Special Union Education Loan Scheme For Premier Medical Institutes (UNION MEDICOS)

ELIGIBILITY:

Students who secure admission in full time medical courses (MBBS, MD, MS) in the premier institutes mentioned in the list through entrance examinations.

Eligible Colleges and Courses under this scheme are detailed in Annexure-I.

PURPOSE:

To meet tuition fees, cost of books, caution deposit*, hostel charges, mess charges, equipment’s such as desktop/laptop**, living expenses, insurance premium, admission acceptance fee etc.

*Student to deposit the money in the loan account immediately on refund from the institute. An undertaking to be obtained from the student in this respect.
**Laptop/desktop maximum amount Rs.1.00 lakh can be considered, and it is to be purchased after getting admission and for study purpose at these institutes.

QUANTUM OF LOAN:

Maximum Upto Rs. 200.00 lakhs.

MARGIN:

10% - Irrespective of the loan amount

Note: Any scholarship received by the student is to be treated as margin and borrower has to deposit the scholarship amount in the bank account.

INTEREST RATE:

Scheme	Quantum	ROI	Collateral	Effective ROI
Union Medicos	Upto Rs.40 lakh	EBLR + 1.50% (Without Collateral)	50% Upto100%	EBLR+1.25%
	Upto Rs.40 lakh	EBLR + 1.50% (Without Collateral)	100% and above	EBLR+1.00%
	Above Rs.40 lakh	EBLR+2.00 % (50% upto100% collateral)	100% and above	EBLR+1.50 %

PROCESSING CHARGES:

REPAYMENT PERIOD:

180 months /15 years (After moratorium period)

Moratorium period:

Course period + 1 year

CO-APPLICANT/GUARANTOR:
1. Either of the parents or spouse to be made co-applicant / guarantor.
2. Income/means of the co-applicant / guarantor is not to be considered while sanctioning the loan.
3. Minimum CIC score or equivalent CIC score of the co-borrower/guarantor shall be 650 & above and -1.

SECURITY:

Up to Rs.40.00 lakh: No collateral security or third-party guarantee to be taken, irrespective of the income / means of the guarantor.

However, if collateral is offered for the loan below Rs. 40.00 Lakh interest concession is available.

Above Rs.40.00 lakh: Tangible collateral security of minimum value of 50% of total loan amount and interest accumulation during the course and moratorium period, acceptable to bank. Interest concession of 0.50% is available if collateral offered is 100% and above.

Note:

Collateral free loans up to Rs.40 lakhs shall be made available for the students who have secured admissions based on merit. For students who secured admissions through management quota, tangible collateral security with minimum value of 50% of total loan amount and interest accumulation during the course and moratorium period shall be stipulated.

INSURANCE:

Term life insurance policy to be obtained & assigned in favour of the bank.
The policy should be in the name of student, for an amount not less than the loan amount and for the tenure covering course, moratorium and repayment period.

LOANS TO STUDENTS IN SUBSEQUENT YEARS:

The loan can also be granted to the students, who seek a loan in the subsequent years / terms and who have not availed educational loan from other bank / FI for the initial years.
The earlier year fees and desktop/laptop expenses would not be reimbursed.
The loan will include tuition fees, cost of books, hostel charges, mess charges, living expenses, insurance premium etc. for the subsequent years.
All other terms & conditions will be as per the Union Education Scheme for Inland Studies.

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**Conditions Apply**

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LIST OF THE PREMIER MEDICAL INSTITUTES

