LOAN TERM SHEET

Fees are payable in US dollars or UAE dirhams on the indicated due dates. For students who wish to take an educational loan, S P Jain has arrangements with the Indian Bank, the Oriental Bank
of Commerce (India), Credila, and the Union Bank of India for student loans. Details of the loans are given in the term sheets below (these are strictly indicative based on what has been
charged for the last intake and are subject to change at the discretion of the banks (for example, the interest rate may change, even the pattern of documents required may differ from
branch to branch of the same bank). It is, however, pertinent to point out that S P Jain is acting only as a facilitator for the loans and takes no responsibility for the disbursement of funds. It is
the students responsibility to liaise directly with the banks and ensure that all fees are remitted on time, before the payment due date.
Indian Bank
Eligibility

Indian National

Available for

Fees, hostel, exam fees,

purchase of books,
equipment, travel expenses,
passage money, laptop etc.

Amount and
security

Oriental Bank of
Commerce
Indian National up to 45
years of age.

Union Bank of India

Credila

Indian Resident

Indian Nationals or Passport

Holders

Admission fees, books,

instruments required for the
course, monthly fees, laptop,
boarding and lodging
expenses of hostel/boarding.

Tuition fees, cost of books,

hostel, mess charges, project
work expenses, equipment
including laptop, and living
expenses

100% Funding for tuition

fees, examination fees, cost
of study material, travelling
expenses, living expenses
including hostel and food
expenses, other expenses (if
required)

Up to four lakhs rupees

no security, parents coobligation

Up to four lakhs rupees

parents co-obligation

Up to ten lakhs rupees

no security / no third
party collateral
Multicity co-borrowers
accepted

Four to 7.5 lakh rupees

no security but need
personal guarantee of third
party of 100% net worth
(minimum three lakh
rupees of annual income)

Up to 7.5 lakh rupees

no security but need coobligation of
parents/guardian
one personal guarantee
(minimum three lakh
rupees of annual income)

Up to 7.5 lakhs rupees

Parents/spouse to join as
co-obligation and guardian
in case both the parents are
not alive
Personal guarantee of a
third party of suitable
means
7.5 to fifteen lakh rupees
Parents/spouse to join as
co-obligation and guardian
in case both the parents are
not alive
Collateral security in the
form of mortgage of
property or pledge of any
other security equivalent
to the loan amount
(NSC/FD etc.)

Indian Bank
C

Oriental Bank of
Commerce
7.5 to 20 lakh rupees
co-obligation of
parents/guardian
Mortgage of immovable
property or any other
tangible securities like
pledge of NSC/LIC/UTI
(surrender value) PSU
bonds etc. having value
equivalent to 100% of the
loan amount.
12.25% for male students
and
11.75% for female students

Union Bank of India

The course period plus 6

months from the completion
of the course or immediately
after getting the job,
whichever is earlier
Directly to S P Jain

Up to 4 lakh rupees Nil

Above 4 lakh rupees 15%
Repayable in 5 years 60
EMIs
The course period plus 6
months from the completion
of the course or immediately
after getting the job,
whichever is earlier
Directly to S P Jain

15% margin irrespective of

the loan amount
Maximum of 84 months (7
years)
The course period plus one
year or 6 months immediately
after getting the job,
whichever is earlier

None

Rs.500

None

2% over the normal lending

interest rates on the overdue
amount for irregular period

2% over the normal lending

interest rates on the overdue
amount for irregular period

2% will be levied on the

overdue installments

7.5 to 25 lakh rupees

Collateral security of
suitable value but not less
than the loan amount.

Interest Rate

12.25% (Floating)

Margin

Up to 4 lakh rupees Nil

Above 4 lakh rupees 15%
Repayable in 5-7 years

Repayment Period
Moratorium

Disbursement

Processing
Charges
Penal interest

Credila
Above 10 Lakh
Collateral required: flat,
house, non-agricultural
land, commercial property,
HDFC -FD, properties
under HDFC loan
Multicity collateral
accepted

12.00% (Fixed) % for male

students and
11.50% (Fixed) for female
students

Directly to S P Jain

Up to 10 lakhs - 12.50%
simple interest
repayment during
moratorium
Above 10 lakhs - 11.75%
simple interest
repayment during
moratorium
No margin money
Up to 10 years ( including
moratorium )
Course period plus 6 months
(only interest repayment
during the moratorium)

Loan will be disbursed as per

fee payment schedule before
or after visa
1%

Indian Bank

Oriental Bank of
Commerce

Other Terms and

Conditions

Processing and
contact details

Union Bank of India

Term life policy in the
students name to be
obtained and assigned in
the name of the bank
All other terms and
conditions as per Union
Education Scheme

Address
Bhavan s Campus Branch
Munshi Nagar
Andheri (West)
Mumbai 400 058
Contact persons
Mr T. Gopal, Branch
Manager
Mob.:7738152039
Mr. R. Palanivel
Loan Manager
Mob.: +919930714516
Tel.: 02226234829/652
Email:
bhavanscampus@indianbank
.co.in

Address
66 Guru Darshan
N S Road no.1
Vallabnagar Society
JVPD Scheme
Vile Parle (West)
Mumbai 400 056
Contact person:
Neelam Tikke - Branch
Manager
Ms. Diana Dantes- Manager
Tel No.: 02266779611 / 12
Fax No.: 02226191489
Email : bm1053@obc.co.in

Address
66/80 Mumbai Samachar
Marg Branch
Mumbai 400 023
Contact person:
Mr. M N V Nair, AGM

Mob. +919930916552
Tel.: 02222629377
Toll free number all over
India for loans:
1800 2222 44
Website :
http://www.unionbankofindia.
co.in/ln_union_education.asp
x;
For assistance :
http://www.unionbankofindia.
co.in/ulp.aspx

Credila
For loans up to 10 lakh, the
location of at least any one of
the co-borrower or collateral
needs to be near a Credilla
branch location. For loans
above 10 lakh, the location of
at least one of the coborrowers or collateral needs
to be in the city where HDFC
Ltd. has an office, or about 50
Km radius from the city
where the HDFC Ltd. office
is located.
Address :Credila, an HDFC Company
3rd Floor, Damodar Hall,
Dr. Babasaheb Ambedkar
Road,
Parel, Mumbai - 400 012.
www.credila.com
Toll Free No. :- 1800-2093636
Email Id :loan@credila.com
Contact Person :Mr Ganesh Sharma
ganeshs@credila.com
Mob. No.: +919167980602