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Union Bank Of India
- Categorized in: Education Loans in 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
A. Students in India
- School education including plus 2 stage
- Graduation/Post Graduation course
- Professional courses
- Technical courses
- Management courses
B. Students Abroad
- 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
Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.
- Studies in India – Maximum Rs 7.50 lacs
- Studies abroad – Maximum Rs 15 lacs
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.
Repayment holiday/Moratorium: Course period
+ 1 year 0r 6 months after getting job/starts earning, whichever
The loan to be repaid in 5-7 years after commencement of repayment
Rate of InterestUpto 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
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