Union Bank of India

Name of the scheme- Union Bank of India:

Union Education loan scheme

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

School education including +2 stage, professional courses, management courses etc.

Job oriented professional/technical courses, postgraduation: MCA. MBA, MS etc.

CIMA London,CAP USA etc.

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

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

No margin may be insisted upon for loan upto 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 disbursement are made on a pro-rata basis.

No collateral security will be insisted upon for loans upto 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.

Upto Rs 4 lacs --- PLR
Above Rs 4 lacs --- PLR + 1%
Simple interest will be calculated during Repayment holiday / Moratorium period

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.

Union Bank of India