Union Bank of India - Education loan scheme

Started by Kalyan, Aug 24, 2008, 09:04 PM

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Kalyan

Union Bank of India

    *  Name of the Scheme Union Education loan scheme

      Eligibility
       
      High school graduate, college graduate / postgraduate. For job oriented courses MBA, MCA, MS etc.

      Courses eligibility

      School education including +2 stage, professional courses, management courses etc.
      Studies abroad Job oriented professional/technical courses, post graduation MCA. MBA, MS etc.
      Courses conducted by CIMA London, CAP USA etc.

      Amount

      Rs 7.5 lakhs for studies in India and Rs, 15 lakhs for studies abroad.

      Purpose

      For poor and needy students to undertake higher professional/ technical education.

      Margin
      No margin may be insisted upon for loan up to Rs 4.00 lakhs. However, for loans of higher amounts, the margin requirement may be 5% for inland studies and 15% for studies abroad

      Scholarship/assistance to be included in margin

      Margin may be brought in on year-to-year basis as and when disbursements are made on a pro-rata basis.

      Security

      No collateral security will be insisted upon for loans up to Rs 4.00 lakhs. However, for loans above this amount, collateral security of suitable value or co-obligation of parents/guardians/third party along with the assignment of future income of the student for payment of installments is required. An LIC Policy/Convertible Whole Life Assurance Policy for a sum not less than loan amount be taken out in the name of the student and got assigned in Bank's favour.

      Interest rate

      Up to Rs 4 lakhs - PLR
      Above Rs 4 lakhs - PLR + 1%
      Simple interest will be calculated during Repayment holiday / Moratorium period

      Repayment

      Repayment holiday/moratorium course period +1 year or 6months after getting a job. Loan repayment to be completed within 5-7 years after commencement of repayment

Kalyan

Union Bank Of India
     

The scheme aims at providing financial assistance on reasonable terms:
• To the poor and needy students that they may undertake basic education
• To meritorious students that they may pursue higher or professional or technical education

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
   
a. Studies in India

1.School education up to +2
2. Graduation/Post-Graduation
3. Professional course
4. Management course

b. Studies Abroad :

1. Graduation: For job-oriented professional or technical courses offered by reputed universities
2. Post-Graduation: MCA, MBA, MS and such other courses
3. Courses conducted by CIMA, London, CPA, USA., and such other institution

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. 7.50 lacs For studies abroad - Up to Rs. 15.00 lacs

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.
   
   
For More Details :
www.unionbankofindia.co.in

kbrtechedu

In this current time, every people want to get knowledge and that6 can be possible by taking admission in good colleges and they can select loan option to pay fees in colleges. Union bank is very good bank which gives loan in lower rate interest.