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.

2. 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.

3. QUANTUM OF LOAN:

Maximum Upto Rs. 200.00 lakhs.

4. 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.

5. INTEREST RATE:

Quantum	Collateral coverage	ROI
Up to Rs.40.00 lakh	without collateral	EBLR+1.00%
Up Rs.200.00 Lakh	50% up to <100% collateral	EBLR+0.75%
	100% and above collateral	EBLR

6. PROCESSING CHARGES:

NIL

7. REPAYMENT PERIOD:

180 months /15 years (After moratorium period)

8. Moratorium period:

Course period + 1 year

9. CO-APPLICANT/GUARANTOR:

a. Either of the parents or spouse to be made co-applicant / guarantor.

b. Income/means of the co-applicant / guarantor is not to be considered while sanctioning the loan.

c. If the parent / spouse has not accompanied the student at the time of application / sanction, the formalities with regard to the co-applicant / guarantor such as obtaining credit information, guarantee bond, etc. can be complied with subsequently.

d. All the formalities with regard to the co-applicant/guarantor will have to be completed before release of loan.

e. For the sake of convenience, RLP / Branch nearest to the place of residence of co-applicant / guarantor to complete all the formalities, in case the co-applicant / guarantor does not accompany the student to the institute or is not present at the city where the applicant is presently employed. Otherwise, the RLP / Branch at the institute city or city where applicant is presently employed can complete the co-applicant / guarantor formalities at the time of sanction of loan. The due diligence formalities have to be completed by RLP / Branch nearest to permanent place of residence of the co-applicant / guarantor.

f. Minimum CIC score or equivalent CIC score of the co-borrower/guarantor shall be 650 & above and -1.

10. 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 is available if collateral offered is 100% and above.

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 any 3^rd party; can be taken as security, property owner(s) must join in as co-applicant or offer their 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 to 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.

11. 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.

12. 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.

