Qualifying Marks Exempted
Quantum of Loan:
Purpose of Loan :
Interest w.e.f., 10.11.2008
DIFFERENT RATES OF INTEREST - DIFFERENT INSTITUTES
Wherever Andhra Bank has entered into MOU with
IIRM,BITS,Pilani ; BITS, Goa ; IPE ; Goa Institute of Management GMRIT ; SVUCCMIS, Tirupathi ; IIIT, Hyderabad ;CIHL(ZIC Center, Gurukulam)Hyderabad ; Balaji Society, Pune ; ICFAI Business School
Rate of Interest is Floating i.e., BMPLR-2.00= 11.25 %
Where MOU with ISB,
Rate of Interest is floating i.e., BMPLR- 3.50 = 9.75 %
For MOU Institutions, the rate of interest is applicable till the MOU is in force.
NO PROCESSING CHARGES ; NO PREPAYMENT CHARGES APPLICABLE FOR EDUCATIONAL LOANS
B) AB Career Advancement Loan Scheme (ABCALS)
|1||Eligibility||Permanent employee of Govt / Public Sector Cos / Corporations /reputed Companies with 10 years of balance of service.|
|2||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.)|
|3||Amount of loan||Maximum Rs.7.50 Lakh|
|5||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.|
|6||Gestation Period||One month|
|7||Repayment period ||Maximum 60 monthly installments commencing after one month from the date of advance.|
|8|| 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|
|9||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,.