Union Bank of India

Union Bank of India is offering Education Bank Loan to To the poor and needy students to undertake basic education and to meritorious students to pursue higher or professional or technical education

Objective & Purpose:
The scheme aims at providing financial assistance on reasonable terms:
To the poor and needy students that they may undertake basic education
To meritorious students that they may pursue higher or professional or technical education

Eligibility:
The student applying for Union Education Loan ought to:
Be an Indian National
Has secured admission to professional or technical courses through an appropriate Entrance Test or selection process
Has secured admission to a 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

Terms and Condition:
The Parent/Guardian of the student who is availing loan from our bank shall be made co-obligator/joint borrower irrespective of the age of such students.
The Loan Accounts of students applying through college/institutions will be sanctioned/disbursed at the branch nearest to permanent residence/place of domicile of the borrower student.
Loan will be disbursed directly to the college/institute.
Student to produce mark list of previous term/semester before availing next installment.
Student /Parent to provide latest mailing address before availing next installment.
In case of parents with transferable job, new address to be provided before availing installments.

Qantum of Loan:
Need-based finance subject to repayment capacity of the parent or student with margin and upto the following ceilings:
For studies in India - Up to Rs.10 lacs
For studies abroad - Up to Rs.20 lacs

Margin:
No margin for loans up to Rs. 4.00 lacs . However, for loan of higher amounts, the margin requirement is 5% for inland studies and 15% for studies abroad.
Margin maybe brought in on pro-rata basis as and when disbursement is made.

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.

Rate of Interest:
For Male:
Up to Rs. 4.00 lakhs:11.75% (Fixed)
Above Rs. 4.00 lakhs upto Rs.7.50 lakhs:12.50% (Fixed)
Above Rs. 7.50 lakhs: 12.00% (Fixed)

For Female:
Up to Rs. 4.00 lakhs:11.25% (Fixed)
Above Rs. 4.00 lakhs upto Rs.7.50 lakhs:12.00% (Fixed)
Above Rs. 7.50 lakhs:11.50% (Fixed)

For processing fees, prepayment penalty, documentation charges, mortgage and other charges, please visit the bank website www.unionbankofindia.co.in