Education and Career Forum

Hi everyone, I was searching for an education loan scheme for studying MS in Abroad. After searching I thought that applying an education loan from Andhra Bank is fine for me as I have an account in this bank. But I am unable to understand the prepayment fine. Can I know about this particular term?

Originally Posted by Unregistered

Hi everyone, I was searching for an education loan scheme for studying MS in Abroad. After searching I thought that applying an education loan from Andhra Bank is fine for me as I have an account in this bank. But I am unable to understand the prepayment fine. Can I know about this particular term?

No penalty (fine) will be charged for prepayment of an education loan under Andhra Bank education loan scheme.

Moratorium Period or Repayment Holiday – Course period + 1 year or 6 months from employment (whichever is earlier)

Candidates can contact the bank branch for more details or can find the details in the website link given Click Here

Andhra Bank Education Loan does not carry any prepayment fine. For loan up to INR 4 lacs, there is no security required. For loan above Rs. 4 lacs and upto 7.5 lacs, the parents or the guardian will be the co-applicant and acts as primary debtor. Above Rs. 7.5 lacs, tangible collateral will be accepted as security by the bank with the third-party guarantee.