Union Bank of India Education Loan | Interest Rates | Eligibility | Information

Union Bank of India Education Loan: Information on Interest Rates, Documents, Eligibility, Fees and Charges of UBI Education loans.

First – Purpose of Loan – Basic Education, Pursue Graduation or Post Graduation and Pursue Technical/ Management/Professional Courses.

ELIGIBILITY

  • Indian citizen | Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the qualifying examination, if any


Compare Education Loan



Full Name : Country of Study :
DOB :

Course of Study :
Co-borrower’s* Income:
Residence City :
Collateral Security :
Yes   No
Other City :
Mobile No :
+91
Email ID :
Loan Amount :

I authorize Deal4loans.com & its partnering Banks to call me with reference to my loan application & Agree to Privacy Policy and Terms and Conditions
 

Courses covered in India

  • Graduation / post-graduation / diploma courses from recongnized universities
  • Technical / professional / management courses

Courses covered outside India

  • Graduation / post-graduation degrees offered by recongnized universities
  • Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
  • Diploma courses are not covered under Union Education

QUANTUM OF LOAN

  • For studies in India – maximum upto Rs. 10 Lakhs. The quantum of loan is higher for the institutes covered under Special Education Loan schemes. Please check the Special Offers Tab above for further details.
  • For studies outside India- maximum Up to Rs. 20 Lakhs

MARGIN, I.E. YOUR SHARE

  • For loans upto Rs. 4 Lakhs, the margin is nil
  • For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India
  • Scholarship / Assistant ship will be included in the margin

MORATORIUM PERIOD – The moratorium period is minimum of the following two.

  • Course period + 1 year
  • Course period + 6 months after commencement of job

REPAYMENT

  • Upto Rs. 7.50 Lakh – 10 Years
  • Above Rs. 7.50 Lakh – 15 Years

Union Education Loan Interest Rates –

Quantum of loan

Rate of Interest

For Male student

For Female student

Up to 4.00 Lakh 12.00% (fixed) 11.50% (fixed)
> 4.00 Lakhs to 7.50 Lakh 12.00% (fixed) 11.50% (fixed)
Above 7.50 Lakh 12.00% (fixed) 11.50% (fixed)
  • If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate. Please contact the nearest branch for details.
  • No processing charges.
  • Wherever applicable, Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals

SECURITY

  1. Upto Rs. 4 Lakhs  – NIL
  2. Above Rs. 4 Lakh & upto Rs 7.5 Lakhs – Suitable Third party guarantee acceptable to the bank to be taken.
  3. Above Rs. 7.5 Lakhs – Tangible Collateral security of minimum value equivalent to the laon amount and interest accumulation during course & monatorium period, acceptable to the bank.

INSURANCE
Life insurance of the borrower is compulsory to the tune of the loan amount

OTHER CONDITIONS

  • The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student
  • Loan would be disbursed directly to the institute
  • Loan can be availed during subsequent years of the course
  • Legal and valuation charges have to be borne by the borrowers.

 

CENTRAL GOVERMENT INTEREST SUBSIDY SCHEME

The Ministry of HRD has launched Central Government scheme of Interest Subsidy on educational loans for economically weaker sections of the society.

The students who satisfy all the following parameters would be eligible for the interest subsidy.

  • The student has secured admission to any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India only and availed educational loan from any of the scheduled banks, including Union Bank of India, to pursue the course.
  • The student belongs to Economically Weaker Section (EWS) with an annual gross parental / family income from all sources not exceeding ` 4.50 Lakhs.

The other features of the scheme are as follow :

  • Subsidy for loan amount upto ` 10 Lakhs (even if loan is more than ` 10 Lakhs).
  • Student to submit proof of income from the competent authority appointed by the state government.
  • Scheme applicable for disbursements from the academic year 2009 (even if the loan was sanctioned earlier).
  • Subsidy for the course and moratorium period only.
  • Student will be eligible for interest subsidy only once either for the first undergraduate degree course or the post graduate degree / diploma course in India.

The eligible students should contact our branches from where they have availed / availing educational loans for further details.

*Conditions apply. For further details, please visit nearest branch.

Source: Union Bank of India Website

 

You might find these relevant:


Tags: ,


Disclaimer: This information is sourced from Bank's Website to help customers to gain information on Banks product.
    Home     Product Articles    Help Articles     Advertise With Us    Site Map     Terms of Use     Testimonials     Privacy Policy  Do Not Disturb
Disclaimer: Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank/agent which you have opted for. We don't do short term loans. Deal4loans has no sales team on its own and we just help you to compare loans .All loans are on discretion of the associated Banks/Agents. Read More
DMCA.com
© Copyright 2014, Deal4loans, India
Address: E-32, Ground Floor, Sector - 8,
Noida, Uttar Pradesh, India - 201301
Phone: 1800 3000 1500
Email: contactus@deal4loans.com