UMUCB HOLIDAY LOAN SCHEME

Eligibility

Individuals aged between 21 to 58 years:
Salaried employees / Professionals / Self-employed / Businessman / Staff members

Type of Advance

Demand Loan (Reducible as per repayment schedule)

Quantum of advance

Minimum: Rs.50000/-
Maximum : Rs.2 Lac

Maximum Eligibility

Net take home pay / income (net of EMI of existing and proposed loan(s) should not be less than 50% of the gross monthly salary / income of applicant(s).

Purpose

To meet the expenses (like Air / Train / Bus Fare, expenses for accommodation, sightseeing, etc.) for going for pilgrimage / tours / excursions etc. undertaken / to be undertaken by Self / spouse / children / parents / family members of the applicant / borrower within India or abroad.

Margin

25% of the proposed expenditure / requirement.

Repayment

Maximum in 24 Equated Monthly Instalments subsequent to the month of first disbursement from loan account.

Security

For Loan up to Rs.1 Lac:
Liquid securities like FDR / LIC Policy / Govt. Securities, NSC, KVP. to the extent of 90 % of Surrender value of securities.
Third Party Guarantee with worth of Guarantor(s) not less than Loan amount.

For Loan exceeding Rs.1 Lac:
1. Equitable /Registered mortgage of immovable property, and / or liquid securities like FDR / LIC Policy / Govt. Securities, NSC, KVP, Bonds etc to the extent of 90% of Surrender value of such securities exceeding Rs.1 Lac.
2. Third Party Guarantee with worth of Guarantor(s) not less than the Loan amount.

Interest Rate (Floating)

Secured Portion of Loan: As per decision of Board from time to time

Processing Charges

Rs. 500/- per proposal

Terms and conditions apply:

  • Applicant should have Travel Insurance policy.
  • In case of International tour the passport & tourist visa to be produced for verification along with documents.
  • Finance is available in Indian rupees only.
  • Post-dated cheques should be obtained for entire EMIs.

Copy of estimates given by Travel agency/tour operator should accompany application form Loan at the sole discretion of The Udaipur Mahila Urban Cooperative Bank Ltd All disputes arising out of this scheme shall be decided by the Courts under Udaipur jurisdiction. For further information, please contact the nearest Branch of the Bank.

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.20 Lac for studies in India.

Rs.25 Lac for studies Abroad.

Margin

Loan Amount up to Rs. 2 Lac: NIL

Loan amount above Rs.2 Lac - In India 5%

Abroad 15%

(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

Female

As per Board Decision from time to time

As per Board Decision from time to time

Note:

  • 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 7 years Repayment on EMI basis.

Security

Upto Rs. 5 Lac :

1.  Third party Guarantee to the satisfaction of the Bank

2.  Co-obligation of parents/ guardians

3.  Assignment of future income of the student for payment of instalments

Important Note: Above Rs. 5 Lac :

Collateral security of suitable value to the satisfaction of the Bank

Third party Guarantee to the satisfaction of the Bank

Co-obligation of parents/ guardians

Assignment of future income of the student for payment of instalments

There should be LIC Policy of Loan amount in the name of the student in all loan accounts.

Terms & Conditions apply: Loan at the sole discretion of The Udaipur Mahila Urban Cooperative Bank Ltd.

All disputes arising out of this scheme shall be decided by the Courts under Udaipur jurisdiction.