Union Bank of India
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
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.
b.Studies Abroad
Graduation : For job-oriented professional/ technical courses offered by reputed Universities.
Post Graduation : MCA, MBA, MS, etc.,Courses conducted by CIMA - London, CPA in USA etc.
QUANTUM OF LOAN
For studies in India, maximum Rs. 10 lacs
For Studies abroad, maximum Rs. 20 lacs
MARGIN
For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs: Studies in India: 5%, Studies Abroad: 15%
RATE OF INTEREST
For Male Student:
Up to Rs.4.00 lakhs: 11.75%
Above Rs.4.00 lakhs upto Rs.7.50 lakhs : 12.50%
Above Rs. 7.50 lakhs : 12.00%
For Female Student:
Up to Rs.4.00 lakhs: 11.25%
Above Rs.4.00 lakhs upto Rs.7.50 lakhs :12.00%
Above Rs. 7.50 lakhs : 11.50%
REPAYMENT
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. The loan has to be repaid in 5-7 years after completion of course period/moratorium.
SECURITY
Upto Rs. 7.50 Lacs : Nil
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.