Sr No.	Name of the College/ University	Courses offered
1	All AIIMS (All India Institute of Medical Sciences) at different locations across the country	MBBS (Graduate Courses) and PG Courses (MD, MS) in several streams
2	PGIMER Chandigarh – Postgraduate Institute of Medical Education & Research	PG Courses (MS & MD)
3	CMC Vellore- Christian Medical College	MBBS, MD/MS
4	National Institute of Mental Health and Neurosciences, Bangalore	MBBS & Post Graduate Courses
5	SGPGIMS Lucknow - Sanjay Gandhi Postgraduate Institute of Medical Sciences	Post graduate courses
6	Amrita Vishwa Vidyapeetham, Coimbatore	MBBS, MD/MS
7	BHU Varanasi - Banaras Hindu University	MBBS, MD/MS
8	JIPMER Puducherry - Jawaharlal Institute of Postgraduate Medical Education and Research	MBBS, MD/MS
9	KGMU Lucknow - King George's Medical University	MBBS, MD/MS
10	KMC Manipal - Kasturba Medical College	MBBS, MD/MS
11	SCTIMST Trivandrum - Sree Chitra Tirunal Institute for Medical Sciences and Technology	MD/MS
12	St. Johns Medical College, Bangalore	MBBS, MD/MS
13	Sri Ramachandra Institute of Higher Education and Research, Chennai	MBBS, MD/MS
14	AMU Aligarh - Aligarh Muslim University	MBBS, MD/MS
15	MMC Chennai - Madras Medical College	MBBS, MD/MS
16	Maulana Azad Medical College, New Delhi	MBBS, MD/MS
17	VMMC - Safdarjung Hospital - Vardhman Mahavir Medical College and Safdarjung Hospital	MBBS, MD/MS
18	DPU Pune - Dr DY Patil Vidyapeeth, Pune	MBBS, MD/MS
19	SRM University Chennai - SRM Institute of Science and Technology	MBBS, MD/MS
20	LHMC Delhi - Lady Hardinge Medical College for Women	MBBS, MD/MS
21	KMC Mangalore - Kasturba Medical College	MBBS, MD/MS
22	JSS Medical College, Mysore	MBBS, MD/MS
23	Jamia Hamdard University, New Delhi	MBBS, MD/MS
24	DMCH Ludhiana - Dayanand Medical College and Hospital	MMBS, MD/MS
25	SIMATS Chennai - Saveetha Institute of Medical and Technical Sciences	MBBS, MD/MS
26	GMCH Chandigarh - Government Medical College and Hospital	MBBS, MD/MS
27	UCMS Delhi - University College of Medical Sciences University of Delhi	MBBS, MD/MS
28	Medical College, Kolkata	MBBS, MD/MS
29	PSGIMSR Coimbatore - PSG Institute of Medical Sciences and Research	MBBS, MD/MS
30	Datta Meghe Institute of Medical Sciences, Wardha	MBBS, MD/MS
31	MS Ramaiah Medical College, Bangalore	MBBS, MD/MS
32	SMS Medical College Jaipur - Sawai Man Singh Medical College Jaipur	MBBS, MD/MS
33	SCB Medical College, Cuttack	MBBS, MD/MS
34	Annamalai University, Annamalai Nagar Tamilnadu	MBBS, MD/MS
35	Padmashree Dr. DY.Patil Vidyapeeth Mumbai	MBBS, MD/MS
36	RIMS Imphal - Regional Institute of Medical Sciences	MBBS, MD/MS
37	K.S.Hegde Medical Academy, Mangaluru	MBBS, MD/MS
38	Mahatma Gandhi Medical College & Research Institute, Puducherry	MBBS, MD/MS
39	JNMC Belgaum - Jawaharlal Nehru Medical College	MBBS, MD/MS
40	Tirunelveli Medical College, Tirunelveli Tamilnadu	MBBS, MD/MS
41	Kalinga Institute of Medical Sciences, Bhubaneshwar	MBBS, MD/MS
42	Seth GS Medical College & KEM Hospital, Mumbai	MBBS, MD/MS
43	Bangalore Medical College & Research Institute, Bengaluru	MBBS, MD/MS
44	Lokmanya Tilak Municipal Medical College & General Hospital, Mumbai	MBBS, MD/MS
45	Osmania Medical College, Hyderabad	MBBS, MD/MS
46	Mahatma Gandhi Institute of Medical Sciences, Wardha	MBBS, MD/MS
47	Christian Medical college, Ludhiana	MBBS, MD/MS
48	SDM College of Medical Sciences & Hospital Dharwad, Karnatka	MBBS, MD/MS
49	Trichy SRM Medical College Hospital & Research Centre, Tiruchirappalli	MBBS, MD/MS
50	Army College of Medical Sciences, New Delhi	MBBS
51	Chalmeda Anand Rao Institute of Medical Sciences, Karimnagar	MBBS, MD/MS
52	Era’s Lucknow Medical College & Hospital, Lucknow	MBBS, MD/MS
53	Dr. Rajendra Prasad Government Medical College, Kangra Himachal Pradesh	MBBS, MD/MS
54	Shri Ram Murti Smarak Institute of Medical Sciences, Bareilly	MBBS, MD/MS
55	Sikkim Manipal Institute of Medical Sciences, Gangtok	MBBS, MD/MS
56	Dy Patil Medical College, Kolhapur	MBBS, MD/MS
57	Dr. Pinnamaneni Siddhartha Institute of Medical Sciences & Research Foundation, Vijayawada	MBBS, MD/MS
58	Siksha ‘O’ Anusandhan, Bhubaneswar	MBBS, MD/MS
59	Maharishi Markandeshwar Institute of Medical Science, Mullana Haryana	MBBS, MD/MS
60	Kasturba Medical College, Manipal Karnatka	MBBS, MD/MS
61	Bharati Vidyapeeth Medical College, Pune	MBBS, MD/MS
62	Chettinad Hospital and Research Institute, Kelambakkam (Chennai) Tamilnadu	MBBS, MD/MS
63	Pondicherry Institutes of Medical Sciences, Puducherry	MBBS, MD/MS
64	Sri Guru Ram Das Institute of Medical Sciences & Research, Amritsar	MBBS, MD/MS
65	LN Medical College & Research Centre, Bhopal	MBBS, MD/MS
66	Mahatma Gandhi Mission Institute of Health Sciences/ Mahatma Gandhi Mission Medical College and Hospital, Navi Mumbai	MBBS, MD/MS
67	Maeer’s Maharastra Institute of Medical Education & Research Medical College, Pune	MBBS, MD/MS
68	Krishna Institute of Medical Sciences Deemed University, Karad Maharastra	MBBS, MD/MS
69	Narayana Medical College, Sri Potti Sriramulu Nellore (A.P.)	MBBS, MD/MS
70	Kempegowda Institute of Medical Sciences, Bangalore	MBBS, MD/MS
71	Goa Medical College & Hospital, Bambolim Goa	MBBS, MD/MS
72	Himalayan Institute of Medical Sciences, Dehradun	MBBS, MD/MS