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1. Eligibility
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
Tuition fee payable to college/ school/ university.
Hostel / mess charges1.
Examination/ Library/ Laboratory fee.
Insurance premium for the student borrower.
Caution deposit, building fund/ refundable deposit supported by
Institution bills/ receipts2
Travel expenses /passage money for studies abroad.
Purchase of books/ equipment’s/ instruments/ uniforms3
Purchase of computer/laptop at reasonable cost, if required for completion of the course3
Any other expense required to complete the course - like study tours, project work, thesis, etc3.
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).
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
Minimum: Rs.7.50 Lakhs
Maximum: Rs.150.00 Lakhs
4. Eligible Master’s Degrees Abroad
The courses eligible for loan in top 160 premier institutes is enclosed in Annexure -I.
5. Margin
Up to Rs.4.00 lakh: – NIL
Above Rs.4.00 lakh to Rs.40.00 lakh- 15
Above Rs.40.00 lakh to 150.00 lakh: -
If minimum 100% collateral security is offered by the borrower margin shall be NIL and Rs.10,000/- to be collected as processing charges.
In all other cases 15% margin and minimum 50% collateral security shall be obtained from borrower.
(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
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
Collateral coverage
ROI
Up to Rs.40.00 lakh
without collateral
EBLR+0.50%
Up Rs.150.00 Lakh
50% up to <100% collateral
EBLR+0.25%
100% and above collateral
EBLR
EBLR prevailing on the date of disbursement (whether partial or full) shall be applicable.
The External Benchmark shall be reset at least once in three months, or any other frequency as prescribed by Bank / RBI.
The spread will remain fixed for 3 years for the borrower. The first reset will be 3 years from the date of sanction and subsequent resets will be every 3 years from the last reset date.
The premium component will remain fixed till maturity of the loan.
No further concession for servicing interest during course & moratorium period
Servicing of interest during course & moratorium period is optional.
9. Processing charges
No processing charges to be levied.
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.
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.
A suitable stipulation to this effect should be included in the sanction letter issued to the student.
10. Legal & valuation charges
Wherever property is being mortgaged as security for educational loan, the borrower has to bear the professional fee charged by bank’s advocate for title deed verification and professional fee payable to bank’s approved valuer for valuation of the property proposed to be mortgaged.
The above charges will not be part of loan amount and has to be paid by the borrower as and when incurred.
11. Repayment period:
180 months /15 years (After moratorium period)
12. Moratorium period
Course period + 1 year
13. Co-applicant/Guarantor
Either of the parents or spouse to be made co-applicant / guarantor.
Income/means of the co-applicant / guarantor is not to be considered while sanctioning the loan.
All the formalities with regard to the co-applicant / guarantor will have to be completed before release of the loan.
RLP / Branch nearest to the place of residence of co-applicant / guarantor to complete all the required loan formalities.
Minimum CIBIL score or equivalent CIC score of the co-borrower/guarantor shall be 650 & above and -1.
Notes- SB account of parent is mandatory.
14. Security
Up to Rs.40.00 lakh: No collateral security or third-party guarantee to be taken, irrespective of the income / means of the guarantor.
*However, if collateral is offered for the loan below Rs. 40.00 Lakh interest concession available .
Above Rs.40.00 lakh: Tangible collateral security of minimum value of 50% of total loan amount and interest accumulation during the course and moratorium period, acceptable to bank. Interest concession of 0.50% is available if collateral offered is 100% or more.
The property offered as security should be in the name of borrower / co-borrower or other immediate family members or any in the name of 3rd party; can be taken as security, property owner must join in as co-applicant or offer personal guarantee.
Residual age of the property must be more than 5 years of loan tenure.
The security can be in the form of building/Govt. Securities / Public Sector Bonds/ Units of UTI, NSC, KVP, life policy, gold, and bank deposits in the name of the student / parent / guardian/other immediate family members (mother/ brother/sister/ spouse) or any other tangible security acceptable to the bank with suitable margin.
