Annexure -A-A
Contents of H.O. Circular No. RBD/UELS/9/OM-0186/11-12 dated 22 ndnd July, 2011
Sub : United Superb Education Loan Scheme The costs of study associated with the premier institutions in the country are on an unprecedented rise. Different Institutions fix up course fees taking into consideration the related cost of programme (course specific), placement record and the emoluments received by the students. To stay in tune with the requirements of a rapidly transforming education system and to cater the needs of the students of the premier institutes of higher learning where the track record of employability and earning potential of passed out students are very high, our Bank has decided to introduce a new scheme under the title of ‘United Superb Education Loan’.. The details of the said scheme are as follows: Name of the Scheme United Superb Education Loan Scheme Purpose To Pursue studies in India in IITs, IIMs and other Premier Intuitions Quatum of Loan Maximum loan limit upto Rs. 20 lakhs Rate of Interest Floating: For IITs, IIMs & ISB students: (a) BR + 0.50% (10.50%); during the course period & BR+1.00% (11.00%) after repayment holiday (course period + 1 year or 6 months after getting job, whichever is earlier) For others : b) BR + 2.00% (12.00%) Concession for 0.50% p.a. in rate interest.
Repayment Holiday Course period + 1 year or 6 months after securing employment, whichever is earlier
Delivery Channel Loan from Designated Branch (wherever the Bank will decide)/ Branch nearest to the place of residence. Before sanction the designated Branch at the camp will get in touch with Branch nearest to place of residence to ascertain distance from Branch (30 kms) to ensure subsequent follow up of loans. If it is beyond 30 kms, loan should not be sanctioned. Such loan account shall be transferred to branch nearer to the place of residence of co-borrower (after completion of course) to maintain tracking of student and to ensure follow up.
Life Insurance Coverage of student life shall be mandatory. Additional loan coverage component may be extended for payment of premium.
Other features All other existing features & norms of United Education Loan Scheme will remain applicable for United Superb Education Loan Scheme.
Selection of Institutes (Courses): The list of premier institutes approved under erstwhile United Excell Education loan domicile, the prudent decision to extend loan by disbursing branch in concurrence with the concerned Regional Office is to be taken. 03. Branch Managers will exercise D.P. in terms of delegated financial powers. However, the proposal beyond the limit of the DP of the Branch Manager / hub in-charge shall be forwarded to the Regional Authority duly recommended for sanction. 04. The student should provide his PAN No. or/and his/her parents / guardian / guarantor PAN No. or permanent address proof over and above other certificates confirming his/her identity proof, residential address (with e-mail address, Residential Phone No. Mobile Phone No. and Date of Birth) & other particulars. Every year student will submit a declaration confirming his/her permanent address and parents’ employment status/addresses along with documentary proof, in case of any change in contact details. 05. Copy of passport is to be taken and kept on record. In case not available, same should be produced before disbursement of 22ndnd year fee. 06. Branch will collect details of employer/campus placement record of student and keep track with the employer/borrower.
Regions/Branches/field functionaries should undertake massive campaign to publicize United Superb Education Loan scheme and approach institutes to put up camps in order to market the scheme for sizable growth in the portfolio. TOP 25 BUSINESS SCHOOLS FOR SUPERB EDUCATION LOAN SCHEME (Annexure-B) S.No NAME OF COLLEGES LOCATION 1.1. Indian Institute of Management, (IIM A) Ahmedabad
2.2. Indian Institute of Management, (IIM C) Calcutta
3.3. Indian Institute of Management, (IIM B) Bangalore
4.4. Indian Institute of Management (IIMI) Indore
5.5. Indian Institute of Management (IIMK), Kozhikode
6.6. Indian Institute of Management (IIML) Lucknow
7.7. Department of Management Studies, IIT (Delhi) Delhi
8.8. Indian Institute Of Foreign Trade New Delhi
9.9. Xavier Labour Relations Institute (XLRI) Jamshedpur
10. Rajiv Gandhi Institute Of Management Shillong
11. Indian School of Business (ISB) Hyderabad
12. Vinod Gupta School of Management(VGSOM)-IIT Kharagpur Kharagpur
13. Jamnalal Bajaj Institute of Management Studies (JBIMS)- (for 2 year full time Mumbai MBA) 14. S.P. Jain Institute of Management and Research (SPJIMR)- (for 2 year Mumbai full time MBA) 15. Tata Institute of Social Sciences Mumbai TOP 50 ENGINEERING INSTITUTES FOR SUPERB EDUCATION LOAN SCHEME (Annex-B) 1 IIT Kanpur Kanpur 2 IIT Kharagpur Kharagpur 3 IIT Bombay Mumbai 4 IIT Madras Chennai 5 IIT Delhi Delhi 6 BITS Pilani Pilani 7 IIT Roorkee Roorkee 8 IT-BHU Varanasi 9 IIT Guwahati Guwahati 10 College of Engg, Anna University Guindy 11 Jadavpur University, Faculty of Engg & Tech Calcutta 12 Indian School of Mines Dhanbad 13 NIT Warangal 14 BIT, Mesra Ranchi 15 NIT Trichy 16 Delhi College of Engineering New Delhi 17 Punjab Engineering College Chandigarh 18 NIT Suratkal 19 Motilal Nehru National Inst. of Technology Allahabad 20 Thapar Inst of Engineering & Technology Patiala 21 Bengal Eng and Science University, Shibpur Howrah 22 Maulana Azad National Institute of Technology Bhopal 23 PSG College of Technology Coimbatore 24 NIT Raipur 25 Harcourt Butler Technological Institute Kanpur 44 Coimbatore Institute of Technology Coimbatore 45 NIT Hamirpur 46 IIIT Allahabad 47 NIT Patna 48 NIT Durgapur Durgapur 49 College of Engineering Trivandrum 50 Mumbai University Inst of Chemical Tech Mumbai
TOP 25 MEDICAL COLLEGES Annexure -B SI. NO NAME OF COLLEGES LOCATION 1 AIIMS Delhi 2 Armed Forces Medical College Pune 3 Christian Medical College Vellore 4 JIPMER Pondicherry 5 Kasturba Medical College Manipal 6 Lady Harding Medical College Delhi 7 Maulana Azad Medical College Delhi 8 Grant Medical College Mumbai 9 St. John’s Medical College Bangalore 10 Madras Medical College Chennai 11 Stanley Medical College Chennai 12 King George Medical University Lucknow 13 B.J. Medical College Ahmedabad Annexure-C
Contents of H.O. Circular No. RBD/UEL/ 26 /OM-0381 /11-12 dtd 20th Sept.11
Sub: Revised Guidelines for United Educational Loan Scheme Ref: 1) HO Circular No. CPPMI/ADV/RCD/EL/101/OM-158/2001 dated 09.07.01 2) HO Circular No. RBD/25/OM-396/2004 dated 09.11.04 3) HO Circular No. RBD/UEL/1/OM-11/07-08 dated 01.04.08
The Bank introduced a Model Educational Loan Scheme in the year 2001 which was revised in the year 2004 and again in 2008 in terms of guidelines of IBA and directives received from RBI for extension of financial assistance to deserving / meritorious students to help pursue higher education in India and Abroad.
The model Education Loan Scheme is developed by the Indian Banks’ Association to help meritorious students pursue higher education in technical and professional courses. As the focus is on development of human capital, repayment of the loan is expected to come from future earnings of the student after completion of education. Hence the assessment of the loan will be based on employability and earning potential of the student upon completion of the course and not the parental income/family wealth.
The Bank received IBA communication on modification of Model Education Loan Scheme for pursuing higher Education in India and Abroad for implementation. The revised scheme of IBA addresses the concerns of bankers Annexure - I
Details of revised guideline of United Educational Loan Scheme
It aims at providing need-based finance to meritorious student for taking up higher education.
1. Objectives of the scheme : The word “meritorious” is a relative term. The following parameters are to be decided before considering proposal under United Educational Loan Scheme.
(a) If the student has obtained admission to an eligible course through a merit based selection process, he/she could be considered a meritorious student. (b) Where the admission is purely based on the marks scored in qualifying examinations, the bank has fixed a cut-off marks ( 70% marks in XII standard examination) for loan eligibility. (c) Management seats or management quota refers to the seats in private education institutions for which the management has discretion to give admission on factors other than merit. Usually for the management seats the only requirement would be passing of the qualifying examination with certain minimum stipulated marks. It is logical to interpret that these seats do not qualify for being called “meritorious”. Hence any loan considered for students getting admission under management quota would outside the present model scheme of Education Loan of the Bank. (A) For Study in India: i) Approved courses leading to Graduate / Post Graduate degree and PG diplomas conducted by recognized college/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc. ii) Courses like ICWA, CA, CFA, etc. iii) Courses conducted by IIMs, IITs, IISC, XLRI, NIFT,NID etc. iv) Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India. v) Approved courses offered in India by reputed foreign Universities. vi) Other job oriented courses leading to technical/ professional degrees, po stst graduate degrees/ diplomas offered by recognized institutions may also be appraised by the Bank depending on future prospects/recognition by user institution.
Note: Vocational Training and skill development study courses will not be covered under the scheme as this scheme is framed to provide bank loans for higher education.
While processing Educational Loans of students for Higher Education in India, the common difficulties faced by the Branches are like accreditation status of professional courses like MBA, Engg. etc., information about fake Colleges / Universities etc. In this regard, a list of statutory bodies / professional councils like University Grant commission (UGC), All India Council for Technical Education (AICTE), Medical Council of India (MCI) etc. giving all relevant information is given under. f)f) Indian Nursing Council(INC): www.mohfw.nic.in g)g) Council of Architecture :www.coa-india.org h)h) National Informatic Centre : www.education.nic.in,, i)i) Association of India Universities : www.aiuweb.org j) j) Others including Foreign Institutes: www.wikipedia.org,
(B) For Study Abroad i) Graduation: For job- oriented professional/technical courses offered by reputed Universities. ii) Post Graduation: MCA, MBA, MS, etc. iii) Courses conducted by CIMA- London, CPA in USA etc. iv) Degree/ diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/ aboard for the purpose of employment in India / abroad.
