EDUCATION LOAN SCHEME - UMUCB EDUCATION
|Purpose of Loan||For pursuing higher studies, in India & Abroad|
|Eligibility||Student should be an Indian National having secured admission to Professional / Technical courses through entrance test / selection process. Age: 16-35 years. The Mother / Guardian shall be the Principal Borrower and Major Student shall be the Co-borrower.|
|Nature of Facility||Term Loan|
|Calculation of Eligible Loan Amount||For payment of Tuition fees, Hostel fees, caution deposit, refundable deposit, admission, examination, library, laboratory, cost of books, equipments, uniforms, computer, if necessary.
One-way air passage in case of studies abroad.
Reimbursement of admission fees, cost of books, airfare etc., if already incurred, within 2 month for studies in India and 3 months for abroad.
|Maximum loan amount||Rs.10 Lac for studies in India.
Rs.20 Lac for studies Abroad.
|Margin||Loan Amount up to Rs. 2 Lac: NIL
Loan amount above Rs.2 Lac - In India 5%
(Scholarship may be included in margin.)
|Rate of Interest
(Irrespective of Amount of Loan and Place of study i.e. India or Abroad)
|Normal Student||IIT/ IIM/ PMT Students|
- Interest shall have to be serviced during the study period when Repayment Holiday is specified.
- Interest shall be calculated at simple basis during Repayment Holiday / Moratorium Period.
- Interest will be compounded on monthly rests from the due date of first instalment.
|Disbursement||Payment directly to college / hostel / mess / airlines etc. In appropriate cases disbursement to be made to borrowers subject to satisfactory evidence. Original receipts to be submitted.|
|Repayment||Repayment to commence 12 months after completion of course / studies or 6 months after securing job, whichever is earlier. Maximum period of repayment of loan shall be 5 to 6 years. Repayment on EMI basis.|
|Important Note||There should be LIC Policy of Loan amount in the name of the student in all loan accounts.|