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ELIGIBILTY:
Students who secure admission to the following institutes:
- S. P. Jain Institute of Management and Research (SPJIM), Dubai and Singapore
- Indian School of Business (ISB), Hyderabad
- National Institute of Technology (NITs)
- Indian Institutes of Technology (IITs)
- National Institutes of Fashion Technology (NIFT)
- Birla Institute of Technology & Science (BITs)
- Vellore Institute of Technology (VIT)
- Indian Institute of Science (IISC)
- Symbiosis Institute of Business Management (SIBM)
Short duration/Executive courses at the above mentioned institutes (except for ISB, Hyderabad) are not covered under the scheme.
PURPOSE:
To meet tuition fees, cost of books, hostel, mess charges, equipment including laptop, living expenses etc.
MARGIN/ QUANTUM OF LOAN/ RATE OF INTEREST:
|
Institute
|
Margin
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Quantum
|
Rate of Interest
|
|
Male
|
Female
|
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ISB(1-year PGPM)
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Uniform margin of 5%, irrespective of amount of loan
|
Rs 20 lakhs
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10.50%
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10.00%
|
|
ISB (PGPM for Senior Executives)
|
10.50%
|
10.50%
|
|
IITs
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NIL
|
Rs 7.5 lakhs
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10.50%
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10.25%
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NIFT
|
NIL
|
Rs 7.5 lakhs
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10.50%
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10.25%
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NITs
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Upto Rs 4 lakhs:-NIL;
More than 4 lakhs and less than 7.5 lakhs:-5%
|
Rs 7.5 lakhs
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11.00%
|
11.00%
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BITs
|
Rs 7.5 lakhs
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11.00%
|
11.00%
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VIT
|
Rs 7.5 lakhs
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11.00%
|
11.00%
|
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IISC
|
Rs 7.5 lakhs
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11.00%
|
11.00%
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SIBM
|
Rs 7.5 lakhs
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11.00%
|
11.00%
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| SPJIM (GMBA) |
Uniform margin of 15% , irrespective of loan amount |
Rs 15 Lakhs |
11.00% |
11.00% |
PROCESSING CHARGES:
Nil
REPAYMENT PERIOD:
7 years (maximum)
REPAYMENT HOLIDAY/MORATORIUM PERIOD:
- For Post Graduate Programme in Management for Senior Executives at ISB -
- Interest will be serviced during the course period
- EMI will start from the succeeding month after completion of the course.
- For all others
- Course Period + 1 year or 6 months after securing employment whichever is earlier.
SECURITY:
NO collateral security is required; Guarantee of parent or spouse is required.
For further details contact your nearest Union Loan Point branch.
Disclaimer : This is a brief description of the scheme. For complete information, please contact the Branch manager at any of the Union Loan Point. The rate of interest on the date of sanction is applicable.
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