For ready reference the Branch/ R.O. is advised to visit website : www.webometrics.info
A list of various official websites related to three countries viz. Australia, United Kingdom, United States of America is given herein below The websites will provide comprehensive and up to date information about their education system and addresses and all relevant issues pertaining to foreign students wanting to study in their country. For countries other than these, the Branches/ R.O.s are c) Council for Higher Education Accredition (CHEA) – www.chea.org
4. Expenses to be considered for loan : i) i) Fees payable to College/Hostel (Reasonable lodging and boarding charges. ii) Examination/Library/Laboratory Fee. iii) Travel Expenses/Passage Money for studies abroad. iv) Insurance premium for student borrower, if applicable. v) Caution Deposit, Building Fund/Refundable Deposit supported by Institution Bills/Receipts subject to condition that the amount does not exceed 10% of total tuition fees of the entire course. vi) Purchase of Books/Equipments/Instruments/Uniforms.*** vii)Purchase of Computer at reasonable cost, if required for completion of the course.*** viii)Any other expenses required to complete the course like study tours, project work, thesis, etc.***
*** It is likely that expenditure under Item Nos. vi, vii & viii above may not be available in the schedule of fees and charges prescribed by the college authorities. Therefore, a realistic assessment may be made of the requirement under these heads. However, the maximum expenses included under vi, vii & viii may be capped at 20% of the total tuition fees payable for completion of the course.
5.Quantum of loan: Need based finance to meet the expenses worked out as per para 4 above will be considered taking into account margins as per para 6 subject to the following b) Above Rs.4 lac and upto Rs.7.5 lac : Co-obligation of parents together with collateral security in the form of a suitable third party guarantee. The branch may at its discretion in exceptional cases waive third party guarantee if satisfied with the net-worth/means of parent who would be executing the documents as joint borrower. c) Above Rs.7.5 lac : Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
Note :- i) The document should be executed by both the student and the parent/guardian as joint-borrower. ii) Assignment of future income of the students for repayment of loan instalments to be ensured in all cases. iii) The security can be in the form of land / building / Govt. securities /Public sector Bonds/units of UTI,NSC,KVP,LIC policy gold, shares/mutual fund units/ debentures, bank deposit in the name of student / parent/guardian or any other third party or any other tangible security acceptable to the bank with suitable margin. iv) Wherever the land/building is already mortgaged, the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount. v) In case the loan is given for purchase of computer the same to be hypothecated to the Bank.
8.Interest on loan : (floating rate linked with Bank’s BR) (ii) Penal interest @2% to be charged for overdue amount and overdue period irrespective of any loan amount.
9.Insurance : Life insurance coverage is provided to education loan borrowers during the tenure of the loan against payment of one time premium under ‘United Shiksha Suraksa’. The scheme provides security not only to the customers’ life (including co-borrower) but also against their loan liability. The premium is to be realized from the borrower in cash or by debiting his/her SB A/c or C/D A/c maintained with the Branch. It may also be debited to his/her loan account as an additional loan component (to be included in project cost) to be sanctioned by the concerned sanctioning authority of the original loan against his/her written request. The insurable limit will be equivalent to the sum total of loan amount and the projected interest for the moratorium period. The detailed guidelines in this regard have been provided vide H.O. Circular No. BANCASSU/C-2/OM- 419/2006-07 dated 28.10.2006. The premium chart is modified time to time to suit the requirement of the borrowers.
10. Appraisal: In the normal course, while appraising the loan, the prospects of future income of the student will be looked into.
Applications will be received directly at the Branch and process the proposal. However, the Bank has introduced a system of submission of on-line application. The applicant student shall be guided to visit Bank’s website at www.unitedbankof india.com and to go to the link on-line education loan. From Normally loan application will be accepted by the Branch nearest to the residence of parents.
The Manager of the Branch will consider proposal on its own merit and sanction the same under the existing Discretionary Power delegated by the Bank to them according to their respective scale of pay as per HO Circular No. CPPMI/ADV/378/OM-0916/10-11 dated 18.03.2011 and as per revised guidelines from HO from time to time. However, the proposal beyond the limit of the Discretionary Power of the Branch Manager shall be forwarded to the Regional Authority duly recommended for sanction.
12.Disbursement :
1. The loan is to be disbursed in stages as per requirement /demand directly to the Institutions/Hostel authority/Vendors of books /equipments/instruments to the extent possible. 2. No application for educational loan received should be rejected without the concurrence of the next higher authority.
13.Repayment of loan : The sanctioning authority may fix up repayment of the loan in equated monthly instalments as under:
For loans upto Rs. 7.5 lakhs -not exceeding 10 years; For loans above Rs. 7.5 lakhs -not exceeding 15 years; (iv) In cases the student discontinues the course midway, appropriate repayment schedule is to be worked out in consultation with the student/parent. (v) No prepayment penalty will be levied for prepayment of loan any time during the repayment period.
14.Documentation: The document should be executed by both the student and the parent/guardian. An irrevocable letter of authority is to be obtained from the borrower – student authorising his parents / guardian and co-loanee to acknowledge balance confirmation by the parents/guardian and such acknowledgment will be considered as acknowledgment signed by him also.
15. Processing Charges:
a) For study in India: Nil b) For studies abroad: 0.20% of the loan amount to be levied at the time of processing for sanction and will be refunded if the loan is availed by the student. In case of partial availment of loan, refund of processing fees on pro-rata basis will be made.
16.Capability Certificate: Capability Certificate can also be issued for students going abroad for higher studies. For this financial and other supporting documents may be obtained from applicant, if required.
(Some of the Foreign Universities require the students to submit a certificate may be referred to Head Office with specific recommendation of concerned Regional Head for approval.
19. Other Conditions: a) Meritorious Students: Branches willing to support highly & exceptionally meritorious/deserving students without security may refer the proposal to Head Office with specific recommendation of concerned Regional Manager. b) Multiple Loans in a family: In case of receipt of application for more than one loan for student-borrower from a family, it is to be noted that the limit is not for family wise but individual wise. That means, any number of applicants belonging to the same family may be sanctioned loans upto Rs. 4 lakh individually without insisting for any security. Existence of an earlier education loan to the brother(s) and/or sister(s) will not affect the eligibility of another meritorious student from the same family obtaining education loan as per this scheme from the bank. c) Minimum Age: No specific restriction with regard to age of the student to be eligible for education loan. No loan application & loan documents are to be signed by the minor student. The parent/guardian will sign and execute the documents in two capacities i.e. for self as co-obligant and also on behalf of the minor student. On attaining majority the student will execute the Deed of Ratification in respect of all agreements and documents executed by the parent/guardian on his/ her behalf. d) Change of address: In case of student staying with parent and where such parents have transferable job or there is any change of address, the student-borrower has to intimate the same to the financing branch as and No security is required to be taken for a loan limit upto Rs 4 lac after taking into account the sum of two loans availed) v) Sanctioning authority to the top up loan shall be the concerned Regional Head and concerned Branch Head shall recommend the proposal to their RO for consideration on merit. vi) 2nd loan shall be considered on merit and case to case basis keeping in view academic background, performance in the existing course, scope of future employment / earning capacity to repay the entire loan, etc vii) The borrower must service the interest during moratorium period (existing loan as well as extended). In case where interest is not serviced, total accumulated interest in the form of balance in excess of sanctioned limit shall be got serviced before exercising such extension. viii) The sanctioning authority shall also ascertain that the borrower has the capacity to service interest monthly and regularly and shall ensure that the further study is of good standard as per course specified in education loan scheme. ix) Life insurance cover for the entire amount of loan under United Shiksha Suraksha Scheme is mandatory. x) The repayment of the loan will commence after the completion of the second course and further moratorium period, as provided under the scheme. f)Co-obligator: The co-obligator should normally be parent(s) / guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parents / parents-in-law. j)The student should strive to secure suitable employment after the Course is completed. As soon as he secures employment, he should furnish the Bank with full particulars of such employment including income therefrom. The parent/guardian must give an undertaking that he/she/they will inform the Bank about such employment within 15 days of getting job.
k)The student shall follow all the rules and regulations laid down by the Institutions where he will prosecute studies and shall maintain such dignity and honour, as is expected of an student pursuing higher education.
l)The student must produce permission of the Foreign University accepting the student for enrollment or letter of admission from the Foreign University.
m) As per present RBI directive, outward remittance upto US $1.00 lac per resident Indian per annum may be allowed freely on the basis of simple declaration (which is subject to changes). However, the non- AD branches should contact their respective link B category AD Branch for the purpose of remittance.
n) The loan to the students will be granted by way of Term Loan.
20. Disposal of Loan Applications: Loan applications have to be disposed of within a period of 15 days to 1 month, but not exceeding the time norms stipulated for disposing of loan applications under priority sector lending.
21.Accounting Procedure: a) Disbursement of Educational Loan should be effected at the bank branch where the student has permanent residence/domicile (command area - 10 kms radius of .the Branch; in exceptional cases concerned Regional Head will accord necessary permission on merit and case to case basis) b) The student should provide either his/her PAN No. or his/her parents’ PAN No or permanent address proof over and above other certificates confirming residential address and other particulars. c) Parents/guardians should be made co-obligant. d) In case of existing accounts under tie-up arrangement, loans are to be transferred to nearest branch of the place of domicile. e) Arrangement should be made with the institution to furnish the name of the recruiting authority at the time of campus recruitment compulsorily.
23.Other operational guidelines : The student borrower with whom the Bank officials would be dealing would be young boys/girls. They therefore need special sympathetic treatment and care at the hand of our officials. The operating staff should bear in mind that the loans under the Scheme would be given to the future intellectuals of the country with a social objective and not on commercial consideration.
