When pursuing higher studies abroad, one of the major concerns is the finances involved in the journey. As per estimations, the number of students pursuing higher education abroad has increased tremendously. However, tuition fees and living expenses, such as food, travel expenses, accommodation, etc., are comparatively higher and are not always in everyone’s budget. Thus many students planning to pursue higher education abroad prefer taking education loans to fund these expenses. Further, another major benefit of this education loan includes tax benefits offered under section 80E of the Income Tax Act. One of the popular banks offering this type of loan is Andhra Bank. If you want to know more about Andhra Bank education loans to study abroad, eligibility requirements, interest rates, and much more, then Keep Reading!
Andhra Bank Education Loan for Studying Abroad: Eligibility Criteria
There are a few eligibility requirements that you are required to qualify for to get Andhra Bank Education Loan for studying abroad:
- You are required to be an Indian National first to avail of this loan
- You must have secured admission to a particular course in any recognized institution in India or abroad by qualifying entrance test or merit-based selection process after completing high school or any other equivalent.
- For merit-based selection, you are required to have a minimum of 65% marks in the qualifying examinations.
Must Read: Study Abroad Loan Tips
NRI Students
- You must be Indian National
- Have a minimum of 17 years of age and a maximum of 35 years.
- You must have an admission confirmation letter from any recognized institution.
- You must have secured a seat in college or university abroad.
Eligible Courses
The courses or level of courses eligible for Andhra Bank Education Loan for studying abroad.
- You must pursue graduation in any job-oriented or technical courses offered by any recognized institution.
- You must pursue a postgraduation degree such as MCA, MBA, MS, etc.
- Courses offered by professional organizations include CIMA in London, CPA in the USA, and much more.
- Graduation or post-graduation in arts, science, business administration, pharmacy, professional or technical courses, doctorate of philosophy and commerce.
Andhra Bank Education Loan for Studying Abroad Interest Rate
The rate of interest levied by the Andhra Bank education loan for studying abroad varies as per the amount. However, the idea about the approximate rate of interest is as follows;
- For an amount less than INR 7.50 Lakhs you are required to pay MCLR for one year along with 2% interest.
- For amounts above INR 7.50 Lakhs, you are required to pay MCLR for one year along with a 1.70% interest rate.
Must Read: Education Loan for Diploma Course Abroad
Loan Amount
Andhra Bank Education Loan for studying abroad is need-based on the admission or confirmation of the university subject to the maximum amount of INR 20 Lakhs.
The expenses covered in the loan amount are as follows;
- Tuition fees as mentioned in the admission letter
- Examination fees
- Project work
- Cost of stationery
- Caution deposits
- Bills or receipts less than 10% of the total tuition fees for the course involved.
- Air cost
- Health insurance
Documents Required
There are some important documents that you are required to submit as a part of the Andhra Bank Education Loan for studying abroad approval.
- Accurately filled application form.
- Address and identification proof of borrower, co-obligates, and joint borrowers
- Official transcripts
- Proof and source of parent’s income
- In the case of salaried individuals salary slips, bank records, and Income Tax Assessments for three years.
- Certification of inspection of security
- Tax Paid Receipts
- Acceptance certificate
- Study certificate or rank card
- Passport
- Visa
- Special power of attorney
Must Read: Bank of America Student Bank Account
How to contact
To pursue Andhra Bank Education Loan for Study Abroad you may visit the official website or visit the nearest bank for the latest and updated information about education loans for studying abroad. You can also contact Andhra Bank Education loan for studying abroad by dialing toll-free number-1800 425 1515.
FAQs
Ans: Individuals who wish to pursue higher education in India or another country can apply for education loans from Andhra Bank. 0.50 percent interest reduction for female students. There is no cap on the credit sum up to a 15-year loan term.
Ans: With a loan margin of 15%, SBI provides a maximum education loan of INR 30 lakhs for overseas study. You will charge up to 2% of the loan interest based on SBI’s current base rate. The loan repayment term can also range from one year to fifteen years.
Ans: A non-collateral education loan is one in which the borrower does not pledge any collateral as security to the lender. This indicates that the applicant can obtain a loan without providing collateral, such as a house, land, or anything else. You can spend up to 50 lakhs of rupees on education for students.
Are you planning to go to study abroad and worried about scholarships and funds? Our Leverage Edu experts will provide you with end-to-end assistance from the application to the Visa process. Call us at 1800 57 2000 to book a FREE 30-minute counseling session today.
