Mangalayatan University Scholarship Details

Divya Verma

Scholarships at Mangalayatan University, [MU] Aligarh:

Merit-based scholarship [Based on Qualifying Exam]:

• A 100% tuition fee waiver is provided to the students  at Mangalayatan University scoring 90% or above in the qualifying exam
• A 50% tuition fee waiver is offered to the students scoring 80% to 89.99% in the qualifying exam
• A 25% tuition fee waiver is offered to the students scoring 75% to 79.99% in the qualifying exam
• 5% fewer marks are expected by girl students in the above qualifications

Other Scholarships: [For B.Tech and MBA]

• The students who are not eligible for the merit scholarships mentioned above can appear for the university scholarship
• Students clearing the test successfully will be offered a 20% scholarship

Education Loans at Mangalayatan University, [MU] Aligarh:

The students at Mangalayantan University are offered education loans according to their need. The university has entered an MOU with the Central Bank of India for providing education loans. Mentioned below are the names of the banks offering educational loans to its students.

• Oriental Bank of Commerce
• Punjab National Bank
• Canara Bank
• Central Bank of India

Purpose of Loan:

• For studying in a postgraduate program in Indian or abroad

Eligibility for taking the loan:

• The candidate should be an Indian National
• The candidates should have pursued higher education from a recognized university or an institution through an entrance exam or on a merit basis in India or in abroad after the completion of 10+2
• If the selection of the student was not done through an entrance exam or merit basis then the selection was based on the marks obtained in the qualifying exam, then the student should have secured at least 50% marks in the qualifying exam for availing the loan [10% relaxation is offered to the students belonging to SC/ ST]
• If the candidate was admitted to an institute/ university without any entrance exam/ merit list/ qualifying exam, then the candidate should be selected for the loan depending on the reputation of the institution/ university

Nature of Loan:

• Term Loan

Expenses covered by the Loan:

• Fees of the college/ school/ hostel
• Laboratory Fee/ Examination/ Library
• Passage money for abroad studies/ Travel Money
• Insurance Premium of the candidate [if applicable]
• Refundable Deposit/ Building Fund, Caution Deposit supported by the receipts or bills from the Institute
• Purchase of instruments/ books/ equipments/ uniforms etc
• A purchase of a computer if it is required to complete the course
• Other expenses like thesis, study tours, thesis, etc
• The education loan should be calculated keeping the tuition fee, scholarship, and other fee waivers in mind

Maximum Loan Offered:

• The students are offered INR 10 Lakh for studies in India and INR 20 Lakh for studies abroad

Margin:

• Till 4 Lakhs - Nil, More than 4 Lakhs - In India 5% and in abroad 15% margin [it might include scholarship]

Rate of Interest:

• For male students - Base rate + 2%
• For female students, SC, ST, IIM, and IIT students - Base rate + 1.50%

Incentive:

• The bank might give a concession of 1% if the interest is serviced during the period of study and the subsequent moratorium period before the commencement of repayment

 Disbursement:

• The payment can be made directly to the college/ airlines/ mess/ hostel etc. In some cases, the disbursement can be made to the borrowers depending upon the relevant evidence

Repayment:

• The repayment can be done 12 months after the completion of the course/ studies or 6 months after getting a job whatever comes first
• For a loan up to 7.50 lakhs, the maximum repayment period is up to 10 years
• For a loan above 7.50 lakhs, the maximum repayment period is up to 15 years

Security:

• No security is required for a loan up to 4 lakh
• For a loan from 4 lakh to 7.5 lakh, collateral security has to be mentioned
• For a loan above 7.5 lakh, collateral security worth the same amount as the loan has to be submitted

Insurance:

• A life insurance policy for the candidate equal to the amount of loan should be taken from the bank for a minimum period of the loan term

Central Sector Interest:

• This interest is applicable only to the technical and professional courses

Loans for Management Quota:

• The loans under management quota are not covered under the IBA Model Education Scheme and the Central Sector Interest is also not applicable
• The educational loans are offered if there is a potential for employment under the following conditions:
  • The payment or the fee structure will be restricted to the fee structure approved by the government body for payment of seats
  • The parents/ guardians of the candidates will have to be the joint borrowers 
  • All the conditions and other terms are applicable for the loans under the Cent Vidyarthi Scheme

Processing Fee:

• No processing fee for the students looking for loans for studies in India under the scheme
• For studies abroad, a processing fee of INR 500 has to be paid for a loan up to 10 Lakh and INR 1000 or a loan above 10 Lakh