All other usual conditions and formalities are to be followed as per rules/directives/guidelines of Reserve Bank of India /IBA /HO as amended from time to time. Frequently Asked Questions
The field level functionaries often raise some questions. In order to satisfy them the following FAQs with Answers are provided.
Q1. What criteria should be adopted to recognize courses like Nursing, Teacher Training, B.ED for the purpose of grant of education loan and the fees to be considered for such courses ?
Ans. Teacher Training/Nursing/B.Ed courses will be eligible for education loan provided the training institutions are approved either by the Central Government or by State Government and such courses should lead to Degree or Diploma course and not to Certification courses. The revised Model Educational Loan Scheme (2011) covers only merit channel seats for these courses. Banks have been considering study loans to students getting admissions to above mentioned courses under management quota as part of model education loan scheme in the past subject to the condition that the fee considered for assessment of loan was the fee stipulated by the regulatory authority concerned for merit seats in the respective college/institutions. The revised model scheme recognizes only merit based admissions. Ans. Repayment of the education loan is based on the future earning potential of the student. Going by the spirit of the scheme, limit of Rs. 4.0 lakh collateral free loan is student specific and not family specific. There is no restriction on giving a second or third collateral free loan to other siblings when one of the siblings has already taken a collateral free loan.
Q.4 How to consider request from students who have to stay outside the college campus due to non availability of hostel accommodation? Ans. Bank could consider reasonable lodging and boarding expenses, for the purpose of fixing loan limit under the scheme, in case the student is not in a position to get allotment for hostel accommodation within the campus and is required to stay outside the campus in private accommodation.
Q5. Whether the repayment period could be extended at the request of the borrower?
Ans. Extension of moratorium period or repayment beyond the time specified at the sanction would amount to restructuring of the loan and will be governed by the RBI guidelines on restructuring of advances. However, in case the student takes up higher studies immediately upon completion of the course, the commencement of repayment would get shifted to 6 months from the employment or one year from completion of the course whichever is earlier without treating the change as restructuring. This would be so irrespective of Ans. Requests received from NRIs can be considered if student is Indian passport holder and they meet other eligibility requirements. However, it would be necessary to accept as security any collateral which is enforceable in India.
Q.8. How the student will know whether the application for the loan has been considered or rejected by the bank ?
Ans. The bank should communicate to the student about the sanction of the loan in writing. Similarly, whenever loan applications of student borrowers are rejected, bank should invariably record the reasons for rejection by the bank.
Q.9. Whether the means of the joint borrower has any relation to the sanctioning of the loan to the student borrower ?
Ans. Education loan is not sanctioned based on the means of joint borrower who is usually a parent or guardian. For loans up to Rs.4.00 lakhs, no collateral is taken. For loans above Rs.4.0 lakhs and upto Rs.7.5 lakhs, the means of the joint borrower will not a factor if acceptable third party guarantee is offered. Also, security offered for loans above Rs.7.5 lakhs need not necessarily be belonging to the joint borrower.
Q.10. How to consider license courses like Aircraft Maintenance Engineering/Pre Sea training which are neither degree nor diploma, though such courses are approved by authorities like DGCA without affiliating to any university for award of degree ? Ans. Only degree / post graduation diploma courses pursued abroad are eligible for sanction of loan under the IBA scheme.
Q.13.How to deal with cases where the joint borrower becomes defaulter after sanction of education loan ?
Ans. The student loan will not be affected by any change in asset classification of any separate bank borrowing of the joint borrower.
N.B. The command area/ jurisdiction of a branch will be in an area covered by the radius of 10 k.m. from the branch. However, in exceptional cases, Branches may sanction retail loans beyond their command area with prior permission of the concerned RO with related mention in the processing note along with logic for such sanction. It is further clarified that loan application will be accepted by the Branch nearest to the permanent residence of parents with all supporting documents for address. Annexure-D TOP TIER ENGINEERING COLLEGES
SI. No NAME OF COLLEGES LOCATION Andhra Pradesh
1 AU College of Engineering Visakhapatnam 2 JNTU, Kakinada East Godavari 3 CBIT Hyderabad 4 SVU College of Engineering Tirupati 5 Vasavi College of Engineeing Rangareddy 6 Sri Nidhi Institute of Science and Technology, Ghatkesar Rangareddy 7 Gayatri Vidyaparshit College of Engineerig, Madhuravada Visakhapatnam 8 MVSR Engineering College, Nadhargul Visakhapatnam 9 VNR Vignan Jyothi Institute of Engineering and Technology Rangareddy 10 RVR and JC College of Engineering, Chodavaram Guntur 11 Gokaraju Rangaraju Institute Engineering & Technology, Miyapur Rangareddy 12 Sri Vidyanikethan Engineering College Tirupati 13 VR Siddartha Engineering College Vijayawada 14 Saagi Ramakrishna Raju Engineeing College (SRKR), Bhimavaram West Godavari 15 Mahathma Gandhi Institute of Technology, Gandipet Rangareddy
16 Anil Neerukonda Institute of Technology & Science, Bhimili Visakhapatnam 17 G.Naryanamma Institute of Technology & Science, Rayadurga Hyderabad 18 G.Pullareddy Engineering College Kurnool 19 Kakatiya Institute of Technology & Science, Hasanparti Warangal 1 Amity School of Engg. & Technology New Delhi 2 Bharti Vidyapeeth College of Engineering Paschim Vihar 3 Delhi College of Engg., Badli Kasmeri Gate
4 Ambedkar Institute of Technology, Dept. of Training & Tech. Education Shakarpur 5 Engineering College for Women, G.B. Pant Polytechnic Campus Okhla 6 Faculty of Engg. & Technology, Jamia Millia Islamia New Delhi
G.T. Karnal 7 Guru Premsukh College of Engg. Road 8 Guru Teg Bahadur Institute of Technology Vasant Vihar 9 HMR Institute of Technology & Management Hamidpur 10 Maharaja Agrasen Inst. of Technology Sultanpuri 11 Maharaja Surajmal Institute Janakpuri 12 National Power Training Institute Badarpur 13 Netaji Subhash Institute of Technology Dwarka 14 Northern India Engineering College Shastri Park Goa 1 Goa College of Engineering, Farmagudi North Goa Verna Vill 2 Agnel Charities (Agnel Seva Sangh) Padre Conceicao College of Engineering Salcette
Hill Top Karai 3 Shri Rayeshwar Institute of Engg. & Information Technology Shiroda Gujrat 1 Atmiya Institute of Technology & Science Rajkot 1 Al-Falah School of Engg. & Tech. Faridabad 2 Anupama College of Engineering Gurgaon 3 Ambala College of Engineering and Applied Research. Ambala 4 Apeejay Engineering College of Engineering Sohana 5 BM Inst. of Engg. & Technology Sonepat 6 BRCM College of Engg. & Technology Bahal Bhiwani 7 BS Anagpuria Institute of Technology & Management Faridabad 8 College of Agricultural Engg. & Tech. Hissar 9 Department of Instru. Tech. Kurukshatra University Kurukshatra 10 Doon Valley Instt. of Engg. & Tech. Karnala 11 Guru Jambeshwar University Inst. of Engg. & Tech. Hissar 12 Haryana Engineering College, Old Chachroli Road Jagadhari 13 Institute of Tech. & Management Gurgaon 14 Lingaya’s Institute of Management & Technology Faridabad 15 YMCA Institute of Engg. Faridabad 16 Rajiv Gandhi Institute of Technology & Management Gurgaon 17 Seth Jai Parkaksh Mukand Lal Inst. of Engg. & Tech. Yamuna Nagar Jharkhand 1 Bihar Institute of Tech. Dhanbad 2 Bokaro Instiute of Technology Bokaro 3 Cambridge Institute of Technology Ranchi 4 Regional Institute of Technology Jamshedpur 5 Alice Institute of Technology Ranchi Jammu & 10 Vidya Vardhaka College of Engg. Mysore 11 KNS Institute of Technology Bangalore 12 KLE Society’s College of Engineering Udyambag 13 Kristu Jayanti College of Management & Technology Bangalore 14 Bangalore Institute of Technology Bangalore 15 Malnad College of Engineering Hassan 16 Maratha Mandal’s Engg. College Belgaum 17 MS Ramaiah Institute of Technology Bangalore 18 JSS Academy of Technical Education Bangalore 19 East West Institute of Technology Bangalore 20 Ghousia College of Engg. Bangalore 21 Don Bosco Institute of Technology Bangalore 22 Bahubali College of Engg. Gommatanagar 23 Bangalore College of Engg. Bangalore 24 BMS Institute of Technology & Management Bangalore 25 Canara Engg. College Benjanapadavu 26 CMR Institute of Technology Bangalore 27 BNM Institute of Technology Bangalore 28 AMC Engg. College Bangalore Manipur 1 Government College of Technology Imphal
Meghalaya 1 Shillong Engg. & Management College Shillong 13 Guru Ramdas Khalsa Instt. of Science & Technology Jabalpur 14 Govt. Engineering College, Rewa 15 Mandsaur Institute of Technology Mansaur 16 Oriental Instt. of Sc. & Tech. Bhopal 17 Jabalpur Engg. College Jabalpur 18 Jawaharlal Institute of Technology Khargone 19 Laxminarayan College of Tech. Bhopal 20 Madhav Instt. of Tech. & Science Gwalior 21 Institute of Engg. Jiwaji University Gwalior 22 Institute of Engg. & Technology Indore 23 All Saints College of Technology Bhopal 24 Bansal College of Engg. Mandideep 25 Govt. Engineering College Jabalpur 26 Gwalior Engg College Gwalior 27 Hitkarni College of Engg. Tech. Jabalpur 28 Indira Gandhi Engg. College Baheria
