“Andhra Bank” was founded by the eminent freedom fighter and a multifaceted genius, Dr.Bhogaraju Pattabhi Sitaramayya. The Bank was registered on 20th November 1923 and commenced business on 28th November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs.
Up to Rs.4.00 Lacs Exempted.Above Rs.4.00 Lacs 5% In India 15% for Abroad Studies.
Up to Rs.4.00 Lacs–(BMPLR -1.25) – Presently 11.75%.Above Rs.4.00 lacs–(BMPLR + 0.50) presently 13.50%.(BMPLR at present: 13.00%)
Up to Rs.4.00 Lacs guarantee of parent.Rs.4.00 to 7.50 lacs – guarantee of the parent.Above Rs.7.50 Lacs–Collateral Security of suitable value & guarantee of the parent
|STUDIES IN INDIA|
|Eligible Courses||School Education/ Intermediate/ Graduation Courses/ Post Graduation Courses/ Professional Courses: Engineering/ Medical/ Agricultural/ Veterinary/ Dental/ Physiotherapy/ Nursing/ Law/ Management/ PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
|Quantum of Finanace||Need based finance subject to repaying capacity of the parents/ students with a maximum of Rs. 10.00 lacs.|
|Margin||Upto Rs.4,00,000/- – NIL ; Above Rs. 4,00,000/- – 5%|
|Mode of Disbursement||The loan amount should be released in proportion to the number of years, depending upon the progress of the student. The scholar should produce a certificate from the competent authority for successful completion of academic year for further releases.|
|Scope of the scheme||The scheme will apply to deserving/ meritorious students who wish to pursue studies abroad.|
|Courses Eligible for Finance||
|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|
|Margin||Upto Rs. 4,00,000/- : NIL ; Above Rs. 4,00,000/- : 15%|
|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.|