Home You are here : path  General path General path Special Union Education Loan Scheme for Premier Medical Institutes

EDUCATION LOAN – STUDY IN INDIA/ABROAD/NRI STUDENTS  Special Union Education Loan Scheme For Premier Medical Institutes (UNION MEDICOS)

  1. ELIGIBILITY:

Students who secure admission in full time medical courses (MBBS, MD, MS) in the premier institutes mentioned in the list through entrance examinations.

Eligible Colleges and Courses under this scheme are detailed in Annexure-I.

  1. PURPOSE:

To meet tuition fees, cost of books, caution deposit*, hostel charges, mess charges, equipment’s such as desktop/laptop**, living expenses, insurance premium, admission acceptance fee etc.

  • *Student to deposit the money in the loan account immediately on refund from the institute. An undertaking to be obtained from the student in this respect.
  • **Laptop/desktop maximum amount Rs.1.00 lakh can be considered, and it is to be purchased after getting admission and for study purpose at these institutes.
  1. QUANTUM OF LOAN:

Maximum Upto Rs. 200.00 lakhs.

  1. MARGIN:

10% - 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.

  1. INTEREST RATE:

Scheme

Quantum

ROI 

Collateral 

Effective ROI 

Union Medicos

Upto Rs.40 lakh 

EBLR + 1.50% 

(Without Collateral) 

50% Upto100% 

EBLR+1.25% 

100% and above 

EBLR+1.00% 

Above Rs.40 lakh 

EBLR+2.00 % (50% upto100% collateral)

100% and above 

EBLR+1.50 % 

  1. PROCESSING CHARGES:
  • NIL
  1. REPAYMENT PERIOD:
  • 180 months /15 years (After moratorium period)
  1. Moratorium period:
  • Course period + 1 year
  1. CO-APPLICANT/GUARANTOR:
    1. Either of the parents or spouse to be made co-applicant / guarantor.
    2. Income/means of the co-applicant / guarantor is not to be considered while sanctioning the loan.
    3. Minimum CIC score or equivalent CIC score of the co-borrower/guarantor shall be 650 & above and -1.
  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% and above.

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.

  1. 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.
  1. LOANS TO STUDENTS IN SUBSEQUENT YEARS:
  • The loan can also be granted to the students, who seek a loan in the subsequent years / terms and who have not availed educational loan from other bank / FI for the initial years.
  • The earlier year fees and desktop/laptop expenses would not be reimbursed.
  • The loan will include tuition fees, cost of books, hostel charges, mess charges, living expenses, insurance premium etc. for the subsequent years.
  • All other terms & conditions will be as per the Union Education Scheme for Inland Studies.
  1. EDUCATION LOAN EMI CALCULATOR

**Conditions Apply**

**Contact our nearest Branch for more details**

LIST OF THE PREMIER MEDICAL INSTITUTES

Sr No.

Name of the College/ University

Courses offered

1

All AIIMS (All India Institute of Medical Sciences) at different locations across the country

MBBS (Graduate Courses) and PG Courses (MD, MS) in several streams

2

PGIMER Chandigarh – Postgraduate Institute of Medical Education & Research

PG Courses (MS & MD)

3

CMC Vellore- Christian Medical College

MBBS, MD/MS

4

National Institute of Mental Health and Neurosciences, Bangalore

MBBS & Post Graduate Courses

5

SGPGIMS Lucknow - Sanjay Gandhi Postgraduate Institute of Medical Sciences

Post graduate courses

6

Amrita Vishwa Vidyapeetham, Coimbatore

MBBS, MD/MS

7

BHU Varanasi - Banaras Hindu University

MBBS, MD/MS

8

JIPMER Puducherry - Jawaharlal Institute of Postgraduate Medical Education and Research

MBBS, MD/MS

9

KGMU Lucknow - King George's Medical University

MBBS, MD/MS

10

KMC Manipal - Kasturba Medical College

MBBS, MD/MS

11

SCTIMST Trivandrum - Sree Chitra Tirunal Institute for Medical Sciences and Technology

MD/MS

12

St. Johns Medical College, Bangalore

MBBS, MD/MS

13

Sri Ramachandra Institute of Higher Education and Research, Chennai

MBBS, MD/MS

14

AMU Aligarh - Aligarh Muslim University

MBBS, MD/MS

15

MMC Chennai - Madras Medical College

MBBS, MD/MS

16

Maulana Azad Medical College, New Delhi

MBBS, MD/MS

17

VMMC - Safdarjung Hospital - Vardhman Mahavir Medical College and Safdarjung Hospital