Maharashtra 1 Bharatiya Vidya Bhavan’s Sardar Patel College of Engg. Munshi Nagar 2 Don Basco Institute of Technology Mumbai 3 Army Institute of Technology Pune 4 Dr. D.Y. Patil Coll. of Engg. Pimpri 5 Govt. Coll. of Engg. Aurangabad Karad 4 Eastern Academy of Science and Technology Bhubaeswar 5 National Institute of Science and Technology(NIST) Berhampur 6 Majhighariani Institute of Tech. & Science (MITS) Bhujabal 7 National Institute of Science & Tech. Berhampur 8 Orissa Engg. College Bhubaneswar 9 Orissa School of Mining Engg. Keonjhar 10 Silicon Institute of Tech. Bhubaneswar 11 Institute of Tech. Edu. & Research Khandagiri 12 C.V. Raman College of Engg. Bhubaneswar 13 College of Engg. & Tech. Orissa University of Agriculture & Tech Bhubaneswar 14 College of Engg. Bhubaneswar 15 Dhaneshwar Rath Instt. of Engg. & Mgt. Studies Cuttack 16 Gandhi Institute of Engg. & Tech. Gunupur 17 University College of Engg. Sambalpur 18 Gandhi Engineering College Bhubaneswar 19 Gandhi Institute of Technological Advancement Bhubaneswar 20 Kalinga Institute of Industrial Technology Bhubaneswar Himachal Pradesh 1 Institute of Engineering & Emerging Technology (HPU) Solan 2 Jaypee Instt of Information Tech Solan 3 University Institute of Information Technology (HPU) Shimla
Punjab 1 IIT, Ropar Rupnagar 12 Jaipur National University Jagatpura Tripura 1 ICFAI University Tripura 2 NIT, Agartala Agartala Uttarakhand 1 College of Technology Pantnagar 2 Uttaranchal Institute of Technology Dehradun 3 Doon College of Engineering & Technology Dehradun 4 Amrapali Institute of Technology and Science Nainital 5 Birla Institute of Applied Sciences Nainital 6 College of Engineering Roorkee 7 Faculty of Engg & Tech,GKV Haridwar 8 Dehradun Institute of Technology Dehradun
Assam 1 Tezpur University Tezpur 2 NIT, Silchar Silchar 3 Jorhat Engineering College Dibrugarh 4 Assam Engineering College, Guwahati University Guwahati Kerala 1 NIT, Calicut Calicut 2 Govt. Engineering Colleges Trivandrum 3 Model Engineering College Cochin 10 Regency Institute of Technology Yanam 11 Sri Ganesh College of Engineering and Technology Pondicherry 12 St Johns Post Graduate Institute of Information Technology Pondicherry 13 Christ College of Engineering and Technology Pondicherry 14 Pondicherry Engineering College Pondicherry Goa 1 Institute of Shipbuilding Technology South Goa 2 National Institute of Technology - Goa South Goa 3 Padre Conceicao College Of Engineering South Goa 4 Shri Rayeshwar Institute of Engineering and Information Technology South Goa
Agnel Charities(Agnel Seva Sangh) Padre Conceicao College Of 5 Engineering South Goa 6 Shri Rayeshwar Institute Of Engineering & Information Technology South Goa 7 Goa College of Engineering South Goa Tamil Nadu 1 NIT, Tiruchirapalli Tiruchirapalli 2 IIIT D&M Kancheepuram 3 Avinashilingam Institute of Home Science & Higher Education Coimabtore 4 St. Joseph’s College of Engg. Chennai 5 K. S. Rangasamy College of Tech. Namakkal 6 Kalasalingam Academy of Research and Higher Education Srivilliputhur 7 M.G.R. Educational and Research Institute Chennai 8 Periyar Maniammai Institute of Science & Technology (PMIST) Vallam 25 Dr. Mahalingam College of Engineering and Technology Coimbatore 26 Kongu Engineering College Erode 27 Rajalakshmi Engg Coll, Chennai Kancheepuram 28 Sri Venkateswara College of Engg Chennai 29 K. C. G. College of Technology Chennai 30 Government College of Engg. Salem 31 Mepco Schlenk Engg. College Virudhunagar 32 33 Sikkim 1 NIT South Sikkim 2 Advanced Technology nical Training Centre East Sikkim 3 Centre for Computers and Communication Technology South Sikkim 4 Manipal Institute of Technology East Sikkim 5 Sikkim Manipal Institute Of Technology East Sikkim 6 Sikkim Manipal University - Faculty of Engineering East Sikkim West Bengal 1 Asansol Engineering College Asansol 2 B. P Poddar Institute of Engineering & Technology Kolkata 3 Bengal College of Engineering & Technology Durgapur 4 Birbhum Institute of Engineering & Technology Birbhum 5 Calcutta Institute of Technology Kolkata 6 College Of Engg. & Management Kolaghat 23 Siliguri Institute of Technology Sukhana 24 St Thomas' College of Engineering & Technology,Alipore Kolkata 25 Techno India Kolkata 26 University Institute of Technology Burdwan 27 University of Kalyani Kalyani 28 Future Institute of Engineering & Management Kolkata 29 Greater Kolkata College of Engineering & Management Kolkata 30 Narula Institute of Technology Kolkata 31 Gurunanak Institute of Technology Kolkata 6 Prestige Institute of Management and Research Indore 7 ITUC School of Management Hyderabad 8 Institute of Productivity and Management Ghaziabad 9 School of Management Pondicherry 10 Institute of Management Development & Research Pune 11 Jaipuria Institute of Management Lucknow 12 BPHE's Institute of Management Studies, Career Devt & Research Ahmednagar 13 M.S. Patel Institute of Management Studies Baroda 14 Department of Business Administration, VIT Business School Vellore 15 BK School of Business of Management Ahmedabad 16 Institute of Management in Kerala Thiruvananthapuram 17 School of Communication & Management Studies Cochin 18 Punjab School of Management Studies, Punjabi University Patiala 19 Department of Business Administration Guwahati 20 SDM Institute for Management Development Mysore 21 Pt. Jawaharlal Nehru Institute of Business Management Ujjain 22 Badruka College Hyderabad
23 G.H. Patel PG Institute of Business Management, Vallabh Vidya Nagar Gujarat
24 Institute of Management Studies, Devi Ahilya University Indore 25 University Business School Chandigarh 26 IIAM Vizag 27 Army Institute of Management Kolkata 28 R.A. Podar Institute of Management Jaipur 46 Rajagiri School of Management Kerala 47 Abdul Qadir Jeelani Centre for PG Studies Vishakapatnam 48 Institute of Finance and International Management Bangalore 49 AV College Hyderabad 50 Vasantrao Patil Institute of Management Studies and Research, Miraj 51 Institute of Productivity and Management, Meerut 52 KLS Institute of Management Education and Research, Belgaum 53 Mt. Carmel Institute of Management, Bangalore 54 Amrita Institute of Management Coimbatore 55 EMPI New Delhi 56 Assam Institute of Management Guwahati 57 Xavier's Institute of Social Service Ranchi 58 Sinhgad Institute of Management Pune 59 Institute of Science and Management Pudang, Ranchi 60 Balaji Institute Of Modern Management Pune 61 Pendekanti Institute of Management Hyderabad 62 Ambedkar Institute of Management Studies Visakhapatnam 63 Department of Management Studies IIT Roorkee 64 Bharati Vidyapeeth's Institute of Management Mumbai 65 Amjad Ali Khan College of Business Administration Hyderabad 66 Dr. Gaur Hari Singhania Institute of Management Kanpur 67 Department of Management,Babasaheb Ambedkar Marathwada University Aurangabad 68 N.L. Dalmia Institute of Management Studies and Research Mumbai 69 Jagan Institute of Management Studies Delhi 87 Department of Business Administration Bhavnagar 88 Xavier Institute of Management & Entrepreneurship Bangalore 89 Department of Business Administration Aligarh 90 Great Lakes Institute of Management Chennai 91 University Business School, Punjab University Chandigarh 92 Indira Institute of Management Pune 93 KIIT School of Management Bhubaneswar 94 Indian School of Mines University Dhanbad 95 Institute of Business Management & Technology Bangalore 96 National Institute of Technology, Warangal (NIT-W) Warangal 97 Xavier Institute of Social Services Ranchi 98 Motilal Nehru National Institute of Technology Allahabad 99 NIILM Centre of Management Studies Delhi 100 Department of Management Studies, REC Tiruchirapalli 101 Dept. of Business Management, Osmania University Hyderabad 102 National Institute of Agriculture Extension Management Hyderabad 103 PSG Institute of Mannagement Coimbatore 104 Maulana Azad National Institute of Technology Bhopal 105 Indian Institute of Information Technology Allahabad 106 Jawaharlal Nehru Technological University Hyderabad 107 BLS Institute of Management New Delhi 108 Sri Siddhartha Institute of Management Studies Tumkur 110 School of Business Management, Sri Venkateswara University Tirupati 111 Christ College Institute of Management Bangalore 130 Bharathidasan Institute of Management (BIM) Tiruchirapalli 131 Alliance Business Academy Bangalore 132 K J Somaiya Institute of Management Mumbai 133 Nirma Institute of Management Ahmedabad 134 Tata Institute Of Social Sciences Mumbai 135 Eastern Institute for Integrated Learning and Management Kolkata
TOP TIER MEDICAL COLLEGES
SI. NO NAME OF COLLEGES LOCATION Andhra Pradesh 1 Andhra Medical College Vishakapattanam 2 Bhaskar Medical College Yenkapally 4 Deccan College of Medical Sciences Hyderabad 5 Gandhi Medical College Hyderabad 6 Government Medical College Anantapur 7 GSL Medical College Rajahmundry 8 Guntur Medical College Hyderabad 9 Kakatiya Medical College Warrangal 10 Kamineni Institute of Medical Sciences Narketpally 11 Katuri Medical College Guntur 12 Konaseema Institute of Medical Sciences & Research Foundation Amalapuram
