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Andhra Bank
Dr Pattabhi Vidya Jyothi Scheme
(Educational loan for study in India and abroad)
| Eligibility : |
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Age
- 12-30 years for studies in India
- 18 to 35 years for study in other countries
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Loan Details
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Coverage of expenses
- To meet cost of Tuition fee
- Hostel fee
- Examination fee
- Books
- Project work
- Study tours
- Refundable deposits.
- Air Passage and Maintenance, for Abroad Studies
Quantum
Maximum
- Rs. 10.00 Lacs for studies in India
- Rs. 20.00 Lacs for Studies Abroad
Margin
- Upto Rs.4.00 Lacs - Exempted
- Above Rs.4.00 Lacs
5% In India
15% for Abroad Studies
Security :
| Upto Rs.4.00 lacs |
guarantee of parent |
| Above Rs.4.00 lacs and upto Rs 7.50 lacs |
guarantee of parent |
| Above Rs. 7.50 lacs |
Collateral Security of suitable value & guarantee of the parent |
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| Rate of Interest |
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| Loans Upto Rs.4.00 lacs |
(BMPLR -1.25) |
| Above Rs.4.00 lacs |
(BMPLR + 0.50) |
Concession of 0.50% for women for sanctions after 01.07.2005.
No processing Charges; No prepayment charges applicable. Interest will
be charged on simple basis during study/ holiday period only. For certain
institutes, the rate of interest is different, as the bank has entered
into MOU (Memorandum of Understanding) with these institutes. The interest
rate for such institutes are :
IIRM, BITS, Pilani
BITS, Goa
IPE
Goa Institute of Management |
9 % fixed |
| ISB |
9.50 % floating (BMPLR -3.50) |
GMRIT
SVUCCMIS, Tirupathi
IIT, Hyderabad
CIHL (ZIC Center, Gurukulam) Hyderabad
Balaji Society, Pune
ICFAI Business School |
11.00 % Floating (BMPLR-2.00) |
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AB Career Advancement Loan Scheme (ABCALS)
| Eligibility : |
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Permanent employee of Govt
/ Public Sector Cos / Corporations /reputed Companies with 10 years of
balance of service.
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Loan Details
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Purpose
For studies with reputed Institutes and with International
affiliations (Computer including printer can be purchased for all the
courses with a maximum of Rs.50,000/-, within the over all limit.)
Quantum
Maximum Rs.7.50 Lakh
Margin
10 %
Collateral security
NSCs, KVP, LIC policy surrender value, Govt. securities, Gold ornaments,
Bank deposits, Building/flat of applicant / co-obligant value not less
than loan amount.
Gestation Period
One month
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| Repayment |
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Period
Maximum 60 monthly installments commencing after one month from the date
of advance.
Prepayment Charges
2% flat on the prepaid amount for all Term Loans where the repayment is
fixed beyond 36 months. i.e. installments paid ahead of repayment schedule.
Other requirements
i) No objection certificate from the employer for prosecuting higher studies
and to avail loan from the Bank.
ii) Salary undertaking letter from employer for recovery of installments.
iii) Undertaking letter from employer to adjust the dues to the bank from
out of terminal benefits, of the employee if needed,.
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Contact Details
Head Office - Andhra Bank
5-9-11, Secretariat Road, Saifabad, Hyderabad-500004
Phone : 040 - 2323 0001
Fax : 2323 4583
Website : visit
Andhra Bank Zonal Offices |
Note : Since
the rules, regulations, eligibility conditions, repayments and interests rates
etc. are revised by the banks from time to time in keeping pace with the changing
capital market conditions, students and parents are advised to thoroughly check
the terms and conditions of educational loan scheme on offer at the time of application.
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