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| Union Bank of India Education Loans |
Must be an Indian National
Has secured admission to professional or technical courses through an appropriate Entrance Test or selection process
Has secured admission to foreign University
Has passed an appropriate qualifying examination
Studies in India
School education up to +2
Graduation / Post-Graduation
Professional course
Management course
Special Education Loan Scheme for Students pursuing courses from approved institutions like IITs / IIMs / NIT / XLRI / BITS / VIT / IISc / S.P. Jain Institute Of Management / Symbiosis Institute Of Management and T.S. Chanakya, Navi Mumbai- Nautical Science and MERI, Calcutta, Marine Engineering, MERI, Mumbai, Maritime Science.
Studies Abroad :
- Graduation : For job-oriented professional or technical courses offered by reputed universities
- Post-Graduation : MCA, MBA, MS and such other courses
- Courses conducted by CIMA, London CPA, USA., and such other institution
Loan Details
- Hostel / Boarding fees including caution deposit / building fund etc.
- Book, Stationery & Equipment required for the course, including Computers.
- Examination / Library / Laboratory fees.
- Travel Expenses / Passage for studies abroad.
Quantum
- Studies in India : Up to Rs. 10 lacs
- Studies Abroad : Up to Rs. 20 lacs
Margin
- Upto Rs. 4 Lac - Nil
- For loans above Rs. 4 lacs
- Studies in India -5%
- Studies abroad - 15%
- Service Charge : There is no processing fee / upfront / service charge
- Scholarship / assistance to be included in margin.
- Loan up to Rs. 7.50 lacs - No collateral security is needed
- For loans above Rs. 7.50 lacs - collateral security of suitable value, along with co-obligation of parents / guardian / third party, accompanied by an assignment of future income of the student for payment of installments is required.
Rate of Interest
- For Male Student :
- For loans up to Rs. 4.00 lacs - 11.75%(Fixed)
- For loans above Rs. 4.00 lacs upto Rs. 7.50 lacs - 12.50% (Fixed)
- For loans Above Rs. 7.50 lacs - 12.00% (Fixed)
For Female Student:
- For Loans up to Rs.4.00 lacs -11.25% (Fixed)
- For loans up to Rs. 4.00 lacs - 7.50 lacs - 12.00% (Fixed)
- For loans Above Rs. 7.50 lacs - 11.50%(Fixed)
Repayment
- Repayment holiday or Moratorium on loan Course period + 1 year or 6 months after job placement, whichever is earlier.
- Starting from this point, the loan is to be repaid in 5-7 years after completion of course period / moratorium.
Security
- Up to Rs. 4 lacs : No security
- Above Rs. 4 lacs & up to Rs. 7.5 lacs : a suitable third party / personal guarantee
Contact Details:
Head Office
Union Bank of India,
239 Vidhan Bhavan marg, Cectral Office,
Nariman Point, Mumbai - 21
Phone : 022-22892000
Website : www.unionbankofindia.co.in