13 Kurnool Medical College Kurnool 14 Maharajah's Institute of Medical Sciences Vizianagaram Mamata Medical College Assam 1 Silchar Medical College Silchar 2 Assam Medial College Dibrugarh 3 Guwahati Medical College Guwahati Bihar 1 Katihar Medical College Katihar 2 Mata Gujri Memorial Medical College Kishanganj 3 Shri Krishna Medical College Muzaffarpur 4 Darbhanga Medical College Laheriasarai 5 A N Magadh Medical College Gaya 6 Nalanda Medical College Patna 7 Patna Medical College Patna 8 Jawaharlal Nehru Medical College Belgaum Chandigarh 1 Government Medical College Chandigarh Delhi 1 Faculty of Medical Sciences Delhi 2 Maulana Azad Medical College & GB Pant Hospital New Delhi Vardhman Mahavir Medical College & Safdarjung Hospital 3 South Delhi Goa 1 Goa Medical College Goa Gujarat 1 Government Medical College Bhavnagar 2 Kesarsal Medical College & Research Institute Gujarat Jammu & Kashmir 1 Sher-I-Kashmir Instt. Of Medical Sciences Srinagar 2 Government Medical College Jammu 3 Government Medical College Srinagar Jharkand 1 M G M Medical College Kishanganj 2 Rajendra Institute of Medical Sciences Jharkhand 3 Patliputra Medical College Dhanbad Karnataka 1 Kasturba Medical College Mangalore 2 A J Institute of Medical Sciences & Research Centre Mangalore 3 Adichunchanagiri Institute of Medical Sciences Bangalore 4 Al-Ameen Medical College Bijapur B L D E A ’s Shri B M Patil Medical College, Hospital & Research 5 Centre Bijapur
6 Bangalore Medical College Bangalore 7 Basaveswara Medical College and Hospital Chitradurga 8 Dr BR Ambedkar Medical College Bangalore 9 Govt. Medical College Mysore 10 JJM Medical College Davangere 11 K S Hegde Medical Academy Mangalore 12 K V G Medical College Karnataka 13 Karnataka Institute of Medical Sciences Karnataka 14 KLE Society's Jawaharlal Nehru Medical College Belgaum 2 Gandhi Medical College Bhopal 3 M G M Medical College Indore 4 Shri Aurobindo Institute of Medical Sciences Indore 5 Netaji Subash Chandra Bose Medical College Jabalpur Maharastra 1 Govt Medical College Akola 2 Deshmukh Memorial Medical College Amravati 3 Bharati Vidyapeeth Medical College Pune 4 KJ Somaiyya Medical College & Research Centre Mumbai 5 Government Medical College Aurangabad 6 Government Medical College Kohlapur 7 Govt. Medical College Latur 8 Government Medical College Nagpur 9 Indira Gandhi Medical College & Hospital Nagpur 10 Jawaharlal Nehru Medical College Swangi 11 Mahatma Gandhi Institute of Medical Sciences Sevagram 12 Maharashtra Institute of Medical Education & Research Pune 13 Govt. Medical College Miraj 14 Government Medical College Nanded 15 Maharashtra Institute of Medical Sciences & Research Latur Manipur 1 Regional Institute of Medical Sciences Imphal Orissa 1 MKCG Medical College Berhampur SCB Medical College 7 SMS Medical College Jaipur Sikkim 1 Sikkim Manipal Institute of Medical Sciences Sikkim Tamil Nadu 1 Chennai Medical College Trichy 2 Christian Medical College Vellore 3 Coimbatore Medical College Coimbatore 4 K A P Viswanathan Government Medical College Trichy 5 Kanyakumari Government Medical College Asaripallam 6 Kilpauk Medical College Chennai 7 Madurai Medical College Madurai 8 PSG Institute of Medical Sciences Coimbatore 9 Sree Balaji Medical College and Hospital Chennai 10 Thoothukudi Medical College Thoothukudi 11 Tirunelveli Medical College Tirunelveli 12 Variyar Medical College Salem 13 Rajah Muthiah Medical College Annamalainagar 14 SRM Medical College Hospital & Research Centre Kancheepuram Uttar Pradesh 1 Jawaharlal Nehru Medical College Aligarh 2 Moti Lal Nehru Medical College Allahabad 3 Institute of Medical Sciences, BHU Varanasi 4 Maharani Laxmi Bai Medical College Jhansi LLRM Medical College Annexure-E
Contents of H.O. Circular No. RBD/UEL/ 30/OM- 0492/11-12 dated 21 st Nov. 2011
Subject : Extension of United Education Loan under management quota
Bank has issued detailed guidelines on revision of United Educational Loan Scheme vide H.O. Circular No. RBD/UEL/26/OM-381/11-12 dated 20th September, 2011, in terms of IBA communication on modification of Model Education Loan Scheme for pursuing higher Education in India and Abroad. It was clarified that any loan considered for students getting admission under management quota would be outside the present model scheme of Education Loan of the Bank.
Management seats or management quota refers to the seats in private education institutions for which the management has discretion to give admission on factors other than merit. Normally for the management seats the only requirement is passing of the qualifying examination with certain minimum stipulated marks. Hence it is logical to interpret that these seats do not qualify for being called “meritorious”.
In view of the IBA communication on extension of education loan to the students getting admission under management quota, a separate guideline on security for delivery of education loan is prepared.
For the purpose of this scheme higher education is defined as studies taken up after completion of higher secondary school i.e ten plus two stage. The Bank will be financing the students depending on the employability of the course and reputation of the institution. • In case of LIPs the surrender value is to be kept on record and loan amount not exceeding 90% of such value shall be considered to rank the value of security of loan. • In case of Bank’s own Term Deposits/ NSCs / KVPs, it has to be ensured that TDs are renewed till such time loan remains outstanding and on maturity of NSCs / KVPs / LIPs etc. proceeds should be transferred for opening Term Deposits in the name of borrowers and shall be kept under Bank’s lien. It should be ensured that outstanding amount of loan is fully covered at all times during the pendency of loan. The security should be adjusted in case of need after giving due notice to the borrower(s). • In case of mortgage of property, margin to be maintained at 25% of the value of property and it has to be ensured that the property is having legally enforceable title to create equitable mortgage in favour of the Bank. While getting search and marketability report from the lawyer the Branch should examine that the lawyer has mentioned that action under SARFAESI Act is available on the charged property. • Valuation of the property should be done in terms of Bank’s guidelines. • In all cases Co-obligation of parents together with collateral security as stated shall be obtained • In all cases assignment of future income of the student shall be insisted.
Quantum of Loan : The amount of education loan provided to the students under management quota shall be minimum of Rs. 5 lakh (Maximum amount as stipulated vide H.O. Circular No. RBD/UEL/26/OM-381/11-12 dated 20th September, 2011) . Children/wards of the employees of the bank are also eligible to avail of this facility.
All concerned are advised to carefully note the above guidelines and act accordingly.
Sd/- Dy. General Manager (Retail Assets) Annexure - F
Contents of H.O. Circular No.RBD/UEL/37/OM-0567/11-12 dated 23 rd Dec. 2011
Sub : Execution of Term Loan Agreement under Bank’s Education Loan Scheme
Bank issued detailed guidelines on revised United Educational Loan Scheme vide H.O. Circular No. RBD/UEL/26/OM-381/11-12 dated 20th September, 2011, in terms of IBA communication on modification of Model Education Loan Scheme for pursuing higher Education in India and Abroad. It was clarified that any loan considered for students seeking admission under management quota would be outside the present model scheme of Education Loan of the Bank, for which a separate guideline for extension of Education Loan under management quota was issued vide H.O. Circular No. RBD/UEL/30/OM- 0492/11-12 dated 21st November, 2011.
Education loan is extended with repayment clause on specific term basis. The borrowers are required to execute term loan document after knowing terms of contract with the Bank with regard to loan they avail. So long there was no laid down guidelines for execution of Term Loan Agreement by the borrowers under the scheme. The terms and conditions as embodied in the term loan agreement shall be binding upon the student borrower and the co-borrowers and in the event the Bank wants to take recourse of law for recovery of dues, especially in case of study abroad, it will of great help to the financing Branch.
Document to be taken by Branch in addition to D.P. Note & other related documents: Annexure-I (To be stamped as an agreement as per Stamp Act of the State where executed)
EDUCATIONAL LOAN AGREEMENT
This Memorandum of agreement made at ______on ______day of______in the year 20______
Between (1)Mr./Ms______son/ daughter /wife of______aged about __ (2)Mr./Ms______son/ daughter /wife of______aged about __ (3)Mr./Ms______son/ daughter /wife of ______aged about __ years residing at ______called “The Borrowers” (which expression shall unless it be repugnant to the context there of shall include his/her heirs, executors, administrators, legal representatives and assignees)
AND United Bank of India, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and having its Head Office at 11, Hemanta Basu Sarani, Kolkata – 700 001 and a Branch Office amongst other places at ______hereinafter called “The Bank” (which expression shall unless it be repugnant to the subject or context thereof include its successors and assignees).
WHEREAS the Bank as mentioned in the security documents executed by the borrower(s) and personal guarantee of the guarantors and assignment of income of the borrower(s) shall remain charged in favour of the Bank as security for payment of the said amount.
NOW THIS DEED WITNESSETH AND IT IS HEREEBY AGREED BETWEEN The Bank and the Borrower/s as follows;
1. The borrower's proposal together with the letter of sanction communicated to him/her/them by the Bank shall be deemed to consitute the basis of this agreement for the loan to be advanced by the Bank hereunder and the Borrower(s) hereby warrants the correctness of each and every one of the statements and particulars therein contained and undertakes to carry out the proposals therein set forth.
