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union bank of india student loan for higher studies

We have presented here certain Information about Union Bank of India which will help you understand more about our Bank – our profile, our aspirations, our leadership team, the banking and other policies we have adopted etc. You will also find information regarding the Bank’s performance, which will be of special interest to shareholders of the Bank. Our Training System, Careers with us, our ‘Know Your Customer’ systems and our Risk Management systems are discussed in this section of the site. We also disclose the Corporate Social Responsibility initiatives which our Bank has undertaken.To get easy education loan low interest rates  (union bank of india student loan) go with below links
union bank of india student loan PURPOSE 
  • Basic education
  • To pursue graduation / higher education
  • To pursue technical / professional / management courses
 union bank of india student loan
ELIGIBILITY 
  • Indian citizen
  • Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the qualifying examination, if any
  • Courses covered in India
    • Graduation / post-graduation / diploma courses from recongnized universities
    • Technical / professional / management courses
    • PhD 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
    • PhD courses
    • Diploma courses abroad are not covered
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, no margin is required
  • For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India
  • Scholarship / assistantship will be included in the margin
MORATORIUM PERIOD
    • Course period + 1 year
REPAYMENT
    • 15 years irrespective of the loan amount
RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest rate of interest
  • 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
  • The security required is as mentioned below.
Quantum of loan Security
Upto Rs 4 Lakh No security is required.
Above Rs 4 Lakh & upto Rs 7.50 Lakh Suitable third party guarantee acceptable to the bank to be taken.
Above Rs 7.50 Lakh Tangible collateral security of minimum value equivalent to the loan amount and interest accumulation during course & moratorium period, acceptable to the bank.
In all the above cases, parent/spouse have to necessarily join in as co-applicant.
INSURANCE
  • Life insurance of the student is mandatory 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.
  • If the loan is take-over by other bank/FI, then a charge of 2% on the average loan outstanding for the past 12 months will be levied.
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 Rs 4.50 Lakhs.

The other features of the scheme are as follow :

  1. Subsidy for loan amount upto Rs 10 Lakhs (even if loan is more than Rs 10 Lakhs).
  2. Student to submit proof of income from the competent authority appointed by the state government.
  3. Scheme applicable for disbursements from the academic year 2009 (even if the loan was sanctioned earlier).
  4. Subsidy for the course and moratorium period only.
  5. 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.

PADHO PARDESH SCHEME

SCHEME TO PROVIDE INTEREST SUBSIDY ON EDUCATIONAL LOANS FOR OVERSEAS STUDIES FOR THE STUDENTS BELONGING TO THE MINORITY COMMUNITIES.

The objective of the Scheme is to award interest subsidy to meritorious students belonging to economically weaker sections of notified minority communities declared as minority communities in terms of section 2 (c) of National Commission for Minorities Act, 1992, on the interest payable during the period of moratorium ( i.e. course period plus one year or six months after getting job whichever is earlier) for Education Loans for Overseas studies to pursue approved courses of studies abroad at Masters , M. Phil and Ph.D. levels only once either for Masters or Ph.D. levels.

Important features of the scheme are as under:

  1. The Scheme is applicable to students who have availed educational loans from 2013-14 (1st April, 2013) onwards and have a family income up to Rs. 6 lakhs per annum.
  2. Subsidy shall not be available to those students who either discontinued the course mid-stream due to any reason or those who are expelled from the institutions on disciplinary or academic grounds. If a student violates any conditions of the scheme, the subsidy will be discontinued forthwith.
  3. The scheme is applicable for higher studies abroad.
  4. After the period of moratorium is over, the borrower/s will bear the Principal installments and interest beyond moratorium period.
  5. Total income from all sources of the employed candidate or his /her parent’s, guardians in case of unemployed candidate shall not exceed Rs. 6.00 lakh per annum.
  6. INCOME CERTIFICATE should be submitted from the competent authority of the State/Union Territory.
  7. The students obtaining benefits under this scheme shall not be given interest subsidy if he gives up Indian Citizenship during the tenure of the loan.
  8. The Branch to ensure that Students from the minority communities, who may also belongs to SC/ST/OBC category, do not avail interest subsidy from other sources for the same purpose.

 

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

ACSISOBCEBC Scheme – Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loan For Overseas Studies For Other Backward Classes (OBCs) & Economically Backward Classes (EBCs) 

union bank of india student loan

National Backward Finance & Development Corporation (NBCFDC), Ministry of Social Justice and empowerment, GOI has implemented the scheme of interest subsidy on educational loans for overseas studies for the students belonging to the Other backward classes (OBCs) and Economically backward classes (EBCs). Interest charged during the course and moratorium period is reimbursed by the National Backward Finance & Development Corporation (NBCFDC), Ministry of Social Justice and empowerment, GOI.  The scheme is in force from 01/04/2014.