In case of existing loan, other than mortgage loan, the value of the property (as per banks approved valuer in excess of 150% of the loan outstanding (in the existing loan) can be considered towards collateral coverage of education loan.
In case of mortgage loan, the existing guidelines of 200% to continue.
In case the loan is given for creation of assets, e.g., purchase of computer / laptop the same is to be hypothecated to the bank.
Note- Collateral free loans up to Rs 40 lakhs shall be made available for the students who have secured admissions based on merit. For students who secured admissions through management quota, tangible collateral security with minimum value of 50% of total loan amount and interest accumulation during the course and moratorium period shall be stipulated.
15. Insurance
Term life insurance policy to be obtained & assigned in favour of the bank.
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.
The premium of insurance can be included in the loan amount, if requested by the student.
Branch should explore the possibility of insuring the borrowers under SUD Life’s New Sampoorna Loan Suraksha Insurance Policy. However, student may have option to approach any insurance company for lesser premium or Branch to arrange for the same.
The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student
Loan would be disbursed directly to the institute
16. OTHER CONDITIONS
**Contact our nearest Branch for more details**
Annexure -1
List of Premier Institutes / Universities & Courses Country Wise:
Sr. No.
Name of College/ University/ Institute
Country
List of Courses
1.
Harvard University
USA
Medical, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM, Management Courses and Public Policy.
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, Management Courses, and Medical.
4.
University of California Berkeley
Management Courses, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM and Medical Courses.
5.
University of Oxford
UK
Medical Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design Management and All other Courses.
6.
University of Michigan
Management, Law, Economics & Econometrics, Art, Performing, Arts, Design, STEM and 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 Pennsylvania
12.
University of Cambridge
Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and All other Courses.
13.
University of California Los Angeles UCLA
14.
Yale University
15.
UCL University College London
16.
University of Toronto
Canada
17.
University of California San Diego
18.
University of Minnesota System
Medical, STEM and Management
19.
Pennsylvania State University
Management and STEM
20.
University of Wisconsin Madison
Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Affairs.
21.
Duke University
STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management, Medical, and Public Affairs.
22.
Northwestern University
23.
New York University
Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Service.
24.
Tsinghua University
China
Medical and STEM
25.
University of Texas Austin
26.
Princeton University
27.
University of British Columbia
28.
University of North Carolina Chapel Hill
Medical, STEM, Management, Law and Medical
29.
University of Chicago
Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Studies
30.
Swiss Federal Institute of Technology Zurich
Switzerland
STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
31.
University of Southern California
32.
Peking University
33.
University of Illinois Urbana Champaign
STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Medical.
34.
Imperial College London
35.
University of Florida
Medical, STEM Management and Law
36.
Ohio State University
37.
University of California Davis
38.
University of California Irvine
39.
University of California San Francisco
STEM
40.
University of Melbourne
Australia
41.
University of New South Wales
Medical, STEM, Management and Law
42.
Washington University Saint Louis
43.
University of Maryland College Park
STEM and Management
44.
University of Edinburgh
45.
Purdue University
STEM, Management and Medical
46.
University of Pittsburgh
Medical, STEM, and Management
47.
National University of Singapore
Singapore
Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design and Management.
48.
Michigan State University
49.
Carnegie Mellon University
STEM, Law, Economics & Econometrics, Art, Performing, Arts, Design and Management.
50.
University of Sydney
51.
Rutgers The State University of New Jersey
52.
University of Queensland
53.
Texas A&M University
54.
University of Arizona
55.
Arizona State University
56.
Boston University
57.
Monash University
58.
Vanderbilt University
59.
California Institute of Technology Caltech
60.
McGill University
61.
University of Manchester
62.
Georgia Institute of Technology
63.
University of Utah
64.
University of Virginia
Management, STEM, Law and Medical
65.
Utrecht University
Netherland
66.
University of Tokyo
Japan
67.
King's College London
68.
Zhejiang University (National Che Kiang University)
69.
Universidade de São Paulo USP
Brazil
70.
