Union Bank of India
The scheme aims at providing financial assistance on reasonable terms.To poor and needy to undertake basic education.To the meritorious students to pursue higher / professional / technical education
Bank Type :
Nationalized Bank
Abroad Courses
Graduation: For job oriented professional / technical courses offered by reputed universities. Post Graduation : MCA, MBA, MS etc. Courses conducted by : CIMA-London, CAP in USA, etc
Provided study loan amount in India
Up to 7.5 Lakhs
Provided study loan amount in Abroad
Up to 15 Lakhs
Margin
No margin may be insisted upon for loan up to Rs 4.00 lacs. 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.
Interest Rate :
Up to Rs 4.00 lacs : PLR i.e 11.75% presently.Above Rs 4.00 lacs : PLR+1% i.e 12.75% presently -Simple interest to be calculated during Repayment holiday / Moratorium Period
Re-Payment :
Repayment holiday/Moratorium: Course period + 1 year 0r 6 months after getting job/starts earning, whichever is earlier. The loan to be repaid in 5-7 years after commencement of repayment
Security :
No collateral security will be insisted upon for loans up to Rs 4.00 lacs. 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.
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