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.
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
|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):|
|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.|
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.
Assignment of future income of student for repayment of loan to be done in all cases.
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|
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