Shanghai Jiao Tong University
71.
University of Alberta
72.
Emory University
73.
University of Amsterdam
74.
University of Copenhagen
Denmark
Medical
75.
University of Hong Kong
Hong Kong
STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Medical
76.
University of California Santa Barbara
77.
North Carolina State University
78.
Katholieke Universiteit Leuven (KU Leauven)
Belgium
STEM and Medical
79.
Australian National University
80.
Brown University
Medical, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and STEM
81.
Chinese University of Hong Kong
82.
University of Iowa
83.
Virginia Polytechnic Institute and State University
84.
University of Groningen
85.
University of Waterloo
86.
Technische Universität München
Germany
87.
Nanyang Technological University
88.
University of Leeds
89.
École Polytechnique Fédérale de Lausanne
90.
Universität Zürich
Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design and Management
91.
University of Helsinki
Finland
92.
University of Calgary
Medical, Management and STEM
93.
Delft University of Technology TU Delft
STEM, Medical, Design, Management
94.
University of Oslo
Norway
95.
Indiana University Bloomington
96.
University of Adelaide
97.
University of Massachusetts Amherst
98.
University of Illinois Chicago
Medical, STEM, Law, Art, Performing Arts, Design and Management
99.
Kyoto University
100.
Ghent University / Universiteit Gent
101.
Lowa State University
STEM, Management, Law and Medical
102.
University of Nottingham
103.
Aarhus University / Aarhus Universitet
STEM, Management, and Medical
104.
Ruprecht Karls Universität Heidelberg
105.
Colorado State University
106.
University of Maryland Baltimore
STEM, Management, Law and Medical.
107.
University of Rochester
108.
Universitat de Barcelona
Spain
STEM, Law, Economics & Econometrics, Art, Performing Arts, and Management
109.
Università di Bologna (Università degli Studi di Bologna)
Italy
STEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management
110.
Tufts University
111.
University of Warwick
STEM, Law, Economics & Econometrics, Art, Performing Arts, Medical and Management
112.
City University of New York
113.
Bristol University
114.
Oregon State University
115.
University of Western Australia
116.
University of Georgia
STEM, Management & Medical
117.
University of South Florida
118.
Università degli Studi di Roma La Sapienza
119.
University of Sheffield
STEM, Design, Medical and Management
120.
Lund University / Lunds Universitet
Sweden
STEM, Design, and Management
121.
University of Hawaii System
122.
Uppsala University / Uppsala Universitet
123.
University of Miami
124.
VU University of Amsterdam /
Vrije Universiteit Amsterdam
125.
University at Buffalo
STEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management.
126.
University of Tennessee -Knoxville
STEM, Management and Law
127.
Newcastle University Newcastle upon Tyne
128.
Florida State University
129.
George Washington University
130.
Queen Mary University of London
131.
Case Western Reserve University
132.
Rice university
133.
London School of Economics and Political Science
Medical, STEM, Law and Management
134.
Dartmouth college
135.
Northeastern University
136.
Temple University
137.
Cardiff University
138.
Deakin University
139.
George Mason University
140.
Macquarie University
141.
RMIT University
142.
Simon Fraser University
143.
Queen's university - Kingston
144.
University of Montreal
145.
York University
146.
Freie Universität Berlin
147.
KIT, Karlsruher Institut für Technologie
148.
Humboldt-Universität zu Berlin
149.
Ludwig-Maximilians – Universität München
150.
University of Ottawa
151.
Georgia State University
152.
IMD Business School, Lausanne
Management
153.
IE Business School, Madrid
154.
London Business School, London
155.
City Univ- Cass Business School, London
156.
INSEAD Business School France/ Singapore
France
157.
Rotterdam School of Management
Netherlands
158.
SDA Bocconi School of Management, Milan
159.
IESE Business School, Barcelona
160.
Warwick Business School (University of Warwick)
(STEM- Science, Technology, Engineering and Mathematics)
(Law, Economics, Art, Performing Arts, Design)