Basic Education, Pursue Graduation or Post Graduation and Pursue Technical/ Management/Professional Courses.
ELIGIBILITY
- Indian citizen
- Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the qualifying examination, if any
- Courses covered in India
- Graduation / post-graduation / diploma courses from recongnized universities
- Technical / professional / management courses
- Courses covered outside India
- Graduation / post-graduation degrees offered by recongnized universities
- Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
- Diploma courses are not covered under Union Education
QUANTUM OF LOAN
For studies in India – maximum upto Rs. 10 Lakhs. The quantum of loan is higher for the institutes covered under Special Education Loan schemes. Please check the Special Offers Tab above for further details.
For studies outside India- maximum Up to Rs. 20 Lakhs
MARGIN, I.E. YOUR SHARE
For loans upto Rs. 4 Lakhs, the margin is nil
For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India
Scholarship / Assistantship will be included in the margin
MORATORIUM PERIOD
The moratorium period is minimum of the following two.
Course period + 1 year
Course period + 6 months after commencement of job
REPAYMENT
Quantum of Loan Maximum repayment tenure (after the course & Monatorim Period)
Upto Rs. 7.50 Lakh 10 Years
Above Rs. 7.50 Lakh 15 Years
Union Education Loan Interest Rates –
SECURITY
The security required is as mentioned below.
Loan amount Security
Upto Rs. 4 Lakhs NIL
Above Rs. 4 Lakh & upto Rs 7.5 Lakhs
Suitable Third party guarantee acceptable to the bank to be taken.
Above Rs. 7.5 Lakhs
Tangible Collateral security of minimum value equivalent to the laon amount and interest accumulation during course & monatorium period, acceptable to the bank.
INSURANCE
Life insurance of the borrower is compulsory to the tune of the loan amount
OTHER CONDITIONS
The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student
Loan would be disbursed directly to the institute
Loan can be availed during subsequent years of the course
Legal and valuation charges have to be borne by the borrowers.
Source: Union Bank of India Website