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 |
|
Above Rs. 7.5 Lakhs |
|
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.