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(Union Education Premier Abroad)
1. Eligibility
1.1 The student should be an Indian National and Secured admission in full time Post Graduate Courses in the Premium University Abroad through entrance examinations conducted by recognized universities / institutions and other approved authorities.
2. Purpose/ Expenses considered
2.1 Tuition fee payable to college/ school/ university.
2.2 Hostel / mess charges1.
2.3 Examination/ Library/ Laboratory fee.
2.4 Insurance premium for the student borrower.
2.5 Caution deposit, building fund/ refundable deposit supported by
Institution bills/ receipts2
2.6 Travel expenses /passage money for studies abroad.
2.7 Purchase of books/ equipment’s/ instruments/ uniforms3
2.8 Purchase of computer/laptop at reasonable cost, if required for completion of the course3
2.9 Any other expense required to complete the course - like study tours, project work, thesis, etc3.
2.10 In case of University/institute in Germany, wherein these institutions/universities do not charge any tuition fee for
their course. The expenses such as cost of books, hostel & mess charges, etc can be funded subject to a minimum
margin of 30% of such expenses (irrespective of the loan amount).
2.11 Note:
Reasonable lodging and boarding charges will be considered in case the student chooses/is required to opt for outside accommodation.
These expenses can be considered subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
It is likely that expenditure under Para 2.7, 2.8 &2.9 above may not be available in the schedule of fees and charges prescribed by the college authorities. Therefore, a realistic assessment may be made of the requirement under these heads. However, the maximum expenses included under Para 2.7, 2.8 &2.9 is to be capped at 20% of the total tuition fees payable for completion of the course.
3. Quantum of Loan
3.1 Minimum: Rs.7.50 Lakhs
3.2 Maximum: Rs.150.00 Lakhs
4. Eligible Master’s Degrees Abroad
4.1 The courses eligible for loan in top 100 premier institutes is enclosed in Annexure -I.
5. Margin
5.1 15% - Irrespective of the loan amount
(Note: Any scholarship received by the student is to be treated as margin and borrower has to deposit the scholarship amount in the bank account.)
Margin should be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis. i.e. at all points of time the margin should be maintained in relation to the loan disbursed and total expenditure incurred.
6. Reimbursement of fee (for 1st year students)
If the student has paid the first term fee for securing the admission in the colleges/ universities and approaches us for loan along with reimbursement of the fee paid, then the same is permitted within 6 months of securing admission; on production of original receipt / proof of payment.
If the borrower temporarily arranges for the funds to pay the term fee during the sanction process, then the same can be reimbursed to the student, upon request and production of original receipt / proof of payment.
7. Mess charges/Living expenses
7.1 In cases where the mess charges/living expenses are not mentioned/indicated in the fee structure provided by the institute, a reasonable amount is to be considered based on the living expenses of the country. The mess charges/living expenses will be allowed within the overall sanctioned limit.
8. Interest rate:
Quantum of Loan
ROI
Collateral
Effective ROI
Up to Rs. 40 Lakh
EBLR + 0.50%
(without Collateral)
50% Up to <100%
EBLR+0.25%
100% and above
EBLR
Above Rs. 40 Lakh
EBLR+2.00%
(50% Up to <100% Collateral)
EBLR+1.50%
1. Processing charges
1.1 No processing charges to be levied.
1.2 However, an upfront fee of Rs.5000 to be charged to the student, which will be refunded if the student avails the loan within a period of 3 months from the date of sanction.
1.3 If the student does not avail the loan within a period of 3 months from the date of sanction, then the deposit of
Rs.5000 to be appropriated as processing charges.
3. Repayment period:
3.1 180 months /15 years (After moratorium period)
4. Moratorium period
5. Co-applicant/Guarantor
5.1 Either of the parents or spouse to be made co-applicant / guarantor.
Notes- SB account of parent is mandatory.
*However, if collateral is offered for the loan below Rs.40.00 Lakh interest concession is available.
7. Insurance
7.1 Term life insurance policy to be obtained & assigned in favour of the bank.
7.2 The policy should be in the name of student, for an amount not less than the loan amount and for the tenure covering course, moratorium and repayment period.
