Education Loan in Union Bank of India ( UBI )
Education Loan in Union Bank of India ( UBI )
Objective & Purpose of UBI Loans : 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.
Union Bank of India Education Loan 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.
1. Union Bank of India Education Loan for Studies in India :
- School education up to +2.
- Graduation / Post – Graduation.
- Professional course.
- Management course.
- Special Education Loan Scheme for Students pursuing courses from approved institutions like IITs / IIMs / NIT / XLRI / BITS / VIT / IISc / S.P. Jain Institute Of Management / Symbiosis Institute of Management and T.S. Chanakya, Navi Mumbai- Nautical Science and MERI, Calcutta, Marine Engineering, MERI, Mumbai, Maritime Science.
2. UBI Bank Education Loan for Abroad Studies :
- Graduation : For job oriented professional or technical courses offered by reputed universities.
- Post – Graduation : MCA, MBA, MS and such other courses.
- Courses conducted by CIMA, London, CPA, USA., and such other institution.
Conditions for Education Loan in Union Bank of India :
- The Parent / Guardian of the student who is availing education loan from UBI bank shall be made co – obligator / joint borrower irrespective of the age of such students.
- The Loan Accounts of students applying through college / institutions will be sanctioned / disbursed at the branch nearest to permanent residence / place of domicile of the borrower student.
- Education Loan will be disbursed directly to the college / institute.
- Student to produce mark list of previous term / semester before availing next installment.
- Student / Parent to provide latest mailing address before availing next installment.
- In case of parents with transferable job, new address to be provided before availing installments.
Quantum of Education 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 10 lacs.
- For studies abroad – Up to 20 lacs.
Union Bank of India Education Loan Margin :
No margin for loans up to 4.00 lacs. However, for loan of higher amounts, the margin requirement is 5% for inland studies and 15% for studies abroad.
Scholarship / assistance to be included in margin. Margin maybe brought in on pro – rata basis as and when disbursement is made.
Repayment of UBI Education Loan
Repayment holiday or Moratorium on loan : Course period + 1 year Or 6 months after job placement, whichever is earlier.
Starting from this point, the UBI Education loan is to be repaid in 5 – 7 years after completion of course period / moratorium.
Union Bank of India Rate of Interest* : ( w.e.f 01.07.2009 )
|For Male Student :|
|Up to 4.00 lakhs :||11.75% ( Fixed )|
|Above 4.00 lakhs upto 7.50 lakhs :||12.50% ( Fixed )|
|Above 7.50 lakhs :||12.00% ( Fixed )|
|For Female Student :|
|Up to 4.00 lakhs :||11.25% ( Fixed )|
|Above 4.00 lakhs upto 7.50 lakhs :||12.00% ( Fixed )|
|Above 7.50 lakhs :||11.50% ( Fixed )|
* Rate of Interest prevailing on the date of sanction shall be applicable.
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