Union Bank of India Education Loan form
- 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
- 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
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.
- Studies in India : Up to Rs. 10 lacs
- Studies Abroad : Up to Rs. 20 lacs
- 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.
- 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.
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)
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.
Union Bank of India,
239 Vidhan Bhavan Marg, Central Office,
Nariman Point, Mumbai -21