CUB Vidyavani

Eligibility :
	Student Should be an Indian Resident Secured admission to Professional/Technical courses through Entrance Test/Selection Process and should produce proof Secured admission to Foreign University / Institutions and should produce proof No specific age restriction with regard to age of the student to be eligible for educational loan Courses a) For Study in India Graduation courses – B.Sc, B.A, B.Com etc post graduation courses- Masters & Ph.D Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc Computer certificate courses of reputed institutes accredited to Dept. of electronics or Institutes affiliated to University Courses like ICWA, CA, CFA etc courses conducted by IIM, IIT, IISc, XLRI, NIFT etc Regular degree/diploma courses like aeronautical, pilot training, shipping etc approved by Director general of Civil Aviation / shipping, if the course is pursed in India. In case the course is perused abroad, the institute should be recognized by the competent local aviation/shipping authority courses offered in India by reputed foreign universities evening courses of approved institutes Other courses leading to diploma / degree etc., conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc b) Studies abroad: Graduation : For job oriented professional / technical courses offered by reputed universities Post-Graduation - MCA, MBA, MS, PhD etc. Courses conducted by CIMA-London, CPA in USA etc
Loan Details
	Coverage of expenses  For payment of College/School/Hostel Fees For payment of Examination/Library/Laboratory Fees. For purchase of books/equipments/instruments. For payment of Caution Deposits/Building; Funds/Refundable Deposits supported by Institution; Bills/Receipts. For making Travel Expenses/Passage Money for studies - abroad. For purchasing inputs essential for completion of the ..course. Any other expense required to complete the course like ..study tours, project work, theses, etc. Quantum :  Need based finance subject to the repayment capacity of parents/students subject to a maximum of - Rs.10.00 Lakhs for studies in India Rs.20.00 Lakhs for studying abroad. Scale if Finance: Based on the demand received from the college / Institutions, keeping the required margin. The disbursement towards fees etc to college / purchase of equipments should be direct to the College / Institution / supplier. Margin : Upto 4 lakhs – Nil Above Rs. 4.00 lakhs For Studies in India - 15% For Studies abroad - 20% - Scholarship/Assistantship to be included in Margin. - Margin may be brought in on a year to year basis as and when disbursements are made on a pro-rata basis. Security : Up to Rs 4.00 lakhs : Parents / Guardian should join the execution of documents. Security need not be insisted uponAbove 4.00 lakhs and upto Rs 7.50 lakhs Above Rs.4.00 lakhs and Upto Rs.7.50 lakhs: 1. Co-obligation of parents / guardian together with collateral security in the form of suitable third party guarantee. If we are satisfied about the net worth of the parents/means of parents /guardian, we may waive the condition of obtaining third party guarantee 2. However if the party offers security of immovable property and or guarantee from third party on a voluntary basis, it may be accepted for the loans upto Rs.7.50 lakhs Above Rs.7.50 lakhs 1. Third party guarantee and immovable security equal to 100% of the loan amount. 2. Assignment of future income of the student for payment of instalments 3. The document should be executed by both the student / and the parent / guardian. 4. The security can be in the form of land / building / Govt. securities / Public Sector Bonds / NSCs / KVPs / LIC Policies, Gold, shares / MF units / debentures, bank deposits in the name of the student/parent/guardian or any other third party. If land/bldg is already mortgaged, the unencumbered portion can be taken as security on second charge basis, provided it covers the loan amount. 5. In case of married person, coobligator can be either spouse or parent/parent-in-law 6. In case the loan is given for purchase of computers, the same is to be hypothecated to the bank. Capability Certificate: The bank can also issue the Capability Certificate for students going abroad for higher studies after obtaining the relevant supporting documents from the applicant. Other Conditions: 1.Life of student should be insured. 2.Life insurance policy should be assigned in favour of the bank. Relaxation of Conditions : In the case of exceptionally deserving students, any condition of this scheme may be waived/relaxed by the Chairman of the bank
Rate of Interest
	Upto Rs. 4.00 lakhs :11.00% Per annum Above Rs.4.00 lakhs : 11.50% Per annum
Repayment
	The student/parents have the option to repay the interest during the holiday period. If the student / parent do not opt for the same, the principal o/s together with interest payable should be clubbed and should be repaid in EMIs. The EMI amount should be fixed at the time of commencement of repayment The loan to be repaid in 5 – 7 years after commencement. Holiday Period: Course period + 1 year (or) 6 months after getting job whichever is earlier.