13. EDUCATION LOAN EMI CALCULATOR

Please Click herefor 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
	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
1	PGIMER Chandigarh – Postgraduate Institute of Medical Education & Research	PG Courses (MS & MD)
2	CMC Vellore- Christian Medical College	MBBS, MD/MS
3	National Institute of Mental Health and Neurosciences, Bangalore	MBBS & Post Graduate Courses
4	SGPGIMS Lucknow - Sanjay Gandhi Postgraduate Institute of Medical Sciences	Post graduate courses
5	Amrita Vishwa Vidyapeetham, Coimbatore	MBBS, MD/MS
6	BHU Varanasi - Banaras Hindu University	MBBS, MD/MS
7	JIPMER Puducherry - Jawaharlal Institute of Postgraduate Medical Education and Research	MBBS, MD/MS
8	KGMU Lucknow - King George's Medical University	MBBS, MD/MS
9	KMC Manipal - Kasturba Medical College	MBBS, MD/MS
10	SCTIMST Trivandrum - Sree Chitra Tirunal Institute for Medical Sciences and Technology	MD/MS
11	St. Johns Medical College, Bangalore	MBBS, MD/MS
12	Sri Ramachandra Institute of Higher Education and Research, Chennai	MBBS, MD/MS
13	AMU Aligarh - Aligarh Muslim University	MBBS, MD/MS
14	MMC Chennai - Madras Medical College	MBBS, MD/MS
15	Maulana Azad Medical College, New Delhi	MBBS, MD/MS
16	VMMC - Safdarjung Hospital - Vardhman Mahavir Medical College and Safdarjung Hospital	MBBS, MD/MS
17	DPU Pune - Dr DY Patil Vidyapeeth, Pune	MBBS, MD/MS
18	SRM University Chennai - SRM Institute of Science and Technology	MBBS, MD/MS
19	LHMC Delhi - Lady Hardinge Medical College for Women	MBBS, MD/MS
20	KMC Mangalore - Kasturba Medical College	MBBS, MD/MS
21	JSS Medical College, Mysore	MBBS, MD/MS
22	Jamia Hamdard University, New Delhi	MBBS, MD/MS
23	DMCH Ludhiana - Dayanand Medical College and Hospital	MMBS, MD/MS
24	SIMATS Chennai - Saveetha Institute of Medical and Technical Sciences	MBBS, MD/MS
25	GMCH Chandigarh - Government Medical College and Hospital	MBBS, MD/MS
26	UCMS Delhi - University College of Medical Sciences University of Delhi	MBBS, MD/MS
27	Medical College, Kolkata	MBBS, MD/MS
28	PSGIMSR Coimbatore - PSG Institute of Medical Sciences and Research	MBBS, MD/MS
29	Datta Meghe Institute of Medical Sciences, Wardha	MBBS, MD/MS
30	MS Ramaiah Medical College, Bangalore	MBBS, MD/MS
31	SMS Medical College Jaipur - Sawai Man Singh Medical College Jaipur	MBBS, MD/MS
32	SCB Medical College, Cuttack	MBBS, MD/MS
33	Annamalai University, Annamalai Nagar Tamilnadu	MBBS, MD/MS
34	Padmashree Dr. DY.Patil Vidyapeeth Mumbai	MBBS, MD/MS
35	RIMS Imphal - Regional Institute of Medical Sciences	MBBS, MD/MS
36	K.S.Hegde Medical Academy, Mangaluru	MBBS, MD/MS
37	Mahatma Gandhi Medical College & Research Institute, Puducherry	MBBS, MD/MS
38	JNMC Belgaum - Jawaharlal Nehru Medical College	MBBS, MD/MS
39	Tirunelveli Medical College, Tirunelveli Tamilnadu	MBBS, MD/MS
40	Kalinga Institute of Medical Sciences, Bhubaneshwar	MBBS, MD/MS
41	Seth GS Medical College & KEM Hospital, Mumbai	MBBS, MD/MS
42	Bangalore Medical College & Research Institute, Bengaluru	MBBS, MD/MS
43	Lokmanya Tilak Municipal Medical College & General Hospital, Mumbai	MBBS, MD/MS
44	Osmania Medical College, Hyderabad	MBBS, MD/MS
45	Mahatma Gandhi Institute of Medical Sciences, Wardha	MBBS, MD/MS
46	Christian Medical college, Ludhiana	MBBS, MD/MS
47	SDM College of Medical Sciences & Hospital Dharwad, Karnatka	MBBS, MD/MS
48	Trichy SRM Medical College Hospital & Research Centre, Tiruchirappalli	MBBS, MD/MS
49	Army College of Medical Sciences, New Delhi	MBBS
50	Chalmeda Anand Rao Institute of Medical Sciences, Karimnagar	MBBS, MD/MS
51	Era’s Lucknow Medical College & Hospital, Lucknow	MBBS, MD/MS
52	Dr. Rajendra Prasad Government Medical College, Kangra Himachal Pradesh	MBBS, MD/MS
53	Shri Ram Murti Smarak Institute of Medical Sciences, Bareilly	MBBS, MD/MS
54	Sikkim Manipal Institute of Medical Sciences, Gangtok	MBBS, MD/MS
55	Dy Patil Medical College, Kolhapur	MBBS, MD/MS
56	Dr. Pinnamaneni Siddhartha Institute of Medical Sciences & Research Foundation, Vijayawada	MBBS, MD/MS
57	Siksha ‘O’ Anusandhan, Bhubaneswar	MBBS, MD/MS
58	Maharishi Markandeshwar Institute of Medical Science, Mullana Haryana	MBBS, MD/MS
59	Bharati Vidyapeeth Medical College, Pune	MBBS, MD/MS
60	Chettinad Hospital and Research Institute, Kelambakkam (Chennai) Tamilnadu	MBBS, MD/MS
61	Pondicherry Institutes of Medical Sciences, Puducherry	MBBS, MD/MS
62	Sri Guru Ram Das Institute of Medical Sciences & Research, Amritsar	MBBS, MD/MS
63	LN Medical College & Research Centre, Bhopal	MBBS, MD/MS
64	Mahatma Gandhi Mission Institute of Health Sciences/ Mahatma Gandhi Mission Medical College and Hospital, Navi Mumbai	MBBS, MD/MS
65	Maeer’s Maharastra Institute of Medical Education & Research Medical College, Pune	MBBS, MD/MS
66	Krishna Institute of Medical Sciences Deemed University, Karad Maharastra	MBBS, MD/MS
67	Narayana Medical College, Sri Potti Sriramulu Nellore (A.P.)	MBBS, MD/MS
68	Kempegowda Institute of Medical Sciences, Bangalore	MBBS, MD/MS
69	Goa Medical College & Hospital, Bambolim Goa	MBBS, MD/MS
70	Himalayan Institute of Medical Sciences, Dehradun	MBBS, MD/MS