STUDENT LOANS from Andhra Bank

Qualifying Marks Exempted

Quantum of Loan: Maximum - Rs.7.50 Lacs for studies in India. Rs. 15.00 Lacs for Studies Abroad

Purpose of Loan :

To meet cost of Tution fee, Hostel fee,Examination fee, Books, Project work, Study tours, and Refundable deposits.

PLUS

AIR PASSAGE AND MAINTENANCE, FOR ABROAD STUDIES.

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--Exempted
- Above Rs.4.00 Lacs--Collateral Security of suitable value

Interest:
Upto Rs.4.00 Lacs--@PLR
Above Rs.4.00 Lacs--@PLR+1%
(PLR at present:12%)

INTEREST WILL BE CHARGED ON SIMPLE BASIS DURING STUDY PERIOD.

AB-CALS (AB – CAREER ADVANCEMENT LOAN SCHEME) EDUCATIONAL LOANS TO EMPLOYEES FOR HIGHER STUDIES
CRITERIA

GUIDELINES

Quantum of loan Actual fees payable subject to a maximum of Rs.7.50 lacs
Computer Computer can be given for all the courses with a maximum of Rs. 50,000/- including printer, within the over al limit.

Margin 10%

Rate of Interest
upto Rs.2.00 lacs at PLR/PTLR 11.50/11.75%w.e.f 11.11.2002
Exceeding Rs.2.00 PLR/PTLR + 1.00% 12.50/12.75%w.e.f 11.11.2002
Repayment No change. Repayable in 60 monthly instalments commencing after one month from the date of advance

Security

Security of value equal to the loan amount, in the form of:
# NSCs , KVP - face value
# LIC Policy - surrender value
# Govt. securities, Debentures
# Gold
# Bank deposit
# Building / flat - standing in the name of applicant or 3rd party. In case the property belongs to 3rd party, he should stand as coobligant.

Coobligation NOT REQUIRED
Employment & balance of service No change.Applicant should be permanent employee of Government / Public Sector Companies / Corporations / reputed private Companies with 10 years of Balance of service
Acceptance of employer No objection certificate from the employer for prosecuting higher studies and to avail loan from the Bank
Undertaking from employer No change. However, in the cases where salary is being routed through the branch, undertaking from the employer may be waived, subject to Employer not to permit shifting of salary account without Bank's consent.

Undertaking from the employer No change.Employer should also undertake to adjust the dues to the Bank from out of terminal benefits of the employee, in the event of his/her resignation/ retirement/ discharge from service.

Prevailing Interest rates apply
Loan for educated youth for taking up employment abroad

* Maximum loan amount is Rs.1,00,000/- to meet Air passage and initial expenses as per Foreign Exchange rules.
* Applicant should be a Indian National
* Applicant should be a Graduate/Post Graduate
* Should be below 30 years of age
* Should hold a letter of offer from the overseas employer, valid Passport & Visa
* security as applicable to AB-CALS Schemes.
* Prevailing Interest rates apply

Interest Rates for the above scheme.
Quantum of finance Interest rate
Rs.25,000 to Rs.2.00 lacs PLR
Above Rs.2.00 lacs PLR + 2.75%
Current PLR is 12.00 %

Link : http://www.andhrabank-india.com

Try the links below to easily sign up for ICICI Bank loans on private and business type and understand their policies,requirements,documents etc. Just Sign up to get a lead from them to understand the procedure................