7.3 The premium of insurance can be included in the loan amount, if requested by the student.
8. OTHER CONDITIONS
**Contact our nearest Branch for more details**
List of Tier- I Premier Institutes / Universities& Courses Country wise:
Sr.No
Name of University
Country
List of Courses (Premier Institutions in Abroad)
1.
Harvard University
USA
Medical, Law, Economics & Econometrics, Art, Performing Arts, Design and STEM, Management Courses
2.
Stanford University
Management Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Medical
3.
Massachusetts Institute of Technology
STEM, Law, Economics & Econometrics, Art, Performing Arts, Design and Management Courses
4.
University of California Berkeley
Management Courses, Law, Economics & Econometrics, Art, Performing Arts, Design and STEM and Medical Courses
5.
University of Oxford
UK
Medical Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design and Management
6.
University of Michigan
Management, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM, Medical Courses
7.
University of Washington
Medical Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
8.
Cornell University
Management, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM and Medical Courses
9.
Columbia University New York
Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
10.
Johns Hopkins University
11.
University of Cambridge
12.
University of Pennsylvania
13.
University of California Los Angeles UCLA
14.
Yale University
15.
UCL University College London
16.
University of California San Diego
17.
University of Toronto
Canada
18.
University of Wisconsin Madison
19.
University of Minnesota System
Medical, STEM and Management
20.
Pennsylvania State University
Management
21.
Duke University
STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
22.
Princeton University
23.
New York University
24.
Northwestern University
25.
University of Texas Austin
26.
University of Chicago
27.
University of British Columbia
28.
Swiss Federal Institute of Technology Zurich
Switzerland
29.
University of North Carolina Chapel Hill
Medical
30.
Tsinghua University
China
Medical and STEM
31.
University of Southern California
32.
University of Illinois Urbana Champaign
33.
University of Florida
34.
Imperial College London
35.
Ohio State University
36.
University of California Davis
37.
University of California Irvine
38.
Carnegie Mellon University
STEM, Law, Economics & Econometrics, Art, Performing Arts, Design
39.
University of Maryland College Park
STEM
40.
University of California San Francisco
41.
University of Melbourne
Australia
42.
Purdue University
STEM, and Management
43.
University of Edinburgh
44.
Michigan State University
STEM and Management
45.
University of Pittsburgh
Medical, STEM, and Management
46.
Washington University Saint Louis
47.
Peking University
48.
Rutgers The State University of New Jersey
49.
University of New South Wales
50.
Texas A&M University
51.
Boston University
52.
National University of Singapore
Singapore
Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design
53.
University of Arizona
54.
California Institute of Technology Caltech
55.
University of Queensland
56.
Arizona State University
57.
University of Sydney
58.
Georgia Institute of Technology
59.
Vanderbilt University
60.
McGill University
61.
University of Manchester
62.
University of Virginia
63.
University of Utah
64.
Utrecht University
Netherland
65.
University of Tokyo
Japan
66.
Monash University
67.
King's College London
68.
University of Amsterdam
69.
University of Alberta
70.
Emory University
71.
University of California Santa Barbara
72.
Universidade de São Paulo USP
Brazil
73.
University of Copenhagen
Denmark
74.
Brown University
Medical, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
75.
Shanghai Jiao Tong University
76.
North Carolina State University
77.
Zhejiang University (National Che Kiang University)
78.
Australian National University
79.
University of Iowa
80.
Catholic University of Leuven
Nederland
81.
Virginia Polytechnic Institute and State University
82.
Technische Universität München
Germany
83.
University of Hong Kong
Hong Kong
84.
École Polytechnique Fédérale de Lausanne
85.
University of Groningen
86.
Chinese University of Hong Kong
87.
University of Waterloo
88.
Indiana University Bloomington
89.
University of Leeds
90.
Nanyang Technological University
91.
University of Helsinki
Finland
92.
Iowa State University
93.
University of Massachusetts Amherst
94.
Universität Zürich
95.
University of Oslo
Norway
University of Rochester
97.
Kyoto University
98.
University of Calgary
Medical and Management
99.
University of Maryland Baltimore
100.
Tufts University
Note: The above list of Tier-I Premium Institute; as per www.webometrics.info/en/world top 100 foreign universities across world.
(STEM- Science, Technology, Engineering and Mathematics)
(Law, Economics, Art, Performing Arts, Design)