Andhra Bank Education Loan

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Why Us?

Rates as low as 9.33%
Pre-Admission Loans
Study in India / Abroad
Doorstep Service
Unsecured Loan Available

Andhra Bank Education Loan

Andhra Bank Education Loan Summary Table 

Andhra Bank Education Loan Amount For India – INR 10 Lacs
For Abroad – 20 Lacs
(Up to ₹ 7.5 lakh without collateral)
Andhra Bank Education Loan Interest Rate 9.65% per annum
Andhra Bank Education Loan Margin For loan above INR 4 Lacs
In India: 5%
In abroad: 15%
Andhra Bank Education Loan Processing Fee Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000
Andhra Bank Education Loan Security Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral or third party guaranteeAbove INR 7.50 Lacs: security with parents as co-borrower
Andhra Bank Education Loan Repayment Starts After 1 year of course completion or 6 months after getting the job

Andhra Bank Education Loan FeaturesAndhra Bank Education Loan

  1. Amount of Loan
    1. for studying in INDIA: maximum Rs.10 lakh
    2. for studying ABROAD: maximum Rs.20 lakh
  2. Collateral security for availing an education loan
    1. For Loans up to INR 7.5 Lakh – neither Collateral nor Third-Party Guarantee
    2. For Loans Above INR 7.5 Lakh – Yes, Any of the following collaterals: Residential Property, Andhra Bank Bank Fixed Deposit, LIC/NSC/KVP
  3. Loan possible up to tenure of 7 years, including moratorium time
  4. Repayment to start 1 year after course fulfillment / 6 months after obtaining employment (whichever is earlier)
  5. Loans possible for short duration/ job oriented programs also
  6. Avail the tax rebate, granted under section 80-E of the Income Tax Act 1961* for the entire interest amount paid towards your education credit.

Andhra Bank Education Loan Eligibility Criteria

Parameters 

Eligibility Criteria

Applicant’s Age

  • Non-employed personnel: Up to 35 years
  • Working employees: Up to 45 years

Who Can Apply?

  • An Indian National: With secured admission to professional courses in recognized colleges.
  • Permanent employees: Who are employed for not less than three years with any institution and have secured admissions in a reputed institute or who intend to acquire higher professional qualifications.

Maximum Loan Amount

  • In India: Up to Rs. 1,000,000
  • In Abroad: Up to Rs. 2,000,000
  • IIT’s, IIM’s, and ISB’s: Upto Rs. 4,000,000

Frequency Of Repayment

  • Quarterly or monthly rests.
  • Starts 1 year after completing the course of six months after getting a job, whichever is first.
  • Loan interest re‐payment will start quickly after disbursement of the first installment of the loan.

Repayment Period

  • Tenure: Education Loan contains a period of Study, Grace Period after the Study, and Repayment time.
  • Indian courses: Repayment tenure is a max of 12 years after the beginning of repayment.
  • Abroad courses: Repayment tenure is a max of 12 years after the beginning of repayment.

Andhra Bank Education Loan Interest Rates

Scheme Maximum Loan Amount Interest rate (p.a.)
Andhra Bank’s Education Loan for Indian Up to Rs.20 lakh 9.55% – 13.25%
Education loan for Foreign Education No Upper limit 9.55% – 13.25%

Andhra Bank Education Loan Schemes with detailed features, docs, max loan, courses

Schemes Maximum Loan Amount Interest Rates
Andhra Bank Student Loan Rs.20 lakh 10.05%
Andhra Bank Scholar Loan Rs.40 lakh 8.95% to 9.25%
Andhra Bank Global ED-Vantage Rs.1.5 crore 10.05%
Andhra Bank Skill Loan Rs.1.5 lakh 9.55%
Andhra Bank Take Over of Education Loan Rs.1.5 crore 10.05%

Andhra Bank Education Loan Documents Required

Below Know Your Customer Policy (KYC), the bank needs certain documents.

Identity Proof

Documents for Identity proof( anyone):

  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Photo Credit Card
  • Central and State Govt. issued Photo ID Proof
  • Defense ID Card.

Residence Proof

Documents for Residence proof(anyone):

  • Aadhaar Card
  • Electricity Bill
  • Ration Card
  • Passport
  • Voter’s ID Card
  • Letter from any recognized public authority
  • Telephone Bill
  • Bank Account Statement
  • Water Bill

Income Proof in case of salaried co-borrower

  • Salary Slips
  • bank account statement
  • Bank Statements
  • ITR
  • Form-16

Income proof for self-employed co-applicant

  • TDS certificate
  • Business address proof
  • IT returns for the last two years
  • Form 16A if applicable
  • Certificate of qualification
  • Bank account statement

Additional documents: Aside from KYC documents:

  Student Applicant

admission proof: A conditional application letter may be taken
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that form the basis of admission
Mandatory Passport submission
Cost of education, schedule of expenses.
2-passport size photographs
 loan account statement for the last 1 year(If the loan was taken out before).

Co-applicant

2-passport size photographs
 loan account statement for the last 1 year(If the loan was taken out before).

EMI Calculator

EMI Calculator

EMI Calculation Table

Andhra Bank: Takeover of Education Loan

An Education Loan is Portable, it is essentially a process of transferring high-interest mortgages from one to another bank and with a lower interest rate and better repayment plans.

The Andhra Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Andhra Bank also gives a 0.50% grant in the interest rate for girls.

How To Apply For Andhra Bank Education Loan

  • Minister Dialabank for an education loan.
  • Go to the Andhra Bank Education Loan side.
  • Inspect all the eligibility and papers guidelines for an education loan.
  • Fill out all the details required in the Education Loan application form.
  • Once done, our agent will soon contact you for an additional stress-free process.

FAQs For Andhra Bank Education Loan

News For Andhra Bank Education Loan

List of Approved Institutes

  • Architecture college
  • Law college
  • Medical college
  • Pharmacy college
  • Bio-technology
  • college
  • Management college
  • Engineering college
  • Science, Commerce, and Arts college
  • Physical education college
  • B.ED college