MBBS, MD/MS

18

DPU Pune - Dr DY Patil Vidyapeeth, Pune

MBBS, MD/MS

19

SRM University Chennai - SRM Institute of Science and Technology

MBBS, MD/MS

20

LHMC Delhi - Lady Hardinge Medical College for Women

MBBS, MD/MS

21

KMC Mangalore - Kasturba Medical College

MBBS, MD/MS

22

JSS Medical College, Mysore

MBBS, MD/MS

23

Jamia Hamdard University, New Delhi

MBBS, MD/MS

24

DMCH Ludhiana - Dayanand Medical College and Hospital

MMBS, MD/MS

25

SIMATS Chennai - Saveetha Institute of Medical and Technical Sciences

MBBS, MD/MS

26

GMCH Chandigarh - Government Medical College and Hospital

MBBS, MD/MS

27

UCMS Delhi - University College of Medical Sciences University of Delhi

MBBS, MD/MS

28

Medical College, Kolkata

MBBS, MD/MS

29

PSGIMSR Coimbatore - PSG Institute of Medical Sciences and Research

MBBS, MD/MS

30

Datta Meghe Institute of Medical Sciences, Wardha

MBBS, MD/MS

31

MS Ramaiah Medical College, Bangalore

MBBS, MD/MS

32

SMS Medical College Jaipur - Sawai Man Singh Medical College Jaipur

MBBS, MD/MS

33

SCB Medical College, Cuttack

MBBS, MD/MS

34

Annamalai University, Annamalai Nagar Tamilnadu

MBBS, MD/MS

35

Padmashree Dr. DY.Patil Vidyapeeth Mumbai

MBBS, MD/MS

36

RIMS Imphal - Regional Institute of Medical Sciences

MBBS, MD/MS

37

K.S.Hegde Medical Academy, Mangaluru

MBBS, MD/MS

38

Mahatma Gandhi Medical College & Research Institute, Puducherry

MBBS, MD/MS

39

JNMC Belgaum - Jawaharlal Nehru Medical College

MBBS, MD/MS

40

Tirunelveli Medical College, Tirunelveli Tamilnadu

MBBS, MD/MS

41

Kalinga Institute of Medical Sciences, Bhubaneshwar

MBBS, MD/MS

42

Seth GS Medical College & KEM Hospital, Mumbai

MBBS, MD/MS

43

Bangalore Medical College & Research Institute, Bengaluru

MBBS, MD/MS

44

Lokmanya Tilak Municipal Medical College & General Hospital, Mumbai

MBBS, MD/MS

45

Osmania Medical College, Hyderabad

MBBS, MD/MS

46

Mahatma Gandhi Institute of Medical Sciences, Wardha

MBBS, MD/MS

47

Christian Medical college, Ludhiana

MBBS, MD/MS

48

SDM College of Medical Sciences & Hospital Dharwad, Karnatka

MBBS, MD/MS

49

Trichy SRM Medical College Hospital & Research Centre, Tiruchirappalli

MBBS, MD/MS

50

Army College of Medical Sciences, New Delhi

MBBS

51

Chalmeda Anand Rao Institute of Medical Sciences, Karimnagar

MBBS, MD/MS

52

Era’s Lucknow Medical College & Hospital, Lucknow

MBBS, MD/MS

53

Dr. Rajendra Prasad Government Medical College, Kangra Himachal Pradesh

MBBS, MD/MS

54

Shri Ram Murti Smarak Institute of Medical Sciences, Bareilly

MBBS, MD/MS

55

Sikkim Manipal Institute of Medical Sciences, Gangtok

MBBS, MD/MS

56

Dy Patil Medical College, Kolhapur

MBBS, MD/MS

57

Dr. Pinnamaneni Siddhartha Institute of Medical Sciences & Research Foundation, Vijayawada

MBBS, MD/MS

58

Siksha ‘O’ Anusandhan, Bhubaneswar

MBBS, MD/MS

59

Maharishi Markandeshwar Institute of Medical Science, Mullana Haryana

MBBS, MD/MS

60

Kasturba Medical College, Manipal Karnatka

MBBS, MD/MS

61

Bharati Vidyapeeth Medical College, Pune

MBBS, MD/MS