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Andhra Bank Education Loan 2017-2018 | Eligibility, Application Process & Interest Rate

Andhra Bank Education Loan (India & Abroad Studies)

Andhra Bank Education Loan 2017-2018: In this digital world Education acts as a powerful weapon by which you can change this world. For those students who are looking forward to building their future either in Abroad or India here is the great news for them. Andhra Bank provides education loan/ financial support to the students who have much interest to pursue higher studies in any of the reputed/renewed university or institutes across India and/or Abroad. It will be a boon for those people who have not enough money or economically backward people. Andhra Bank Education Loan is applicable for the students who are Indian National and He/She should have secured admission to higher studies through a common entrance test or else merit based in renewed university or reputed institution. Andhra Bank Education Loan offers loan in two various categories namely

  • Andhra Bank Education Loan for higher education in India & Other Countries.
  • Andhra Bank Education Loan for vocational courses which come under Dr. Pattabhi Vidya Jyothi scheme.

Andhra Bank Education Loan Eligibility Criteria

The contenders who are in thought of taking Andhra Bank Education Loan to pursue higher studies should approach all the eligible criteria’s as mentioned below:

  • Age Criteria: The student should have age between 12 and 30 to avail Andhra Bank Education Loan for study in India. And also contenders should have 18 to 35 years for availing Andhra Bank Education Loan for studies in Abroad.
  • The student must be an Indian National
  • Andhra Bank Education Loan is purely based on the selected course, Fame of concerned accredited university/Institute.
  • For the list of accredited universities or institution refer official website www.andhrabank.in.

Andhra Bank Education Loan

The Andhra Bank Education Loan Eligibility For study in India

 Andhra Bank Education Loan Eligibility

The Andhra Bank Education Loan Eligibility For study in Abroad

Andhra Bank Education Loan Eligibility For study in Abroad

Quantum of the Loan

The Loan amount or quantum of the loan will be different for Indian studies and abroad studies. Andhra Bank Education Loan offers up to 10 Lacs of loan for Indian studies and 20 Lacs for studies in Abroad or Other countries.

Theme of Andhra Bank Education Loan

In order to meet the, all the considered and covered expenses related to higher studies of applicants namely Building Fund, Tuition Fee, Industrial visits, Hostel Fee, Examination Fee, Project works, Thesis etc. Also, contenders can use the loan amount for purchasing things like computer, academic books only for the study purpose.

Andhra Bank Education Loan Margin

There is no margin for the loan amount up to 4 Lacs. If the contender wants to study in India and having a loan above 4 lacs will need to pay 5% margin. Similarly, if any student interested in studying in other countries need to pay 15% Margin. Scholarships and assistantship include in Andhra Bank Education Loan Margin.

Rate of interest for Andhra Bank Education Loan

There will a concession of 0.50% for girl students. Also for the students who are studying in premier institutions has a concession of MCLR(one year) with 0.05.

Rate of interest for Andhra Bank Education Loan

Andhra Bank Education Loan has terms and conditions similar to other model educational loans for doing higher studies.

Andhra Bank Education Loan Repayment

If the candidate or parents paid before the given time then there will be no penalty. And the duration of repayment would be shifted to 6 months if the students take immediate employment after the completion of course. Repayment term will vary for each loan based on the quantum of loan which is clearly detailed as follows

Andhra Bank Education Loan Repayment

Interest charged on Andhra Bank Education Loan. As per the rules and regulations of IT, there is an exemption on tax for the people who had paid.

Andhra Bank Education Loan Security

For loan up to 4 lakhs: The candidates who are applied for Andhra Bank Education Loan up to 4 lacs no collateral security is required.

For loans 4 to 7.5 lakhs: There will be a need of satisfactory 3rd party nomination and need guarantee of parent

For loan more than 7.50 lakhs: Collateral security of suitable value and co-obligation of parents or guardian or third person with tangible of future income of the candidate for payment of EMIs.

Andhra Bank Education Loan Processing Fee

The processing fee, as well as documentation charges of Andhra Bank Education Loan, is 1/4th of the Loan amount. It is around almost 5000/-along with a service tax.

Points to Remember

  • The applicant/student who is going to avail Andhra Bank Education Loan needs to maintain or carry some documents like Aadhar card, driving license, pan card, voter Id, recognizable photo, residence proof, income certificate etc.
  • The Maximum time span for the Andhra Bank Education Loan is more than 10 years i.e. 15 yrs of moratorium period.
  • There will be no charges on principal for pre-payment of Andhra Bank Education Loan
  • For the Andhra Bank Education Loan up to 7.5 Lakhs there is no need of collateral or guarantor.
  • The most eligible courses for availing eligibility for Andhra Bank Education Loan is a Regular Degree or Diploma courses.
  • The minimum age limit for Andhra Bank Education Loan is 16 yrs whereas 35 yrs is the maximum age limit.
  • The rate of interest of the Andhra Bank Education Loan is the fixed type.
  • Andhra Bank updated its minimum interest rate to 10.25% PA for female aspirants with a quantum of the loan up to 7.5 Lacs and 10.50% PA for male students for the loan amount above 7.5 Lacs respectively.

Address for communication

Andhra Bank Head Office

Door No:05-09-11, Dr. Pattabhi Bhavan

Secretarait Road, Safiabad

Hyderabad, Pincode:500004

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