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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 150 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%

9. Processing charges

9.1 No processing charges to be levied.

9.2 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.

9.3 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.

11. Repayment period:

11.1 180 months /15 years (After moratorium period)

12. Moratorium period

  • Course period + 1 year

13. Co-applicant/Guarantor

13.1 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.

15. Insurance

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

15.2 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.

15.3 The premium of insurance can be included in the loan amount, if requested by the student.

16. 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**

Annexure I

List of Tier- I 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

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, Management Courses, and Medical.

4.

University of California Berkeley

USA

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

USA

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

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, Management and Public Affairs.

19.

University of Minnesota System

USA

Medical, STEM and Management

20.

Pennsylvania State University

USA

Management and STEM

21.

Duke University

USA

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

22.

Princeton University

USA

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

23.

New York University

USA

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

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, Management and Public Studies

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, STEM, Management, Law and 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, Management and Medical.

33.

University of Florida

USA

Medical, STEM Management and Law

34.

Imperial College London

UK

Medical, STEM and Management

35.

Ohio State University

USA

Medical, STEM and Management

36.

University of California Davis

USA

Medical, STEM Management and Law

37.

University of California Irvine

USA

Medical, STEM and Management

38.

Carnegie Mellon University

USA

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

39.

University of Maryland College Park

USA

STEM and Management

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, Management and Medical

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, Management and Law

50.

Texas A&M University

USA

STEM and Management

51.

Boston University

USA

Medical, STEM, Management and Law

52.

National University of Singapore

Singapore

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

53.

University of Arizona

USA

Management and STEM

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, STEM, Law and Medical

63.

University of Utah

USA

STEM

64.

Utrecht University

Netherland

Medical, STEM and Management 

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, STEM, Law and Medical

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, Management and STEM

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, Management and Law

79.

University of Iowa

USA

STEM 

80.

Catholic University of Leuven

Nederland

STEM

81.

Virginia Polytechnic Institute and State University

USA

STEM

82.

Technische Universität Mnchen

Germany

STEM

83.

University of Hong Kong

Hong Kong

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

84.

École Polytechnique Fédérale de Lausanne

Switzerland

STEM

85.

University of Groningen

Netherland

Medical, STEM and Management.

86.

Chinese University of Hong Kong

Hong Kong

Medical, STEM and Management

87.

University of Waterloo

Canada

STEM and Management 

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, Management, Law and Medical

93.

University of Massachusetts Amherst

USA

STEM and Management

94.

Universität Zrich

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, Management and STEM

99.

University of Maryland Baltimore

USA

STEM, Management, Law and Medical.

100

Tufts University

USA

Medical, STEM and Management

101

London School of Economics and Political Science

UK

Medical, STEM, Law and Management

102

Tulane University

USA

STEM, Management, Law and Medical

103

Binghamton University - SUNY

USA

STEM, Management and Medical

104

Dartmouth college

USA

STEM, Management and Medical

105

Florida State University

USA

STEM, Management and Medical

106

Maastricht University

Netherland

STEM, Management and Medical

107

Newcastle University

UK

STEM, Management and Medical

108

The University of Adelaide

Australia

STEM, Management and Medical

109

The University of Western Australia

Australia

STEM, Management and Medical

110

University of Miami

USA

STEM, Management and Medical

111

University of Texas - Arlington

USA

STEM, Management and Medical

112

Iowa state university

USA

STEM and Medical

113

Katholieke Universiteit Leuven (KU Leauven)

Belgium

STEM and Medical

114

New York Institute of Technology

USA

STEM and Medical

115

Boston College

USA

STEM, Management and Law

116

Case Western Reserve University

USA

STEM, Management and Law

117

Fordham University

USA

STEM, Management and Law

118

Northeastern University

USA

STEM, Management and Law

119

Temple University

USA

STEM, Management and Law

120

University of Georgia

USA

STEM, Management and Law

121

University of Tennessee -Knoxville

USA

STEM, Management and Law

122

Brandeis University

USA

STEM and Management

123

Cardiff University

UK

STEM and Management

124

College of William and Mary

USA

STEM, Management and Public Administration

125

Colorado State University

USA

STEM and Management

126

Deakin University

Australia

STEM and Management

127

EDHEC

France

STEM and Management

128

ESSEC

France

STEM and Management

129

George Mason University

USA

STEM and Management

130

George Washington University

USA

STEM and Management

131

Georgia State University

USA

STEM and Management

132

Loughborough University

UK

STEM and Management

133

Macquarie University

Australia

STEM and Management

134

Massachusetts Institute of Technology (MIT)

USA

STEM and Management

135

Michigan Technological University

USA

STEM and Management

136

Queen Mary University of London

UK

STEM and Management

137

Queen's university - Kingston

Canada

STEM and Management

138

Rice university

USA

STEM and Management

139

RMIT University

Australia

STEM and Management

140

Simon Fraser University

Canada

STEM and Management

141

Southern Methodist University

USA

STEM and Management

142

University of Montreal

Canada

STEM and Management

143

University of Ottawa

Canada

STEM and Management

144

York University

Canada

STEM and Management

145

Frankfurt school of finance and management

Germany

Management

146

HEC Paris

France

Management

147

Freie Universität Berlin

Germany

STEM

148

Humboldt-Universität zu Berlin

Germany

STEM

149

KIT, Karlsruher Institut fr Technologie

Germany

STEM

150

Ludwig-Maximilians – Universität Mnchen

Germany

STEM

151

IMD Business School, Lausanne

Switzerland

Management

152

IE Business School, Madrid

Spain

Management

153

London Business School, London

UK

Management

154

City Univ- Cass Business School, London

UK

Management

155

INSEAD Business School France/ Singapore

France

Management

156

Rotterdam School of Management

Netherlands

Management

157

SDA Bocconi School of Management, Milan

Italy

Management

158

IESE Business School, Barcelona

Spain

Management

159

Warwick Business School (University of Warwick)

UK

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)