2. The borrower(s) hereby agree(s) that the said advance shall be governed by the terms contained herein as well as those embodied in the security documents. The borrower(s) further agrees that he / she/ they will also abide by the terms and conditions of the sanction of loan communicated to him / her / them for such loan which are in force and to be revised / amended / added from time to time by the Bank / RBI / Govt. of India / State Government.
3. The disbursement of the amount of the loan shall be at the absolute discretion of the Bank and shall be co-related with the actual progress made in the study of the student borrower. Such disbursement shall be made by means of banker's cheques / electronic transfer drawn in favour of educational institute to whom the student borrower / Bank desires and gives necessary instructions to make payment for the purpose of payment of tution fees, caution deposit, library fees, hostel fees etc. and purchase of laptop, other staturoty payments etc. At the discretion of the Bank and at the request of the borrower, the Bank may credit a part of the loan amount to the account of the borrower (Current / A/c singly or jointly or by any other agreed means by the borrower(s). This monthly instalment also includes interest component.
6. The Bank shall charge interest at the Fixed / Floating Rate basis as mentioned in the letter of sanction on the outstanding debit balance calculated on daily product basis and debited in the concerned account every month as follows (delete whichever is not applicable) ;
a) Fixed Rate of Interest : Interest on the amount of the loan will be applied @ ...... % p.a. with monthly rest calculated on the outstanding debit balance on daily product basis and debited in the concerned a/c. every month.
b) Floating Rate of Interest : Interest on the amount of the loan will be applied at the rate of BR (Base Rate) Plus / Minus ...... % per annum (where BR i.e. Base Rate stands for Minimum Lending Rate of the Bank declared from time to time) with monthly rest calculated on the outstanding debit balance on daily product basis and debited in the concerned account every month. Provided the Bank shall at any time or from time to time be entitled to change the rate of interest depending on the change of BR and such revised rate of interest shall be construed as agreed to be paid by the borrower(s). The borrower(s) agree that it shall be deemed to have notice of change in the rate of interest whenever the changes are displayed / notified at / by the branch / published in the newspaper / made through entry of interest, charged in the statement of a/c sent to the borrower(s).
c) The interest in the account will not be compounded monthly basis during holiday / moratorium period. The Bank will charge interest _____% (____ percent) rebate in rate of interest if the Interest is serviced by the borrower from the initial stages of disbursement on monthly and regular basis. Penal interest @ _____% (______or Current Deposit has to be opened with the concerned Branch and sufficient funds to be kept for such purpose.
8. (i)The student borrower hereby agrees that it will enter upon and diligently continue the course and that he will complete the course within the prescribed time specified in the application form.
(ii) that he/she will throughout the period of the course comply to such directions as may be given to him/her by the institute/college/university from time to time.
(iii) that he/she will sit for all examinations and periodical tests prescribed by the institute (college/university) with /in his which he/ she is pursuing the studies.
(iv) that he/ she will confirm to such regulations, instructions and discipline that may be in force from time to time at the institute/college/ university in which he/she is pursuing studies.
(v) that he/she shall not change the course or take up or pursue any other course of study without prior consent in writing of the bank.
9. The Borrower hereby undertakes to intimate the bank, in writing within 7 days from the date of joining the employment, details of his/her employment such as address of employer, salary etc. and to keep the Bank informed of the present official and residential address as and when it changes.
10. The Borrower hereby assigns his future income in favour of the Bank towards the payment of installments together with interest on the loan amount. In case of any default by the borrower in payment of becoming due under the said loan, the Bank b. Hypothecation of Computer /accessories / equipment / instrument etc. to be purchased out of bank finance. c. Collateral security in the form of suitable third party guarantee d. Tangible collateral security
13. The (student) borrower agrees that it shall execute in favour of the Bank, a letter of authority addressed to his/her employer to recover, and pay to the bank the monthly instalment from his/her Salary every month for appropriation towards repayment of his/her loan and interest, where the (student) borrower is employed and the same shall remain irrevocable so long as the (student) borrower continues to be liable to the Bank in respect of his/her loan account.
14. The borrower(s) shall create equitable / registered mortgage of land/house/flat in favour of the Bank and shall execute such documents as would be required by the bank, in terms of sanction letter issued in favour of him/her/them. In case it is not possible on the part of the borrower to create security by way of mortgage as aforesaid, the borrower shall arrange for furnishing other collateral securities to the Bank by way of pledge of bank's own Term Deposits, Insurance policy (by surrender value)/NSC/KVP/Relief Bond, etc., acceptable to the Bank as security for the loan, as per terms of sanction, wherever required.
15. The borrower(s) shall not assign, mortgage, charge or in any way encumber or alienate the mortgaged flat/house/land/properties or any part thereof so long as the borrower(s) remains indebted to the Bank in respect of his/her/their loan account.
16. The borrower(s) hereby agrees that the Bank shall be at liberty to inspect the mortgaged flat/house/land/properties at any reasonable hours of the day. The borrower(s) shall ensure that the bank's security is not jeopardised in any way. The borrower shall a/c after such credit from the insurance company.
18. The loan under this Agreement shall be released by the Bank subject to fulfillment of all terms and conditions and the Borrower’s performing all obligations and undertakings under this Agreement besides compliance with Disbursement Procedure stipulated by the Bank such as submission of necessary information, documents etc. to the satisfaction of the Bank.
19. Notwithstanding anything herein or in the security documents contained, the whole advance and/or the entire outstanding balance shall become forthwith due and payable by the borrower(s) or his/her/their heirs, legal representatives and/or nominees to the Bank and the Bank will be entitled to enforce its security upon the happening of any of the following events namely :
a) the student borrower ceasing to be in the course for which the Bank has financed by way of any disciplinary action taken by the institution, resigning from the study or being discharged from the service (after getting employment) or otherwise or upon the demise of the borrower or ceasing to be in service; b) the occurrence of any circumstances which in the opinion of the bank is prejudicial to or impairs, imperils or depreciates or is likely to depreciate the security given to the Bank ; c) the occurrence of any event which in the opinion of the bank will adversely affect in any manner the ability or capacity of the borrower or will make it improbable for the borrower to observe and perform his obligations hereunder to repay the loan with interest ; d) the occurrence of any default on the part of the borrower in paying the monthly instalment on due dates as per the sanctioned terms communicated by the Bank vide letter of sanction or the payment of instalment as agreed hereunder. 23. The borrower(s) shall furnish to the Bank all such information as would be reasonable material for the Bank to ascertain / required by the Bank for its satisfaction from the institutes at such time in such forms and containing such particulars as the Bank may call for the purpose of ascertaining the results of utilisation of the advance.
24. Any notice by way of request demand otherwise hereunder may be given by the Bank to the borrower(s) personally or may be left at his/her the then or last known address or residence in India addressed as aforesaid and if sent by registered/speed post it shall be deemed to have been given at the time when it would be delivered in due course of post and in proving such notice when given by post it shall be sufficient to prove that the envelope containing the notice was posted at the last known address and a certificate signed by the Bank in this regard that the envelope was so posted shall be conclusive. If sent by facsimile transmission, the report generated from the facsimile machine of the Bank showing the borrower’s facsimile number and number of pages transmitted will be treated as conclusive evidence in respect of the notice received by the borrower. If by reason of absence from India or otherwise the borrower or any of such individual cannot be given any such notice the same inserted once as an advertisement in a newspaper circulating in the District where the borrower last resided at the address mentioned above be deemed to have been effectually given and received on the day on which such advertisement appears.
25. The borrower(s) irrevocably and unconditionally agree and undertake to bind himself/herself/themselves his/her/their executors, administrators, estates and assignees for re-payment of the outstanding liabilities in the loan account.
IN WITNESS whereof the Borrower by himself/herself/themselves set his/her/their hands the deed on the SCHEDULE-I
Details of loan sanction in favour of the borrower(s)
Loan amount Date of sanction
SCHEDULE-II
The details of monthly instalments to be paid by the borrower(s)
Number of instalments Date of instalment Amount of instalments
The above monthly instalment is subject to variation depending upon the revision of the Annexure-G
Contents of H.O. Circular No. RBD/UEL/19/OM-289/08-09 August 28, 2008
Re: Guidelines on Execution of Documents for extending education loan to Minor Students
In view of queries raised from different quarters of the Bank, on execution of documents for extending United Education Loan to Minor Students, following points in the guidelines are being clarified herein under:
1. Education Loan can be sanctioned to minor students jointly with his/her parent / guardian as the case may be.
2. No loan application & loan documents are to be signed by the minor student
3. In case the student is minor, loan application & all loan documents are to be signed / executed by the parent/ guardian in two capacities i.e. for self as co- obligant and also on behalf of the minor student.
4. After attaining majority only, the student has to execute the Deed of Ratification (Annexure-A) in respect of all agreements & documents executed by the parent/ guardian on his / her behalf. Annexure-H ‘LAPS’ – Guidelines for handling specific fields in United Education Loan Scheme
LAPS (Lending Automation Processing System)
It is mandatory on the part of the HUBs to process retail credit proposals through LAPs. The experience gained by HUB functionaries are shared with H.O. and solutions to the problems, if any, are also provided below.
Areas of experience Action Points
Margin: Maximum score 10.00 No score to be considered As per Scheme, sanction of Loan upto Rs. 4.00 does not require any margin and above Rs. 4.00 upto Rs. 10.00 in India, 5% margin is stipulated.
In case study abroad, 15% margin is stipulated for loan upto Rs. 20.00 lac. How to handle this situation in LAPS.
Collateral Security : Maximum score : 10.00 No score to be considered As per Scheme, no collateral is required for loan upto Rs. 4.00 lac. Guarantor : Maximum score : 10.00 No score to be considered As per Scheme no Guarantee is required for loan amount upto Rs. 4.00 lac Annexure –I Contents of H.O. Circular No. RBD/UEL/5/OM-086/12-13 dated 10 th May, 2012
Subject : Scheme for Interest Subsidy on Education Loan for Economically Weaker Sections- submission of claims
Based on the guidelines received from the IBA recently, Branches are advised to submit claims for all eligible loans accounts disbursed during 1st April, 2011 to 31st March, 2012, by 5th June, 2012 to the concerned Regional Office and the R.O. in turn should submit to H.O. Retail Banking Department by 15th June, 2012.
