United Education Loan Scheme
We are now at your doorstep to support your pursuit for excellence. Our Educational Loan Scheme has been designed to meet your expenses for higher studies in India and abroad. If you are an Indian National and secured an admission to any of the following academic/ professional/ technical courses through Entrance Test/ Selection process in a Board/ Institution/ University. Courses Eligible for Study in India:

• Post Graduation Courses : Masters and Ph.D.
• Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
• Computer Certificate Courses of reputed Institutes accredited to Dept. of Electronics or Institutes affiliated to University.
• Courses like ICWA, CA, CFA, etc.
• Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc.
• Courses offered in India by reputed foreign Universities.
• Evening Courses of approved Institutes.
• Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Courses Eligible for Study Abroad

• Graduation : For job-oriented professional/ technical courses offered by reputed Universities.
• Post Graduation : MCA, MBA, MS, etc.
• Courses conducted by CIMA - London, CPA in USA etc.

Quantum of Loan

• For study in India : Max. Rs. 10 lac
• For study abroad : Max. Rs. 20 lac

Other Rules Expenses covered by the Loan

• Fees payable to College/ School/ Hostel.
• Examination/ Library/ Laboratory Fee.
• Purchase of Books/ Equipments/ Instruments/ Uniforms.
• Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts.
• Travel Expenses/ Passage Money for studies abroad.
• Purchase of Computers : Essential for completion of the Course.
• Any other expenses required to complete the Course like study tours, project work, thesis, etc.

Repayment of Loan
For loans upto Rs.7.5 lakhs- not exceeding 10 years. For loans above Rs. 7.5 lakhs- not exceeding 15 years. If loan size is less than Rs.4 lacs and student’s income is sufficient enough to service EMI, the repayment period may be fixed up within a period upto 7 Years in consultation with the borrowers. Life Insurance Coverage
To ensure security to student's and borrower's life and against their loan liability and additional loan component for payment of one-time premium for such credit life insurance coverage may be sanctioned by bank on request from the customer. Note
The accrued interest during repayment holiday period is to be added to the principal and EMI for repayment of loan is fixed. Security

• Upto Rs. 4.00 Lacs : No Security (only co-obligation of parents)
• Above Rs. 4.00 Lacs and upto Rs. 7.50 lakh: Third party guarantee along with co-obligation of parents.
• Above Rs. 7.50 lacs: Co-obligation of parents together with tangible collateral security of suitable value along with the assignment of future income of student for payment of installments.

Note

• Assignment of future income of student for repayment of loan to be done in all cases.
• The document should be executed by both the student and the parent/ guardian.
• The security may be of mortgage of land/ building/ paper securities or unencumbered portion of already mortgaged land/ building on 2nd charge basis provided the value of the same covers the required loan amount.
• In case the loan is given for purchase of Computer, the same is to be hypothecated to the Bank.

Eligibility
The student of Indian national to pursue admission to a professional/technical course through entrance test / merit based selection process either inland or abroad.

Courses
Courses conducted by reputed Indian/foreign institutions.

Concession
1.00% interest concession is allowed during morotorium peirod only if the interest is serviced monthly & regularly during the moratorium period.

Margin
1. For loan upto Rs. 4.00 lac - Nil
2. For loan above Rs. 4.00 lac
a) For study in India - 5%
b) For study abroad -15%

Processing Charge
a) For study in India: Nil
b) For Abroad: 0.20% of loan amount.

Security
a) Up to Rs. 4 lac: No Security (only co-obligation of parents)
b) Above Rs.4 Lac & upto Rs.7.50 lac: Third party guarantee along with co-obligation of parents.
c) Above Rs. 7.50 lac: Tangible collateral security along with co-obligation of parents.

‘In all cases there would be undertaking for attachment of future income’

Interest Subsidy

• for the eligible students (parental family income less than Rs. 4.50 lac p.a.)only
• for the academic session 2009-10 (i.e. loan sanctioned & disbursed on and after 01.04.2009 and thereafter)
• for Interest paid during moratorium period only
• subject to fulfillment of terms and conditions of the scheme

Repayment
The loan is to be repaid in 10 to 15 years after moratorium period depending on courses.

Management Quota:
Quantum of Loan : Min. Rs. 5 lakh (max. As per normal education loan scheme) Rate of Interest : As per interest rates under UEL. Margin - 25% Security - Cover entire loan by liquid security/ mortgage of property Moratorium period - Course period plus 1 year, or 6 months after getting job whichever is earlier) Repayment Period : Max.5 years irrespective of loan amount after completion of moratorium period. *Study of MBA or similar courses nominated by the employer: To be disposed of in terms of guidelines of Management Quota. Repayment of EMIs shall be ensured from the employer either through deduction from pay bill or from the salary disbursement account maintained with the bank. No moratorium period shall be allowed. In the event terminal benefits are attached, the sanctioning authority may consider to waive insistence of security
Disclaimer:
     Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.