Fly Finance, (the financial service platform of Leverage Edu) has partnered with Union Bank of India Services Limited(UBISL) to offer special education loan schemes for Indian nationals. Those Indians who are seeking admission to study abroad can avail of this facility.
The loan scheme is specifically designed for students pursuing full-time postgraduate courses. The students must have secured admission through entrance examinations conducted by recognized universities, institutions, and other approved authorities.
Aim of the Fly Finance-UBIsl Partnership
This initiative will benefit the students seeking to pursue higher studies abroad. Eligible students can get an unsecured education loan of up to 40 lakhs for listed universities. Also, a candidate can get a secured education loan of up to 1.5 Crore for listed as well as non-listed universities. Let us explain more about this education loan:
Expenses Covered: The loan will cover the following expenses.
- Tuition Fee payable to the institution
- Purchase of Books/Equipment/ uniforms
- Purchase of computer/laptop at reasonable cost, (if required to complete the course)
- Examination/ Lab/ Library fee
- Hostel/ Mess Charges
- Travel Expenses/ passage money for studies abroad
- Caution deposit, building fund/ receipts /refundable deposit supported by institution bills
- Insurance premium for the student borrower
- Other expenses required to complete the course-study tours, thesis etc.
Moratorium Period: The moratorium period is the time when the borrower is not required to repay the loan. The moratorium period is a course period + 1 year.
Repayment Period– It is the total duration of time over which you spread your loan EMI payments to pay off the entire loan. The repayment period is 180 months/ 15 years (after the Moratorium period)
Processing Charges– No processing charges are to be levied. However an upfront fee of INR 5000 will be charged to the student, and it will be refunded if the student avails loan within a period of 3 months from the date of Sanction.
SOME uNIVERSITIES AND THE COURSES
Some of the top universities and the list of eligible courses are mentioned in the table below:
| Name of College/University | Country | Course List |
| Stanford University | USA | Management Courses, Law, Economics & Econometrics, STEM, Arts, Performing Arts, Design and Medical |
| Harvard University | USA | Law, Medical, Economics & Econometrics, Performing Arts, Art, Management courses and Public Policy |
| University of Oxford | UK | Medical Courses, Law, Economics & Econometrics, STEM, Performing Arts, Art, Management Courses and all other courses |
| University of Cambridge | UK | Medical Courses, Law, Economics & Econometrics, STEM, Performing Arts, Art, Management Courses and all other courses |
| University of Toronto | Canada | Medical Courses, Law, Economics & Econometrics, STEM, Design, Performing Arts, Art, and Management |
| University of British Columbia | Canada | Medical Courses, Law, Economics & Econometrics, STEM, Design, Performing Arts, Art, and Management |
| University of Melbourne | Australia | Medical Courses, Law, Economics & Econometrics, STEM, Design, Performing Arts, Art, and Management |
Fly Finance primarily focuses on student remittances and education loans. So, the Fly Finance-UBI partnership aims to provide affordable education loans to Indian students. It will help them achieve their dreams of pursuing higher education in renowned institutes abroad.
For more exciting news updates, make sure you contact Leverage Edu.
