Andhra Bank offers education loans to students aspiring to continue higher studies. Andhra Bank education loans are sanctioned only to Indian Nationals. The educational loan from Andhra bank is sanctioned for studies both in India and abroad.
An applicant is sanctioned a education loan of maximum Rs 10 lacs for studying in India and Rs 20 lacs for studying in abroad from Andhra bank. On a education loan above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.
Andhra Bank Education Loan covers school, college or hostel fees as well as cost for buying books and other necessary items. Apart from the library, exam or library fees, even caution deposit, refundable deposit and building fund are considered for the loan.
No security is required for education loan amount upto Rs 4 lacs. The borrower should present a 3rd party as guarantee for a education loan amount above Rs 4 lacs. However, on Andhra Bank discretion, this clause of 3rd party guarantee may be waived off in certain cases.
The education loan borrower from Andhra bank can begin repaying 6 months after getting job or one year after the course is completed, whichever happens earlier. The education loan can be repaid in a period of 5 to 7 years.
Note - This is a Guest post from the admin of Loansbuzz.com
Monday, February 15, 2010
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