Andhra Bank, IIIT ink MoU for education loans

Hyderabad, Jul 5 (UNI) Andhra Bank today signed an MoU with the International Institute of Information Technology (IIIT) to provide loans to the institute students.

Andhra Bank Chairman and Managing Director K Ramakrishnan and IIIT Director Professor Rajeev Sanghal signed the MoU.

In his address, Mr Ramakrishnan said under the MoU the bank will offer education loans at a consessional rate of 9.50 per cent to undergraduate and post-graduate students.

The bank aimed to provide education loans to the students to the tune of Rs 1,250 crore by March 2007, he said adding the state credit plan allocation for such advances had been fixed at Rs 925 crore for Andhra Pradesh during 2006-07, a press release said here.

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