses of tuition fees, hostel fee, books, projects, study tours and refundable deposits. Students take loan for studies in abroad bank covers air passage and maintenance for abroad studies. |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
The loan is provided for
Graduation: For job oriented professional/ technical courses offered by reputed universities.
Post graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA- London, CPA in USA etc. Degree/diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad. |
Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./AICTE/ AIBMS/ ICMR etc. Courses like ICWA, CA, CFA etc.
Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India. Air Craft Maintenance Engg, Pre-Sea Training courses must be either a degree course recognized by a competent University or Diploma course recognized by appropriate State Govt. body to be eligible for considering loan.
Approved courses offered in India by reputed foreign universities.
Educational Loans for Nursing Courses and other Para Medical courses offered by approved institutes are to be sanctioned at Zonal level of the Bank only . |
| Loan Amount |
Min. - Rs 50000
Max. - Rs 2000000
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Min. - Rs 50000
Max. - Rs 1000000
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| Margin Money |
Upto Rs. 4lakh : NIL
Above Rs. 4lakh: 15%
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Upto Rs.4lakh: NIL
Above Rs. 4lakh:5%
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| Tenure |
Min. - 10 Yrs.
Max. - 15 Yrs.
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Min. - 10 Yrs.
Max. - 15 Yrs.
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| Interest Rate |
Up To Rs. 7.50 Lakhs Base Rate+2.75% = 13%
Above Rs. 7.50 Lakhs Base Rate+1.50% = 11.75%
0.50% concession for girl Students
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Up To Rs. 7.50 Lakhs Base Rate+2.75% = 13%
Above Rs. 7.50 Lakhs Base Rate+1.50% = 11.75%
0.50% concession for girl Students
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| Time to Process Loan |
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7 days |
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 Fees & charges
Fees & charges
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Security
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Security |
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Up to Rs. 4 lakh Parents to be joint borrower(s).
No security. Collateral free limit of Rs.4 lakh is student specific and not family specific. More than one loan can be considered for other siblings in the same family even when one of the siblings has already availed a collateral free loan.
Above Rs.4 lakh & upto Rs.7.5 lakh Besides the parent(s) executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken. The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth / means of parent/s who would be executing the document as joint borrower(s).
Above Rs.7.5 lakhs Parent(s) to be joint borrower(s) Tangible collateral security of suitable value acceptable to bank along with the assignment of future income of the student for payment of installments. |
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Terms & Conditions
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Terms & Conditions |
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The loan to be repaid in 5-7 years after commencement of repayment.
Holiday Period- 1 year after course period or 6 months after getting job, whichever is earlier. |
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