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General

Special Union Education Loan

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 charges^1.

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
Quantum of Loan	ROI	Collateral	Effective ROI
Up to Rs. 40 Lakh	EBLR + 0.50% (without Collateral)	50% Up to <100%	EBLR+0.25%
Up to Rs. 40 Lakh	EBLR + 0.50% (without Collateral)	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.

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.

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 3^rd 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