Union Bank Indian Education Loan – Union Bank is one of India’s most prominent government owned banks which was established in the year 1919. The bank enjoys a widespread presence not only in India but also in countries like UAE, Abu Dhabi, Beijing, Sydney, London, Shanghai, Belgium, etc.
Under its personal banking arm, Union Bank of India offers Union Education which is fundamentally an education loan meant for all those who wish to borrow funds in order to seek higher education in India.
Union Bank Indian Education Loan Eligibility
- The candidate should be of Indian citizenship.
- Secured admission to the concerned institution in India or abroad through applicable selection procedure and cleared the succeeding examination.
- Courses covered in India.
- Graduation / post-graduation / diploma courses from renowned universities.
- Technical / professional / management courses
- Courses covered outside India.
- Graduation / post-graduation degrees offered by documented universities.
- Certified degree courses accompanied by CIMA, London, CPA, USA and other such institutions.
- Diploma courses are not covered under Union Education.
- Basic education
- To seek graduation / higher education
- To seek technical / professional / management courses
QUANTUM OF LOAN
- For studies in India – maximum up to Rs. 10 Lakhs. The significant of loan is higher for the institutions covered under Special Education Loan systems.
- For studies outside India- maximum Up to Rs. 20 Lakhs
The moratorium duration is minimum of the following two.
Course period + 1 year
Course period + 6 months after commencing of job
Repayment duration of up to 7 years after moratorium period
Union Bank Indian Education Loan Interest Rates
UNION BANK OF INDIA
|Our Bench Prime Lending Rate [BPLR]||w.e.f. 15/05/2012||15.00%|
|Our Base Rate||w.e.f.01/05/2012||10.50%.|
The security required is as mentioned below.
|Upto Rs. 4 Lakhs||NIL|
|Rs. 4 – 7.5 Lakhs||· No collateral security required
· Third party guarantee is needed
|Above Rs. 7.5 Lakhs||· Collateral security of suitable value is required|
Parent / guardian of the student who is availing loan have to join in as co-borrower
Life insurance of the borrower is compulsory to the tune of the loan amount
The loan shall be sanctioned / expended from the branch nearest to the place of residence of the candidate.
Loan would be expended directly to the institute.