Chaitanya Grameena Bank and Godavari Grameena Bank sponsored by Andhra Bank merged to form a single Regional Rural Bank with its Head Office at Guntur, Andhra Pradesh. Chaitanya Godavari Grameena Bank was thus established on 01.03.2006.
Purpose: This education loan finances higher studies in India and abroad.
Eligibility: The applicant must be an Indian citizen of within ages of 16 to 30 and must have secured admission for the higher studies. In case of studies abroad, the applicant must have a valid visa and passport also.
Quantum of Loan: The maximum amount that can be granted as loan is decided on the repayment capacity of the student and/or parent. The maximum loan granted for studies in India is Rs. 7.5 lakhs and for studies abroad is Rs. 15 lakhs. Cost of computer up to Rs. 50,000 may be considered in some cases.
Margin: Up to loans of Rs. 4 lakhs there is no margin. There is a margin of 5% for studies in India and 15% for studies abroad in case of loans above Rs. 4 lakhs.
Repayment: Repayment has to be done in 60 Monthly Installments after a holiday period of 1 year after course period or 6 months after getting job, whichever is earlier.