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Education Bank Loan in India : Union Bank Of India


The dawn of twentieth century witnesses the birth of a banking enterprise par excellence- UNION BANK OF INDIA that was flagged off by none other than the Father of the Nation, Mahatma Gandhi. To become the Bank of first choice in our chosen areas by building beneficial and lasting relationship with customers through the process of Continuous improvement.

Eligibility


Student:

  • Student should have Indian nationality.
  • Must take secured admission to technical and professional courses through entrance exam or merit based selection process.
  • Take secured admission to the foreign institutes or universities.
  • Must passed qualifying examination

Courses:

  • Studies in the India:
    • School education +2
    • Graduation courses
    • Post-Graduation courses
    • Management course
    • Professional course
    • All the courses arranged by IIT, IIM, IISc, NIFT, XLRI etc
  • Studies abroad:
    • Graduation courses which are job oriented and other technical or professional courses.
    • MS, MBA, MS etc such post graduation courses.
    • Courses conducted by CPA - USA, CIMA in London, etc.


Details of Loan


Exposure of Expenses:

  • Fees payable to the school, college or hostel.
  • Laboratory, Examination, or Library fee.
  • Fees required for purchasing equipments, books, uniforms or instruments.
  • Purchase the computers which are useful for the course.
  • Expenses required for completion of course such as study tours, thesis, project work, etc.

Quantum:

  • The maximum amount is Rs. 10 lakhs for the studies in the India.
  • The maximum amount is Rs. 20 lakhs for the studies in Abroad.

Margin:

  • No margin on the loan up to Rs 4 lakh
  • The margin on loans greater than Rs 4 lacs are 5 percent for students in India and 15 percent for the students in Abroad.
Assistance or scholarship is included in the margin.

Security:

  • No collateral security is required for loan amount up to Rs. 7.5 lakh.
  • For loans greater than Rs. 7.5 lakh, collateral security with suitable value, co-obligant such as parents, third party or guardian and assignment of student's future income is needed.


Disbursement


The loan should be repaid in five to seven years after initiating repayment. The repayment must start after repayment or moratorium holiday plus 1 or 6 months from getting the job, whichever is earlier.


Details & Contact


Head Office
239 Vidhan Bhavan Marg,
Nariman Point,
Mumbai 21
Phone - (022) 22892000
Website - http://www.unionbankofindia.co.in



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