x
Manipal University 2019 Admissions Apply Now!

Union Bank of India Education Loan- Student Loan in India

Union Bank of India Education Loan Scheme

Union Bank of India Education Loan PURPOSE

In order to apply for the Union Bank education loan, the applicant must fulfil the following conditions:

  • Must be an Indian citizen
  • Applicant must have gained admission to a recognized institute in India or abroad through an appropriate standardized selection process or by clearing the concerned qualifying examination.

Union Bank of India Education Loan ELIGIBILITY

  • Indian citizen
  • Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the qualifying examination, if any
  • Courses covered in India
    •  
    • Graduation / post-graduation / diploma courses from recongnized universities
    • Technical / professional / management courses
  • Courses covered outside India
    •  
    • Graduation / post-graduation degrees offered by recongnized universities
    • Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
    • Diploma courses are not covered under Union Education

Union Bank of India Education Loan QUANTUM OF LOAN  

  • For studies in India - maximum upto Rs. 10 Lakhs. The quantum of loan is higher for the institutes covered under Special Education Loan schemes. Please check the Special Offers Tab above for further details.
  • For studies outside India- maximum Up to Rs. 20 Lakhs

MARGIN, I.E. YOUR SHARE  

For loans upto Rs. 4 Lakhs, the margin is nil Fo

For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India

MORATORIUM PERIOD

The moratorium period is minimum of the following two.

Course period + 1 year

Course period + 6 months after commencement of job

Union Bank of India Education Loan REPAYMENT

Up to Rs 7.50 lakh: 10 years

Above Rs 7.50 lakh: 15 years

RATE OF INTEREST AND PROCESSING CHARGES

UNION BANK OF INDIA  

Quantum of Loan

Interest Rate (Male students)

Interest Rate (Female students)

Up to Rs 7.50 lakh

12.25% (fixed)

11.75% (fixed)

Above Rs 7.50 lakh

12.00% (fixed)

11.50% (fixed)

SECURITY

The security required is as mentioned below.


Loan amount

Security

Upto Rs. 4 Lakhs

      NIL

Rs. 4 - 7.5 Lakhs

  • No collateral security required
  • Third party guarantee is needed

Above Rs. 7.5 Lakhs

  • Collateral security of suitable value is required

 

GUARANTEE

Parent / guardian of the student who is availing loan have to join in as co-borrower

INSURANCE

Life insurance of the borrower is compulsory to the tune of the loan amount

OTHER CONDITIONS

The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student

Loan would be disbursed directly to the institute

*Conditions apply. For further details, please visit our nearest branch.