Union Bank provides Union Education Loan For career Makin 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
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.
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
CONDITIONS
The Parent/Guardian of the student who is availing loan from our bank shall be made co-obligator/joint borrower irrespective of the age of such students.
The Loan Accounts of students applying through college/institutions will be sanctioned/disbursed at the branch nearest to permanent residence/place of domicile of the borrower student.
Loan will be disbursed directly to the college/institute.
Student to produce mark list of previous term/semester before availing next installment.
Student /Parent to provide latest mailing address before availing next installment.
In case of parents with transferable job, new address to be provided before availing installments.
QUANTUM OF LOAN
Need-based finance subject to repayment capacity of the parent or student with margin and upto the following ceilings
For studies in India – Up to Rs. 10 lacs
For studies abroad – Up to Rs. 20 lacs
MARGIN
No margin for loans up to Rs. 4.00 lacs . However, for loan of higher amounts, the margin requirement is 5% for inland studies and 15% for studies abroad.
Scholarship/assistance to be included in margin.
Margin maybe brought in on pro-rata basis as and when disbursement is made.
REPAYMENT
Repayment holiday or Moratorium on loan: 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.
RATE OF INTEREST
For Male Student :
Up to Rs. 4.00 lakhs : 11.75% (Fixed)
Above Rs. 4.00 lakhs upto Rs.7.50 lakhs : 12.50% (Fixed)
Above Rs. 7.50 lakhs : 12.00% (Fixed)
For Female Student:
Up to Rs. 4.00 lakhs : 11.25% (Fixed)
Above Rs. 4.00 lakhs upto Rs.7.50 lakhs : 12.00% (Fixed)
Above Rs. 7.50 lakhs : 11.50% (Fixed)
* Rate of Interest prevailing on the date of sanction shall be applicable.
http://www.unionbankofindia.co.in/ln_Union_Education.aspx
Apply Online
Supreme Court Admit Writ Petition of B.Ed. Candidates in Bihar Teacher Recruitment case - The…
BPSC has conducted the teacher vacancy recruitment exam on 24th & 25th of Aug 2023.…
Discussion on KVS Librarian Cut Off Marks recruitment exams. The answer key and response sheet…
Google layoffs 453 Indian Employees from various departments in India. Google CEO Sundar Pichai had sent…
Disney to Lay off 7,000 Employees to restructure their business and an effort to save…
Dell to Lay off 6,650 Employees form it's PC division - Computer manufacturer Dell has…