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EDUCATION LOAN – STUDY IN INDIA/ABROAD/NRI STUDENTS Special Union Education Loan Schemes for Premier Institute Abroad Studies

(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)

100% and above

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.

 

  1. 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.

 

3.     Repayment period:

3.1      180 months /15 years (After moratorium period)

 

4.     Moratorium period

  • Course period + 1 year

 

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.

 

  1. 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 is 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.

 

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

  • 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

**Conditions Apply**

**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

USA

Management Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Medical

3.

Massachusetts Institute of Technology

USA

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design and Management Courses

4.

University of California Berkeley

USA

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

USA

Management, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM, Medical Courses

7.

University of Washington

USA

Medical Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

8.

Cornell University

USA

Management, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM and Medical Courses

9.

Columbia University New York

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

10.

Johns Hopkins University

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

11.

University of Cambridge

UK

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

12.

University of Pennsylvania

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

13.

University of California Los Angeles UCLA

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

14.

Yale University

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

15.

UCL University College London

UK

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

16.

University of California San Diego

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

17.

University of Toronto

Canada

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

18.

University of Wisconsin Madison

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

19.

University of Minnesota System

USA

Medical, STEM and Management

20.

Pennsylvania State University

USA

Management

21.

Duke University

USA

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

22.

Princeton University

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

23.

New York University

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

24.

Northwestern University

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

25.

University of Texas Austin

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

26.

University of Chicago

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

27.

University of British Columbia

Canada

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

28.

Swiss Federal Institute of Technology Zurich

Switzerland

 STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

29.

University of North Carolina Chapel Hill

USA

Medical

30.

Tsinghua University 

China

Medical and STEM

31.

University of Southern California

USA

Medical, STEM and Management

32.

University of Illinois Urbana Champaign

USA

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

33.

University of Florida

USA

Medical, STEM and Management

34.

Imperial College London

UK

Medical and STEM

35.

Ohio State University

USA

Medical, STEM and Management

36.

University of California Davis

USA

Medical, STEM and Management

37.

University of California Irvine

USA

Medical, STEM and Management

38.

Carnegie Mellon University

USA

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design

39.

University of Maryland College Park

USA

STEM

40.

University of California San Francisco

USA

STEM

41.

University of Melbourne

Australia

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

42.

Purdue University

USA

STEM, and Management

43.

University of Edinburgh

UK

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

 

44.

Michigan State University

USA

STEM and Management

45.

University of Pittsburgh

USA

Medical, STEM, and Management

46.

Washington University Saint Louis

USA

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

47.

Peking University

China

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

48.

Rutgers The State University of New Jersey

USA

STEM and Management

49.

University of New South Wales

Australia

Medical, STEM and Management

50.

Texas A&M University

USA

STEM and Management

51.

Boston University

USA

Medical, STEM and Management

 

52.

National University of Singapore

Singapore

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design

53.

University of Arizona

USA

Management

54.

California Institute of Technology Caltech

USA

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

55.

University of Queensland

Australia

Medical, STEM and Management

56.

Arizona State University

USA

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

57.

University of Sydney

Australia

Medical, STEM and Management

58.

Georgia Institute of Technology

USA

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

59.

Vanderbilt University

USA

Medical, STEM and Management

60.

McGill University

Canada

Medical, STEM and Management

61.

University of Manchester

UK

Medical, STEM and Management

62.

University of Virginia

USA

Management

63.

University of Utah

USA

STEM

64.

Utrecht University

Netherland

Medical

65.

University of Tokyo

Japan

Medical and STEM

66.

Monash University

Australia

Medical, STEM and Management

67.

King's College London

UK

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

68.

University of Amsterdam

Netherland

Medical and STEM

69.

University of Alberta

Canada

Medical, STEM and Management

70.

Emory University

USA

Management

71.

University of California Santa Barbara

USA

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

72.

Universidade de São Paulo USP

Brazil

STEM

73.

University of Copenhagen 

Denmark

Medical 

74.

Brown University

USA

Medical, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

75.

Shanghai Jiao Tong University

China

STEM and Management

 

 

76.

North Carolina State University

USA

STEM and Management

77.

Zhejiang University (National Che Kiang University)

China

STEM

78.

Australian National University

Australia

Medical, STEM and Management

79.

University of Iowa

USA

STEM 

80.

Catholic University of Leuven

Nederland

 

81.

Virginia Polytechnic Institute and State University

USA

STEM

82.

Technische Universität München

Germany

STEM

83.

University of Hong Kong

Hong Kong

STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

84.

École Polytechnique Fédérale de Lausanne

Switzerland

STEM

85.

University of Groningen

Netherland

Medical

86.

Chinese University of Hong Kong

Hong Kong

Medical, STEM and Management

87.

University of Waterloo

Canada

STEM

88.

Indiana University Bloomington

USA

STEM and Management

89.

University of Leeds

UK

STEM and Management

90.

Nanyang Technological University

Singapore

STEM and Management

91.

University of Helsinki

Finland

STEM

92.

Iowa State University

USA

STEM and Management

93.

University of Massachusetts Amherst

USA

STEM and Management

94.

Universität Zürich

Switzerland

Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management

95.

University of Oslo

Norway

STEM

95.

University of Rochester

USA

STEM and Management

97.

Kyoto University

Japan

Medical and STEM 

98.

University of Calgary

Canada

Medical and Management

99.

University of Maryland Baltimore

USA

STEM and Management

100.

Tufts University

USA

Medical, STEM and Management

 

Note: The above list of Tier-I Premium Institute; as per www.webometrics.info/en/world   top 100 foreign universities across world.

  • List of Premier Institutes – For Management Course
  • List of Premier Institutes – For STEM Course

(STEM- Science, Technology, Engineering and Mathematics)

  • List of Premier Institutes – Medicals Courses
  • List of Premier Institutes – For other Education

(Law, Economics, Art, Performing Arts, Design)