| Tanstia FNF Services
Dr Pattabhi Vidya Jyothi Scheme
(Educational loan for study in India and abroad)
Eligibility:
- Age :
- 12-30 years for studies in India
- 18 to 35 years for study in other countries
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 Tuition 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-Nil
- 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
Interest:
- Upto Rs.4.00 Lacs--@BMPLR + Term Premia (0.25%) - Presently (10.75%)
- Above Rs.4.00 lacs BMPLR + 1 + Term Premia (11.75%)
- (BMPLR at present: 10.5% & Term premia 0.25%)
- Concession of 0.50% for women for sanctions after 01.07.05
- Wherever Andhra Bank has entered into MOU rate of interest charged is 9%
(Institutions entered into MOU are ISB, IIRM, BITS PILANI, BITS, BITS PILANI GOA, IPE, ICFAI, GOA INSTITUTE OF MANAGEMENT, K J Somaiya Institute of Management Studies & Research)
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 |
Up to Rs.2.00 lacs BMPLR + 1.00% 10.50 % |
| |
Exceeding Rs.2.00 At BMPLR 11.50% |
| Repayment |
No change. Repayable in 60 monthly installments
Commencing after one month from the date of advance |
| |
Security of value equal to the loan amount, in the form of: |
| |
NSCs , KVP - face value |
| |
LIC Policy - surrender value |
| |
Govt. securities, Debentures |
| Security |
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.
|
| Co obligation |
NOT REQUIRED |
| Employment & balance of service |
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 |
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 |
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.(Educated Youth for Taking Employment Abroad)
| Quantum of finance |
Interest rate |
| Upto Rs.1.00 lakh |
BMPLR (10.50%) |
| Current BMPLR is 10.50 % |
|
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