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Our Bureau

Hyderabad , July 1

ANDHRA Bank has tied-up with the Institute of Public Enterprise (IPE), a city-based premier business school, for offering education loans to the students of IPE at concessional interest rates.

An agreement to this effect was signed between the Andhra Bank Chairman and Managing Director, Mr K. Ramakrishnan, and the IPE Director, Prof R.K. Mishra, here.

Andhra Bank would offer loans of up to Rs 3 lakh per student at 9 per cent fixed interest, which carries additional incentive of 50 basis points if the interest was serviced during the gestation period and further concession of 50 basis points for prompt repayment. Addressing a gathering of IPE faculty, students and their parents, Mr Ramakrishnan announced that the bank would offer further concession of 50 basis points on loans to the women students pursuing their studies at IPE.

Stating that the bank had earlier entered into similar agreements with a number of premier educational institutions such as Indian School of Business, BITS Pilani and ICFAI, he said modalities were also being worked out with various other institutions.

According to the Andhra Bank Executive Director, Mr R. Balakrishnan, the bank has an education loan portfolio of Rs 511 crore at the end of March 2005 and was aiming to reach Rs 760 crore by the current fiscal-end.

Apart from supporting the students, the bank is also nurturing educational institutions. It has so far extended around Rs 433 crore of loans to the institutions, he said.

The Andhra Bank General Manager, Mr A.L. Nageswara Rao, said the bank has emerged as the second leading public sector bank in the country in terms of extending education loans.

The banking system in the country has extended a total of around Rs 6,130 crore of loans to 4.32 lakh students, while the banks in Andhra Pradesh sanctioned Rs 1,425 crore of education loans.

Andhra Bank alone has sanctioned Rs 758 crore of loans covering 37,000 students, with outstanding education loans at Rs 511 crore as at the end of March 2005.

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