Education Loans in India
Sunday, March 24, 2019
Education & Career
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Union Bank of India Education Loan Scheme

Education Loan Scheme | Special Loans

Eligibility : 

Student

  • 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

Courses

a) 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.

a) 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

Coverage of Expenses

  • Hostel/Boarding Fees including caution deposit/building fund etc.
  • Books, 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.

Security

  • Loans 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 lakhs - 11.75% (Fixed)
  • For loans above Rs. 4.00 lakhs upto Rs.7.50 lakhs - 12.50% (Fixed)
  • For loans Above Rs. 7.50 lakhs - 12.00% (Fixed)

For Female Student :

  • For loans up to Rs. 4.00 lakhs - 11.25% (Fixed)
  • For loans above Rs. 4.00 lakhs upto Rs.7.50 lakhs - 12.00% (Fixed)
  • For loans Above Rs. 7.50 lakhs - 11.50% (Fixed)
Repayment

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.

Contact Details

Head Office
Union Bank of India,
239 Vidhan Bhavan Marg, Central Office,
Nariman Point, Mumbai -21
Phone : 022-22892000
Website : visit
Union Bank of India Regional Offices

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.