It is further advised that the Branches which failed to submit claims for eligible loan accounts disbursed during the financial year 2009-10 and 2010-11 should lodge claims, though the validity period of submission has already expired. However, considering Banks’ requests for giving another chance for extending the benefit to economically weaker sections, Govt. of India has acceded to it but pointed out that this is the last chance for submission of such claim.
The Branches are advised to undertake the following steps in this regard :
a. Contact each borrower personally (where possible), hand over the letter or send by Regd Post that he/she is eligible for getting subsidy with a request to submit Income Certificate from the Competent Authority within a specified date and keep a record thereof. A draft copy of letter is provided in Annexure –I. b. Get the Agreement executed by the concerned borrower(s). c. Massive awareness among SC/ST students should be undertaken so that they may feel inclined to submit claims to the Bank with requisite documents.
It is reiterated that the claims are to be submitted through soft copy like previous occasions. Annexure-I
United Bank of India ……………………………..Branch
Ref. No. UEL/ /10-11 Date………………February, 2011 Mr. /Ms……………………………………… ………………………………………………. ……………………………………………… ………………………………………………
Dear Sir/Madam, Subject : Scheme for Interest Subsidy on Education Loan for Economically Weaker Sections– submission of income certificate from the designated authorities of the State Govt. in favour of the borrowers for the academic year 2009-10/ 2010-11/ 2011-12 (delete whichever is not applicable)
Ref: Education Loan A/c No. ……………………………….in the name of …………………………………….
Govt of India provides for full interest subsidy during the period of moratorium on educational loans for students belonging to economically weaker sections (with parental family income from all sources of less than Rs. 4.50 lakh annually) from scheduled banks under the Educational Loan Scheme for pursuing courses of studies in professional/technical streams from recognised institutions in India. The Scheme is effective for all IBA approved educational loans sanctioned to Annexure-II
This is to certify that Sri/Ms…………………………………………………………………………………. S/o,D/o-…………………………………………….residing at ……………..……………………………….
His/her annual gross family income from all sources for the year is Rs……………………………………(Rupees……………………………………………………………… …….……………………………………..)
This certificate is issued for the purpose of claiming interest subsidy under the scheme of Ministry of HRD for pursuing approved courses of studies in technical & Professional streams from recognized institutions in India, for his son/daughter Sri/Ms.
The signature of Sri/Ms (applicant) is attested below.
Signature:
Signature of Competent Authority Place:- Date:- [The Competent Authority may prefer to give certificate in other format but it has to be ensured that all the relevant information is provided for the purpose of income of the eligible claimant] Annexure-III AGREEMENT (To be stamped as an Agreement) (Between the Student and the Branch of the Bank)
This Agreement for availing of interest subsidy under the Central Sector Scheme of Interest Subsidy on Student’s Loan for Professional Education in India made at ______on this ______day of______in the year ______.
BETWEEN Sri/Smt. ______Parent/Guardian S/O D/O ______aged ______Years, residing at ______.
AND Sri/Smt. ______(Student) S/O D/O ______aged ______Years, residing at ______represented by father/guardian Sri/Smt ______S/O D/O ______aged ______years, residing at______.
Parent and Student hereinafter jointly called the Borrowers and individually as Borrower of the FIRST PART (which term wherever the context so requires or admits shall also include his/her/their heirs executors and assigns)
AND ______Bank, a body corporate constituted under the Banking Companies [Acquisition & Transfer of Undertakings] Act, 1970 having its Head Office at and having other Offices, branch office at Interest Subsidy on Students Loan for Technical/Professional Education in India (hereinafter called the Interest Subsidy Scheme) to provide interest subsidy on the education loans availed by students having lower than a specified parental income as decided by the MoHRD in the said scheme for pursuing professional education in India during their study repayment holiday, from the Academic Year 2009-2010. 3. The Borrowers represented that they are eligible for interest subsidy under the said Interest Subsidy Scheme and requested the Bank to grant such benefit to them.
4. Based on the documents submitted by the Borrowers, the Bank agreed to extend the benefit under the said Interest Subsidy Scheme to the Borrowers and the parties hereto desire to enter into an agreement setting out the terms and conditions as hereinafter appearing in addition to the loan security documents executed/to be executed by the Borrower/s.
IT IS HEREBY AGREED AND DECLARED BY AND BETWEEN THE PARTIES AND THIS DEED WITNESSED AS FOLLOWS:
1. The borrowers hereby covenant: a) That they have read and understood the Interest Subsidy Scheme of the MoHRD which is enclosed as part of the Agreement and declare and affirm that they are eligible under the said scheme and are eligible for the interest subsidy as per the said Scheme. b) That they shall produce all proof and documents of any other further supporting documents as required by the Bank/MoHRD. c) That all the clauses contained in the Educational Loan Agreement or any other documents executed by them shall be binding on them and this is in addition to the covenants clauses contained in the said Agreement/documents. d) That they shall return/refund the amount received towards interest subsidy under the Scheme with applicable rate of interest then prevailing forthwith on a mere demand by The Bank shall also have the right to recall the loan, if the said refund is not made within the period stipulated by the Bank in its demand, besides the right not to claim further reimbursement from the MoHRD. e)That they shall directly take up the MoHRD in case of rejection of their interest subsidy claim submitted by the Bank and the Bank shall not be made a party to the same. Borrowers shall on receipt of such intimation from the Bank/MoHRD, submit further clarification / documents, if any, required by the MoHRD directly to MoHRD f)That they shall comply with and faithfully observe all the terms and conditions of the said interest Subsidy Scheme and also the subsequent amendments and modifications and additions thereto together with the conditions of the sanction of the said Education loan.
That they shall bear all expenses required in connection with the execution of the Agreement or enforcement of its terms and conditions.
IN WITNESS WHEREOF BORROWERS and the BANK have hereunto set their respective hands on the day and place mentioned above.
BORROWERS FOR BANK
1.…………………………. …………………………..
2.…………………………..
3………………………….. against our claim/s and held by Canara Bank, if the Govt. requests for such refund for whatever reason.
4. Certified that we have exercised due diligence in furnishing the information in the reporting Format to claim the reimbursement of the interest subsidy from Govt.of India.
Name :
Designation:
Date :
Signature & Official Seal of Authorized Signatory Annexure - J
CBS Guidelines on Interest Issue (Received from CBS Dept):
Management of overdue interest in Education Loan (simple): As per policy of the Bank in respect to Educational loan Interest is to be applied regularly in the account during the moratorium period which may or may not be serviced by the borrower during the moratorium period. The interest charged during the moratorium period is simple in nature. Thus the interest applied during the moratorium period is not to be considered as overdue. This facility is available in Finacle (Option- OAAC-I / ACM –S) where “Interest overdue period” field for Education Loan (Simple) is default populated as “999/999”. At the time of opening an account the user has an option to put the actual interest moratorium period in the field “interest overdue period” instead of “999/999”. This process needs to be followed in case of Education Loan (simple) and account to be rephrased after expiry of the moratorium period ,the process of which discussed below
Conversion of Education Loan from simple interest to compound : The procedure for conversion of education loan simple to compound is given below. The Branch has to identify first whether the borrower has repaid interest on regular basis or not. If interest is regularly repaid and borrower is eligible for interest concession then only allow interest concession invoking menu option “INTTM”, put interest preference in “account preference interest debit” column field as applicable where “start date” field should be the date of account opening and end date up to the moratorium period then press down arrow, system will automatically show the start date where end date is the default populated as 31-12-2099 having no value in “account preference interest debit field, keep the same as it is and commit and verify the same. To refund interest run "LADGEN". Please note, above mentioned steps are required UNITED BANK OF INDIA HEAD OFFICE: KOLKATA
APPLICATION FORM FOR TERM LOAN UNDER EDUCATION LOAN SCHEME / UNITED SUPERB EDUCATION LOAN SCHEME
(Note : Application form to be read carefully before filling in Application should be submitted in duplicate) Place: Date: To United Bank of India PHOTOGRAPH PHOTOGRAPH ______(Student) (Parent/guardian) (Name of the Branch)
I hereby apply for an Educational Loan of Rs……………………………..repayable in…………….. ………………………………………… monthly instalments beginning …………………………….. years after the disbursal of the loan to enable me to prosecute higher education in………………………
BIO-DATA OF THE STUDENT
(a) Name in full :
(b) Address : // 2 // (h) Guardian’s name in full : and relationship with the student
(i) Address of father/parent/ : Guardian with Telephone No., if any.
Permanent
Present :
(j) Full Office Address with designation & Telephone No. :
3. EDUCATIONAL QUALIFICATIONS
Examination Institution/ University from Year of Percentage Class passed which passed passing of marks obtained obtained
Mark Sheets of examinations passed as also testimonials from the College last attended to be attached. // 3 // 6. Particulars of the course for which the loan is required: I. Name of the course & Process of selection :
II. Duration :
III. Institution/University: (Accreditation/ Recognition Authority)
IV. Whether listed in Annexure-A of premier institutions or Annexure-B of approved institutions)
V. Sanction to be done directly by Branch : VI. Prior clearance from RO required :
VII. Detailed year wise breakup of expenses : including fees & other requirement : i) Fees payable to College/School/Hostel : ii) Examination/Library/Laboratory Fees : iii) Purchase of books/equipments/instruments/ : uniforms : iv) Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts : v) Travel Expenses/Passage Money for studies abroad : // 4 //
8) i) Expected Income per month :Rs. after completion of course ii) Anticipated monthly expenses :Rs. ______
Balance :Rs. ______
Amount available for repayment of loan :Rs. ______
9) In case of students intending to go : abroad, details of passport
Note : i) Permission of the Foreign University accepting the student for enrolment or letter of admission to the Foreign University to be enclosed. ii) Permission of the RBI Exchange Control Department should be produced at the time of submission of the application along with the Passport and Visa of the Student.
