UNITED Bank of India SUPERB EDUCATION LOAN SCHEME | Interest Rates

UNITED SUPERB EDUCATION LOAN SCHEME – Details on United Bank of India Superb Education Loan Schemes with Lowest Interest Rates, Eligibility and Documents.

If you are an Indian National and secured an admission to  the following academic/ professional/ technical courses through Entrance Test/ Selection process in a Board/ Institution/ University, you are welcome to apply for loan under the scheme.

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* Co-borrower : Relative with good income who can support your education loan application. Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother

United Superb Education Loan Scheme (Floating rate)

Quantum of Loan
For List A Institutes 9.65%
For List B Institues 10.15% (for female student 0.25 % concession)
Courses Eligible for Study in India:

Professional Courses : Engineering, Medical,  Management etc. as per Bank’s approved list
Courses conducted by IIM, IIT etc. as per Bank’s approved list

Quantum of Loan For study in India : Max. Rs. 20 lac
Expenses covered by the Loan : Fees payable to College Hostel.
Examination/ Library/ Laboratory Fee.
Purchase of Books/ Equipments/ Instruments/ Uniforms.
Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts.
Travel Expenses/ Passage Money for studies abroad.
Purchase of Computers : Essential for completion of the Course.
Any other expenses required to complete the Course like study tours, project work, thesis, etc.
UNITED SUPERB EDUCATIONAL LOAN SCHEME (Floating Rate):
Quantum of Loan interest
Upto Rs.20.00 lac for IITs,IIMs &ISB : BR+0.50% i.e. 11.10% pafor others : BR + 2.00% i.e. 12.60% p.a.
For Girl students : 0.50% concession from card rate
Repayment of Loan: The loan is to be repaid in 7 years after commencement of repayment. The repayment will commence after a moratorium/ repayment holiday which is Course period plus 1 year or 6 months after getting job whichever is earlier.
Life Insurance Coverage (mandatory): To ensure security to student’s and borrower’s life and against their loan liability and additional loan component for payment of one-time premium for such insurance coverage my be sanctioned by bank on request from the customer.
Note : The accrued interest during repayment holiday period is to be added to the principal and repayment in EMI fixed.
Security : Upto Rs. 8.00 Lakh : Nil
Above Rs. 8.00 Lakh and upto Rs. 15.00 lakh: Collateral in the form of a suitable third party guarantee.
Above Rs. 15.00 lakh: Collateral of suitable value or suitable third party guarantee.
Note :

Assignment of future income of student for repayment of loan to be done in all cases.
The document should be executed by both the student and the parent/ guardian.
The security may be of mortgage of land/ building/ paper securities or unencumbered portion of already mortgaged land/ building on 2nd charge basis provided the value of the same covers the required loan amount or any other 3rd party with suitable margin on the value of paper securities.
In case the loan is given for purchase of Computer, the same is to be hypothecated to the Bank.

For further details contact your nearest branch.

Eligibility The student of Indian national to pursue  admission to the above courses through entrance test / merit based selection process in India .
Concession 1.00% interest concession is allowed during moratorium period only if the interest is serviced  monthly & regularly during the moratorium period.
Margin  For study in India  Upto Rs 4 lac: Nil, Above Rs. 4.00 lac : 5%
Processing Charge For study in India: Nil
Interest Subsidy: For the eligible students (parental family income less than Rs. 4.50 lac p.a.)only
For Interest paid during moratorium period only
subject to fulfillment of terms and conditions of the scheme

Source: United Bank of India Website

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