Andhra Bank Educational Loan

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

Interest Rate for Overseas:
Loans Upto 400000…………………………….12%,
Above Rs 400000………………………………13.5% pa.
Collateral and Third Party Guarantee are required

Marginal.
Upto Rs. 4,00,000/- : NIL .
Above Rs. 4,00,000/- : 15%.
Tenures:
Maximum of 5 years.
When to Apply:
After getting Admission in college/institute.
Time taken to process documents: 1 Week
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.

Contact: Delhi Tel: 3350248, Bangalore Tel: 2242932, Chennai Tel: 4991868, 4994294, Hyderabad Tel: 4756023-25, Kolkata Tel: 2471359, Mumbai Tel: 2046160, 2047620.

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