8/28/2023 0 Comments Ucla tuition and living expensesWherever property is being mortgaged as security for educational loan, the borrower has to bear the professional fee charged by bank’s advocate for title deed verification and professional fee payable to bank’s approved valuer for valuation of the property proposed to be mortgaged. If the student does not avail the loan within a period of 3 months from the date of sanction, then the deposit of Rs.5000 to be appropriated as processing charges.Ī suitable stipulation to this effect should be included in the sanction letter issued to the student. However, an upfront fee of Rs.5000 to be charged to the student, which will be refunded if the student avails the loan within a period of 3 months from the date of sanction. Servicing of interest during course & moratorium period is optional. No further concession for servicing interest during course & moratorium period The premium component will remain fixed till maturity of the loan. The first reset will be 3 years from the date of sanction and subsequent resets will be every 3 years from the last reset date. The spread will remain fixed for 3 years for the borrower. The External Benchmark shall be reset at least once in three months, or any other frequency as prescribed by Bank / RBI. The mess charges/living expenses will be allowed within the overall sanctioned limit.ĮBLR prevailing on the date of disbursement (whether partial or full) shall be applicable. In cases where the mess charges/living expenses are not mentioned/indicated in the fee structure provided by the institute, a reasonable amount is to be considered based on the living expenses of the country. If the borrower temporarily arranges for the funds to pay the term fee during the sanction process, then the same can be reimbursed to the student, upon request and production of original receipt / proof of payment. If the student has paid the first term fee for securing the admission in the colleges/ universities and approaches us for loan along with reimbursement of the fee paid, then the same is permitted within 6 months of securing admission on production of original receipt / proof of payment. Reimbursement of fee (for 1st year students) at all points of time the margin should be maintained in relation to the loan disbursed and total expenditure incurred.Ħ. Margin should be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis. (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.) In all other cases 15% margin and minimum 50% collateral security shall be obtained from borrower. If minimum 100% collateral security is offered by the borrower margin shall be NIL and Rs.10,000/- to be collected as processing charges. The courses eligible for loan in top 160 premier institutes is enclosed in Annexure -I. However, the maximum expenses included under Para 2.7, 2.8 &2.9 is to be capped at 20% of the total tuition fees payable for completion of the course. Therefore, a realistic assessment may be made of the requirement under these heads. It is likely that expenditure under Para 2.7, 2.8 &2.9 above may not be available in the schedule of fees and charges prescribed by the college authorities. These expenses can be considered subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course. Reasonable lodging and boarding charges will be considered in case the student chooses/is required to opt for outside accommodation. The expenses such as cost of books, hostel & mess charges, etc can be funded subject to a minimum margin of 30% of such expenses (irrespective of the loan amount). In case of University/institute in Germany, wherein these institutions/universities do not charge any tuition fee for their course. Purchase of computer/laptop at reasonable cost, if required for completion of the course 3Īny other expense required to complete the course - like study tours, project work, thesis, etc 3. Purchase of books/ equipment’s/ instruments/ uniforms 3 Travel expenses /passage money for studies abroad. Insurance premium for the student borrower.Ĭaution deposit, building fund/ refundable deposit supported by Tuition fee payable to college/ school/ university. The student should be an Indian National and Secured admission in full time Post Graduate Courses in the Premium University Abroad through entrance examinations conducted by recognized universities / institutions and other approved authorities.
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