Salient Features:

  • Subsidy will be provided for higher studies abroad viz. Masters , M. Phil and Ph.D. levels.
  • Family income for Other backward classes (OBCs) is upto Rs. 3 Lakh.
  • Family income for Economically backward classes (EBCs) is upto Rs. 1 Lakh.
  • Student has to submit income either of  ITR, Form 16 or income certificate from competent authority appointed by the state government.
  • Scheme applicable for loans sanctioned from 01.04.2014 onwards.
  • Subsidy for the course and moratorium period only.

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

VIDYA LAKSHMI

Government of India has launched Vidya Lakshmi portal for providing  single window for students to access information and make applications for educational loans. Students can apply education loan through Vidya Lakshmi portal(Click here for Vidya Lakshmi portal)

 

*Conditions apply. For further details, please visit our nearest branch. union bank of india student loan 
List of Accrediated Universities/Institutions of Hotel Management and Catering Technology
all the above details are extracted from the union bank of india official website 

 

LIST OF DOCUMENTS
    • Proof of identity (any of the following)
      1. Passport
      2. PAN Card
      3. Employee identity card
      4. Any other valid proof
    • Proof of address (any of the following)
      1. Electricity bill
      2. Telephone bill
      3. Ration card
      4. Any other valid proof
    • PAN Card
    • Last 12 months bank statement
    • Admission papers
      1. Admission letter / admit card
      2. Schedule of expenses including fee structure and living expenses
      3. Marksheets – Class X or equivalent onwards
    • Proof of income, if any
      1. For salaried class
        1. Last one year ITR
        2. Form-16/ letter from Employer
        3. Last 6 months salary slip
      2. For business class
        1. Last three years ITR
        2. P & L, Balance sheet
      3. Agriculturists
        1. Income certificate from concerned revenue officer (Tahsildar)
        2. Proof of land holding
    • 3 photographs
    • Proof of out-goes
      1. Loan repayment statement, if any
      2. LIC Policies, if any
      3. Valid proof of any other out-go
  • Any other document required as per the application form
APPLICATION FORM
 union bank of india student loan for higher studies
To download the application form, please click here

 

 

special offers union bank of india student education loan

ISB at Hyderabad & Mohali
Features

  • Loan for one-year full-time ‘Post Graduate Programme (PGP) in Management course.
  • Rate of Interest: Base Rate, at present 9.65% (floating)
  • Maximum loan quantum up to Rs 30 Lakh
  • Margin – Nil
  • NO collateral security required.
  • Maximum repayment period
  •               upto   Rs. 7.50 Lakh  –    10 years.
  •               above Rs. 7.50 Lakh  –    15 years
  •               Monatorium period – course period + 1 year
  • Option to avail loan from the place of domicile or the place of education institution (Hyderabad / Mohali)
  • Expenses considered for loan includes tuition fees, cost of books, hostel and mess charges, living expenses, laptop (wherever required), student exchange programme, etc.

 

Special Scheme for IIMs, XLRI, MDI, SPJIMR
 union bank of india student loan Features

  • Loan for two-year full-time courses
  • Rate of Interest: Base Rate, at present 10.00% (floating)
  • Maximum loan quantum up to Rs 20 Lakh
  • Margin – Nil
  • NO collateral security required.
  • Maximum repayment period upto 15 years.
  • Option to avail loan from the place of domicile or the place of education institution
  • Expenses considered for loan includes tuition fees, cost of books, hostel and mess charges, living expenses, laptop (wherever required), student exchange programme, etc.

 union bank of india student loan 

Special Scheme for IITs, NIFT, NITs, IISc, SIBM, IIFT, SCHMRD, VIT, NID, BITs, etc

  Features

  • Loan for full-time graduation / post-graduation courses
  • Rate of Interest:

Male – Base Rate + 1.50%  at present 11.50% (fixed)

Female – Base Rate + 1.00%  at present 11.00% (fixed)

  • Maximum loan quantum up to Rs 12 Lakh
  • Margin –

Upto Rs. 4 lakh – Nil

Above Rs. 4 lakh – 5%

  • Security

The security required is as mentioned below.

 

Quantum of loan Security
Upto Rs. 4 Lakh No security is required.
Above Rs. 4 Lakh & upto Rs. 7.50 Lakh Suitable third party guarantee acceptable to the bank to be taken.
Above Rs. 7.50 Lakh Tangible collateral security of minimum value equivalent to the loan amount and interest accumulation during course & moratorium period, acceptable to the bank.
In all the above cases, parent/spouse/parent-in-laws have to necessarily join in as co-applicant.
  • Maximum repayment period upto 15 years.
  • Expenses considered for loan includes tuition fees, cost of books, hostel and mess charges, living expenses, laptop (wherever required), student exchange programme, etc.

related posts 

these below banks are providing Easy education loan with low interest rate for the eligible students for information please kindly visit links

     Andhra Bank
    Axis Bank
   HDFC Bank
   Karur Vyasa Bank
  Lakshmi Vilas Bank
  Syndicate Bank
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