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Renewal of Special Scheme for Students of ISB for PGPM Course &
Executive Courses- PGP-PRO & PGP-MAX
Academic Year 2023-2024  UNION EDUCATION SCHEME
Renewal of Special Scheme for Students of ISB for PGPM Course & Executive Courses- PGP-PRO & PGP-MAX
(Academic Year 2023-2024)

 

 

 

Feature

Details (PGPM Course)

1

Eligibility

Students who secure admission in Indian School of Business (ISB) at Hyderabad / Mohali campus for the academic year 2023-24 only for the Post Graduate Programme in Management (PGPM) course.


The scheme does not cover executive courses (other than PGP-PRO & PGP-MAX) and short duration courses / programmes at ISB.

2

Purpose

To meet tuition fees, cost of books, caution deposit (refundable)*, hostel charges, mess charges, desktop/laptop/tablet**, living expenses, insurance premium, student exchange programme, admission acceptance fee, etc.

Note:

*Student to deposit security deposit to the loan account immediately on refund from the institute. An undertaking to be obtained from the student in this respect.

**Desktop/laptop/tablet cost can be reimbursed to the student if it was purchased for the purpose of study at ISB.

3

Quantum of Loan

Rs.46.50 lakh


Note:

Maximum quantum mentioned above is inclusive of Rs.4.00 lakh for Student Exchange Programme. This can be considered initially or as and when student requires.

4

Margin

Nil

Note: However, any expenses over and above maximum quantum of loan to be borne by the borrower.

5

Rate of Interest

EBLR-1.10%

Rate of Interest mentioned above is applicable for both male and female students.

No further concession/rebate for servicing interest during course/moratorium period is to be allowed.

Servicing of interest during course/moratorium period is optional. 

If the loan is taken over by any other bank/FI, then normal education loan rate of interest, as applicable on the date of sanction, to be charged ab-initio. However, no take over charges to be levied. 

6

Course Duration

1 year

7

Processing charges

Nil

8

Repayment period

Maximum repayment tenure (after course/moratorium period) will be 15 years.

 

9

Moratorium period

Course period + 1 year 

10

Co-Applicant

/ Guarantor

Nil 

11

Security

No collateral security or third-party guarantee is required, irrespective of the loan amount. 

12

Insurance 

Term life insurance policy to be obtained & assigned in favour of the bank.

The policy should be in the name of student, for a sum not less than the loan amount and for the tenure covering course, moratorium and repayment period.

The premium of the insurance can be included in the loan amount if requested by the student subject to maximum limit.

Insurance to be mandatory as there is no other security proposed/available. However, student may have the option to approach any insurance company for lesser premium or branch to arrange for the same.

13

2nd educational loan 

Students, who have earlier availed educational loan from our or any other bank for graduation studies, may approach us for sanction of (second) educational loan under this special scheme. As most of the students would have completed a few years of employment, they may continue to repay or may request for a repayment holiday from the bank with whom the loan is outstanding. In such cases, the guidelines are as under: 

If the repayment of the first loan is yet to commence, anyone of the following to be ensured:

Repayment holiday to be extended for first loan by the bank concerned.

Student / Parents/Spouse to undertake repayment of loan.

If the repayment of the first loan has commenced, both the following conditions are to be ensured:

Account status is 'Regular' as on date of sanction of loan for ISB study.

Repayment holiday to be obtained for first loan or student / parents to undertake repayment of the same.

In both the above scenarios, it should be ensured that the total of outstanding balance of first loan and the limit proposed to be sanctioned under the special educational loan scheme for ISB (for academic year 2023-24) should not exceed maximum quantum of loan specified in Point No. 3 as above. 

14

Take-over of education loan of ISB students

To permit the following:

To permit takeover of educational loans of only those students who have availed housing loan from our bank and are in standard category (outstanding) with us. 

If the student is having housing loan (in standard category) with any other bank / FI, then take over of his/her loan taken for studies at ISB be permitted if and only if he/she is willing to shift his/her housing loan also to us (even if the loans are from two different banks/FIs).

15

Other Terms & Conditions

NRI students are not covered under the scheme.

Passport details, if any and PAN details to be obtained mandatorily before completion of course and to be updated in system.

All other terms & conditions as per Union Education Scheme for studies in India to be complied with.

16

Loan for 2nd term of academic year 2023-24

The loan can also be granted if the student applies for 2nd term fee along with reimbursement of 1st term fee (academic year 2023-24). 

The admission acceptance fee and laptop/tablet expenses in such cases will not be reimbursed. 

 

 

 

Feature

Details (PGP-PRO & PGP-MAX)

1

Eligibility

Students who secure admission in Indian School of Business (ISB) at Hyderabad, Mohali, Mumbai, Bangalore, New Delhi campus for executive courses for the academic year 2023-24 only for following courses:

Post Graduate Programme in Management for Working Professionals (PGP-PRO)

Post Graduate Programme in Management for Senior Executives (PGP-MAX)

The scheme does not cover any other executive courses and short duration courses / programmes at ISB.

