Education Bank Loan in India: Union Bank Of India
Download Application For Union Bank Of India Education Loan
Union Bank of India was flagged by the Father of the Nation, Mahatma Gandhi. Union Bank of India offers education loan to students who are willing to continue their higher education either in India or abroad.
Eligible Criteria for Union Bank of India Education Loan:
Student Education Loan:
- 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 pass qualifying examination.
Courses Eligible for Getting Loan:
Education 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.
- 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 Education 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.
- The maximum amount is Rs. 10 lakhs for the Education in India.
- The maximum amount is Rs. 20 lakhs for the Education abroad.
- 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.
- 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.
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:
239 Vidhan Bhavan Marg,
Phone - (022) 22892000
Website - http://www.unionbankofindia.co.in
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.