10) Any other useful information :
11) Details of documents attached: a) d) b) e) c) f) // 5 //
14. References (Name and Address of two Referees not related to you) :
1.
2.
We hereby give the undertaking that the borrower-student shall follow all the rules and Regulations laid down by the institution where he will be prosecuting studies and shall maintain such dignity and honour, as is expected of a student pursuing higher studies.
We further undertake that if the borrower - student studying abroad takes up any part time employment, full particulars of such employment shall be intimated to the bank.
We also hereby undertake that the borrower - student should inform the Bank of any financial aid, assistance-ship, scholarship, sponsorship or any other assistance availed of by him at the time of applying for the loan or thereafter and of any other subsequent change in his financial position during the pendency of the loan. // 6 //
DOCUMENTS TO BE ENCLOSED
1. Copy of the Testimonials
2. Copy of the Intimation for Admission
3. Course fee details (expenditure certificate from Institution)
4. Last two months salary certificates (guardian / co- borrower)
5. Copy of Form – 16 (IT) / IT return (guardian / co-borrower)
6. Photocopy of Voter Identity Card / Ration Card
7. Copy of Passport / Visa (Overseas Study )
8. Copy of PAN card (student or guardian / co-borrower or guarantor)
9. Photocopy of electric bill / telephone bill (student / guardian / co- borrower) UNITED BANK OF INDIA HEAD OFFICE:KOLKATA
NAME OF THE BRANCH ______
Particulars about the Guarantor (To be furnished by the Guarantor) in respect of Educational Loan Proposal of
Shri/Smt.______(Name of Student applicant)
1. Name :
2. Address :
3. Age :
4. Occupation (Please give details) : UNITED BANK OF INDIA
HUB/BRANCH PROCESSING SHEET FOR EDUCATIONAL LOAN
1. Name of the Branch :
2. Proposal No______Dated ______
A. Loan Application received from Mr./Miss______
______dated ______for Rs. ______is enclosed.
The details given in the application have been verified by independent enquiries, reference to testimonials / certificates/documents, etc. wherever necessary, furnished by the Student (Photo-copies of which have been verified by the branch with originals and such originals have been returned retaining the photo – copies ) from the head of the educational institution where the student had studied last ; and two other respectable persons not related to the student about the student’s ability, character etc. and also from certified copies of letters conferring scholarship/Prize, if any, on the student for academic distinction.
All precautionary measures have been taken to verify the genuineness of the student /parents/guardian/guarantors after conducting verifications from different sources and also by visit to their residential addresses and places of work.
3. i) Applicant’s Name : // 2 // 5. Purpose of Loan :
6. Duration of the course :
7. Name and Address of the University/ : College
8. Address of the Student at the Place of study :
9. Loan amount eligible for as detailed hereunder : Rs.
I. Cost of Completing the Course : i) Fees payable to College/School/Hostel : Rs. ii) Examination/Library/Laboratory fee : Rs. iii) Purchase of books/equipments/instruments /Uniforms : Rs. iv) Caution Deposit/building fund/refundable deposit supported by Institution bills/ receipts : Rs. v) Travel Expenses/passage money for studies abroad : Rs. // 3 //
III) Term Loan to be granted for study (I-II) Rs.
Plus Premium for Credit life Insurance of student (Mandatory).
IV. Term Loan to be granted Rs.
10. Expected Monthly Income of borrower after the completion of the course Rs.
Less :
Anticipated Monthly Expenditure Rs.
Amount available for repayment of loan Rs.
11. Whether any fund will be available from student/parents/guardians towards the repayment of loan amount during the currency of the course. If yes, what are the terms : (To be filled in after discussion with parents/ guardians)
12. S.B.A/c No. maintained with the Branch for servicing of interest on loan monthly and regularly :
13. Repayment period : ______Years // 4 //
16. Equated Monthly Installment (EMI) :
Note : Modality for computation of EMI : a) Course period plus 1 year (max.) is to be considered as moratorium i.e. repayment holiday period and applicable interest at simple rate accruing during such period is to be added with loan amount disbursed. b) Depending on the period of repayment, EMI is to be worked out taking the total amount of outstanding as at (a) plus applicable interest on compounding basis during the period of repayment.
17.Disbursement Mode & Schedule (Proposed) :
Date Amount On account of Cash or Cheque/Draft Name & Address of beneficiary ______
18. Opinion on father/guardian and guarantor(s) :
19. Opinion on the student : // 5 //
23. Name of the official visited the place of residence/office with date of visit (record of visit is to be kept in file) :
24. Manager’s Observations/Recommendations :
We recommend the proposal for sanction of the loan amount under the terms and conditions as follows :
Loan Amount : Rs.
Interest : Rs.
Purpose :
Security :
Repayment : UNITED BANK OF INDIA HEAD OFFICE: CALCUTTA
------HUB/BRANCH SANCTION LETTER
REF. NO. : DATED :
Mr./Miss……………………………………………………………………………………………………………………………. (Name of student borrower)
Mr./Mrs.……………………………………………………………………………………………………………………………. (Name of either of the parents/guardian)
(Address)
Re : Your application for Educational Loan for higher studies.
In response to your above application dated, we are pleased to sanction you an Educational Loan on the following terms and conditions :
(1) Amount of Loan :
(2) Purpose : For pursuing studies/higher studies by // 2 //
Additional Security: i) Personal Guarantee of Mr./Mrs………………………………………………………………………………………….. ii) Other (if any) ……………………………………………………………………………………………………………………..
………………………………………………………………………………………………………………………………………..
(5) DISBURSEMENT :
The loan will be disbursed at the request of the student borrower as per the following schedule :
Nature Amount Prospective date of disbursement
a) Fee payable to College/ : School/Hostel b) Examination/Library/ Laboratory Fee : //3 // h) Interest:BR + % (i.e.) % p.a. (Simple) quarterly during the moratorium period and on monthly rest with compounding effect after the expiry of moratorium period.
(The rate of interest will be subject to change as may be prescribed by RBI/HO directive from time to time.)
Note : 1% concession in rate of interest shall be available during moratorium period only if interest is serviced monthly and regularly during moratorium period. However, penal interest @ 2% is leviable in case of overdue amount during the overdue period.
(6) Proviso :
For enabling the Bank to disburse the above sanctioned loan amount in time, necessary supporting documents are to be produced well in advance. The remittance there against will be made by the bank directly to the concerned authorities. As far as practicable such direct disbursement will be made by the Bank but cash disbursement will be considered at the request of the student borrower on merit.
(7) REPAYMENT:
The repayment will commence after the moratorium period which is either 12 months after the completion of the course or six months after securing employment whichever is earlier. Loan with interest will be repaid in monthly instalments spread over a period of ……………..Years starting after the moratorium period as stated // 4 // iv) Since you have been financed under the Scheme for prosecuting domestic studies you should not take up any employment during the period of the Course except with the permission of the bank. v) You should strive to secure suitable employment after the Course is completed. As soon as you secure employment, you should furnish the Bank with full particulars of such employment including income therefrom. vi) You should follow all the rules and regulations laid down by the institution where you will be prosecuting studies and shall maintain such dignity and honour, as is expected of a student pursuing higher education. vii) If you take up any part time employment while studying abroad full particulars of such employment should be advised to the Bank. viii) Before availment of the loan for the purpose of study abroad, you shall produce and submit to the Bank the Exchange Control Permit for release of foreign exchange by Reserve Bank of India, sufficient to cover the cost of study and stay abroad and also the passport and visa for travel to overseas. ix) You should inform the bank if any financial aid, assistanceship, scholarship or any other assistance availed of by you or any other change in the financial position, after availment of the loan from the Bank. x) All other usual conditions and formalities as per Rules/directives / guidelines of Reserve bank of India/Indian Banks’ Association as amended from time to time will be applicable. DEED OF ASSIGNMENT (To be stamped as applicable) Place : Date : To United Bank of India ……………………..Branch
In consideration of United Bank of India (hereinafter called “ The Bank” ) having at my request as well as the request of my parent / guardian granted Educational Loan with maximum limit of Rs……….(Rupees………………………………………..only) “hereinafter referred to for privity sake as the Educational Loan” under Educational Loan scheme to me Mr./Ms…………………………………………s/o / d/o ………………………… ……………………………..against my application for Educational Loan dated……………….. to the bank wherein my full particulars are mentioned including purpose of loan under the terms and conditions of such loan mentioned in the sanction letter no…………...... dated…………. .
WHEREAS-
I undertake that I will not take any employment and / or do any kind of business / profession during the period of the course except with the permission of the bank and further undertake that I will strive to secure a suitable employment after the course is completed and as soon as I will secure employment/business/profession I will furnish the full particulars of employment/business/profession including income thereof to the bank. // 2 //
Now, I, Mr./Ms………………………..…………………………………………s/o d/o………….…………………………..hereby assure the assignee bank that during the course of study and/or on completion of the aforesaid course, will inform the bank about my full particulars of employment/business/profession together with salary/income and will pay the aforesaid Educational Loan as per re-payment schedule.
I hereby assign, convey and transfer all my sights, title and interest in respect of all income/amounts for my future monthly salary and allowances/income whatsoever unto the assignee bank absolutely and having consideration therefore assure the assignee that I shall assist and render all proof in court or otherwise, of the said claim for my salary/income whatsoever due to me. The assignee bank shall be entitled to deliver notice under the provision of law to my employer and/or their authorized agent or me and realize the said amount through court or otherwise and give full discharge to the said employer/me under these presents.
The assignment shall be continuing assignment until dues together with other cost of the assignee bank are fully liquidated.
IN WITNESS whereof I set my hand hereto.