Education Loan in Union Bank of India ( UBI )

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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 )

RankName of the B-SchoolsInfrastructure ( Physical & Academic ) ( 160 )Faculty, Research, Consultancy, MDP & Other Programmes ( 455 )Admission, Curriculum, & Delivery System ( 320 )Placement ( Domestic & International ), USP, Social Responsibility, Networking & Industry Interface ( 465 )Total ( 1400 )
46.Punjab Institute of Management & Technology, Mandi Gobindgarh, Punjab70.72106.94129.02149.53456.21
47.PESIT - Department of Management Studies, Bengaluru, Karnataka67.07122.80130.33132.34452.54
48.Maharaja Agrasen Institute of Management & Technology, Jagadhri, Haryana65.44118.17129.16137.10449.87
49.Institute of Engineering and Management, Kolkata, West Bengal59.38108.59138.63133.27439.88

* Rate of Interest prevailing on the date of sanction shall be applicable.

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.