Andra Bank Education Loan

• The student should be an Indian National.
• NRI-if student is holding Indian PassPort. (Suitable Collateral Security enforceable in India is to be provided for all such proposals.)
• Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent)/higher qualification.
• In case where admission is not through common entrance test and the marks secured in the qualifying examination is the only criteria adopted, the minimum cut off marks should be 65% in aggregate in the qualifying academic examination.
• Educational loans are allowed to meritorious students, who qualify in entrance examination but choose to pursue under Management quota for reasons like proximity, choice for a course of discipline or any other reasons pertaining to his academic/career interests.

• Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
• 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.

Based on the repaying capacity of the parents, students can get a maximum of Rs. 10.00 lacs.

• Upto Rs.4,00,000/- -- NIL
• Above Rs.4,00,000/- -- 15%

The loan amount should be released in proportion to the number of years, based on the progress of the student. The student should produce a certificate from the respective authority on successful completion of academic year for further release of funds.

Eligibility for Education Loan

• Should be an Indian National of age above 17 and below 35 years.
• Secured admission to 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

• Post graduation in MCA, MBA, MS and PhD(Doctor of Philosophy).
• Courses conducted by CIMA - London, CPA in USA etc.,
• Graduate/ Post Graduate studies in Arts/Science/Commerce/Business Administration/Pharmacy and job oriented Professional and Technical courses offered by reputed universities.

As infromed in the admission/ confirmation letter of the University/ College, subject to a maximum of Rs. 20.00 lacs

• Upto Rs.4,00,000/- -- NIL
• Above Rs.4,00,000/- -- 15%

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 will be released. Further amounts will be released proportionate to expenses towards semester fees, hostel fees etc. on annual basis. Common aspects for Indian and Abroad studies

• Interest to be charged at rates linked to the Base rate as decided by the Bank from time to time. Simple interest to be charged during the study period and up to commencement of repayment. 0.50% concession in spread for Girl Students.
• Servicing of interest during study period and the moratorium period till Commencement of repayment is optional for students. Accrued interest will be compounded at the time of commencement of repayment & EMI will be fixed accordingly.
• Up To Rs. 7.50 Lakhs Base Rate+2.75%
• Above Rs. 7.50 Lakhs Base Rate+1.50%
• (0.50% concession for girl Students) and concessional interest rates to students in premier institutions @ Base Rate i.e., 10.25%)

• Co-obligation of parents. Must be an Indian Citizen.
• If parents are not there, Bank could consider grandparents as co-obligator to the loans.In case of court appointed guardians, their co-obligation shall be obtained.
• In case of married person, spouse or the parents/parents-in-law could be considered as their co-obligator.

• 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

1 year after course period or 6 months after getting job, whichever is earlier.

For Loans upto to Rs.50000/- Repayment Term upto 2 years.

For Loans above Rs.1,00,000 3 to 7 years.

Head Office
5-9-11, Saifabad,
Hyderabad-500 004
Phone - 1800-425-2905
SWIFT (BIC)-ANDBINBB

Website - http://www.andhrabank.in