2

Purpose

To meet tuition fees, caution deposit (refundable)*, recreation and library fee, alumni fund contribution, insurance premium, admission acceptance fee, etc.

Note:

*Student to deposit security deposit to the loan account immediately on refund from the institute. An undertaking to be obtained from the student in this respect.

3

Quantum of Loan

PGP-PRO

Rs. 31.00 lakh 

PGP-MAX

Rs. 43.00 lakh


4


Margin

PGP-PRO

15%

However, any expenses over and above maximum quantum of loan as mentioned in page 3 to be borne by the borrower.

PGP-MAX

15%

5

Rate of Interest


PGP-PRO

EBLR-1.10%   (Upto Rs. 20.00 lakhs)

EBLR-0.80%   (Above Rs. 20.00 lakhs)


PGP-MAX

EBLR-1.10%   (Upto Rs. 20.00 lakhs)

EBLR-0.80%   (Above Rs. 20.00 lakhs)

Rate of Interest mentioned above is applicable for both male and female students.

No further concession/rebate for servicing interest during course/ moratorium period is to be allowed.

Servicing of interest during course/moratorium period is mandatory.

If the loan is taken over by any other bank/FI, then normal education loan rate of interest, as applicable on the date of sanction, to be charged ab-initio. However, no take over charges to be levied. 



6

Course Duration

PGP-PRO

18 months

PGP-MAX

15 months

7

Processing charges

Nil

8

Repayment period

PGP-PRO: Maximum repayment tenure (after course) will be 15 years or up to the 60 Yrs age of borrower whichever is earlier.


PGP-MAX: Maximum repayment tenure after course will be 15 years or up to the 60 Yrs age of borrower whichever is earlier.

9

Moratorium period

PGP-PRO – Course Period, i.e. 18 Months

 PGP-MAX – Course Period, i.e. 15 Months

10

Co-Applicant

/ Guarantor

Parent or spouse to be made co-applicant or personal guarantor.

Income/means of the co-applicant not to be reckoned for sanctioning the loan

11

Security

No collateral security or third-party guarantee is required, irrespective of the loan amount. However, in cases where no spouse / parent is there, third party guarantee with adequate means to be obtained. 

12

Insurance 

Term life insurance policy to be obtained & assigned in favour of the bank.

The policy should be in the name of student, for a sum not less than the loan amount and for the tenure covering course, moratorium and repayment period.

The premium of the insurance can be included in the loan amount if requested by the student subject to maximum limit.

Insurance to be mandatory as there is no other security proposed available. However, student may have the option to approach any insurance company for lesser premium or branch to arrange for the same.

13

2nd educational loan 

Students, who have earlier availed educational loan from our or any other bank for graduation studies, may approach us for sanction of (second) educational loan under this special scheme. As most of the students would have completed a few years of employment, they may continue to repay or may request for a repayment holiday from the bank with whom the loan is outstanding. In such cases, the guidelines are as under: 

If the repayment of the first loan is yet to commence, anyone of the following to be ensured:

Repayment holiday to be extended for first loan by the bank concerned.

Student / Parents/Spouse to undertake repayment of loan.

If the repayment of the first loan has commenced, both the following conditions are to be ensured:

Account status is 'Regular' as on date of sanction of loan for ISB study.

Repayment holiday to be obtained for first loan or student / parents to undertake repayment of the same.

In both the above scenarios, it should be ensured that the total of outstanding balance of first loan and the limit proposed to be sanctioned under the special educational loan scheme for ISB (for academic year 2023-24) should not exceed maximum quantum of loan specified in  Point No. 3  as above . 

14

Take-over of education loan of ISB students

To permit the following:

To permit takeover of educational loans of only those students who have availed housing loan from our bank and are in standard category (outstanding) with us. 

If the student is having housing loan (in standard category) with any other Bank / FI, then take over of his/her loan taken for studies at ISB be permitted if and only if he/she is willing to shift his/her housing loan also to us (even if the loans are from two different banks/FIs).

15

Other Terms & Conditions

No moratorium period to be considered except course period. Repayment to start from the next month of completion of the course.

Letter of consent/ NOC from Employers to be obtained to pursue for the programme. 

Interest to be serviced during moratorium as the students will be working professionals and earning salaries

Life insurance cover equivalent to the loan amount is mandatory. Preferably to be done with our channel partners under Tie up arrangement with our Bank.

IT return/salary certificate/employment certificate to be obtained to assess the present earnings.

Proportionate margin to be obtained.

Branches should note and feed in the system the actual date of commencement of recovery so that compounding rate of interest is charged after course / moratorium period. 

NRI students are not covered under the scheme

Passport details, if any and PAN details to be obtained mandatorily before completion of course and to be updated in system.

All other terms and conditions as per Special Union Education Scheme for ISB students to be complied with

All other terms & conditions as per Union Education Scheme for studies in India to be complied with.

16

Loan for 2nd term of academic year 2023-24

The loan can also be granted if the student applies for 2nd term fee along with reimbursement of 1st term fee (academic year 2023-24). 

The admission acceptance fee and laptop/tablet expenses in such cases will not be reimbursed. 

 

 

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