Andhra Bank Education Loan: Here is the good news for the students who want to study higher education and economically impoverished. Andhra bank provided a loan for the students to pursue higher studies in universities and institutions across India and abroad. The loan was given to the students who got admission in any recognized central government university and choosing courses like engineering, medicine, law, etc. this loan is applicable only for graduation and post-graduation courses by recognized universities. Important documents required to apply for this loan are proof of Date of Birth, all marks memos, proof of allotment of seat, fee details from college, hostel accommodation and proof of availability of scholarship, passport, and visa. These all are necessary documents while applying for this Andhra Bank Education Loan. Before applying for this loan, the candidate should check whether he/she satisfies the eligibility criteria or not. All the eligibility details of the student, institute and available courses in India and abroad are explained below.
Andhra Bank Education Loan
Eligibility for students:
- Student should be an Indian National
- NRI-if student having Indian passport
- Need to get admission for higher education courses in any recognized university across India or abroad after completion of higher qualification (10 plus 2 or equivalent)
- Candidates required to get at least 65% aggregate of marks in the qualifying academic examination
1. Studies in India:
- All approved courses like graduation, post graduation and PG diploma courses offered in any universities/ colleges recognized by Govt./UGC/ AICTE/ AIBMS/ ICMR etc.
- Courses offered by IITs, IIMs, IISc, XLRI.NIFT, NID etc
- Regular Degree/ diploma courses like Aeronautical, shipping, pilot training, Aircraft Maintenance Engineering/ Pre Sea training must be approved by recognized State body that is to be eligible for Andhra Bank Education Loan.
- Approved courses conducted by reputed foreign universities in India
- All the courses mentioned in the websites www.ugc.ac.in, www.education.nic.in, www.aicte.org.in are considered to be the eligible for this loan
- Off-campus courses and onsite programs are not eligible for this education loan
2. Studies in abroad:
For graduation degree, any technical courses or professional courses offered by recognized universities.
- For post-graduation, MCA, MBA, MS courses are offered.
- Courses conducted by CIMA-London, CPA in USA etc and Degree/diploma courses like Aeronautical, pilot training, and shipping courses are also eligible.
- Other courses given in website www.webometrics.info are permitted to study abroad. Expenses include
- College/ school and hostel fee
- Examination/ library /laboratory fee
- Travel expenses and passage money for studies in abroad
- Purchase amount for books/ instruments /uniforms/ equipments
- Other expenses need to complete the course like study hours, project work and thesis etc
- Purchase of computer (if required)
- Up to Rs.4 lakhs – Nil
- Above Rs.4 lakhs – Studies in India
- Above Rs.4 lakhs – Studies in abroad-15%
Quantum of finance:
- Studies in India: Maximum up to Rs.10 lakhs
- Studies in abroad: Maximum up to Rs.20 lakhs
- Up to Rs.4Lakh- Parent or Grand Parent co-obligation
- Above Rs.4Lakhs & up to Rs.7.5Lakhs: Co-obligation of Parent and Grand Parent along with third party guarantee
- Above Rs.7.5Lakhs: Parent grandparent co-obligation along with the assignment of future income
The rate of interest:
- Up to Rs.4 Lakhs – Base Rate+2.75%
- Above Rs.4 Lakhs to Rs 7.50Lakhs- Base Rate+2.5%
- Above Rs. 7.50 Lakhs – Base Rate+1.50%
Official website: www.andhrabank.in