Education Loan Application Procedure : Union Bank of India
Organization : Union Bank of India
Service Name : Education Loan Application Procedure
Applicable State/UT: All India
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Website : http://www.unionbankofindia.co.in/personal_retail_education.aspx
Union Bank of India Education Loan
Purpose:
** Basic education
** To pursue graduation / higher education
Related : Union Bank of India Check Loan Application Status : www.statusin.in/5772.html
** To pursue technical / professional / management 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 abroad are not covered
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, no margin is required
** 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 & moratorium period)
Upto Rs 7.50 Lakh – 10 years
Above Rs 7.50 Lakh – 15 years
Rate Of Interest And Processing Charges:
** If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate. Please contact the nearest branch for details.
** No processing charges.
** Wherever applicable, Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals
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.
** If the loan is take-over by other bank/FI, then a charge of 2% on the average loan outstanding for the past 12 months will be levied.
Central Government Interest Subsidy Scheme
The Ministry of HRD has launched Central Government scheme of Interest Subsidy on educational loans for economically weaker sections of the society. The students who satisfy all the following parameters would be eligible for the interest subsidy.
** The student has secured admission to any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India only and availed educational loan from any of the scheduled banks, including Union Bank of India, to pursue the course.
** The student belongs to Economically Weaker Section (EWS) with an annual gross parental / family income from all sources not exceeding Rs 4.50 Lakhs.
About Us :
We have presented here certain Information about Union Bank of India which will help you understand more about our Bank – our profile, our aspirations, our leadership team, the banking and other policies we have adopted etc. You will also find information regarding the Bank’s performance, which will be of special interest to shareholders of the Bank.
Our Training System, Careers with us, our ‘Know Your Customer’ systems and our Risk Management systems are discussed in this section of the site. We also disclose the Corporate Social Responsibility initiatives which our Bank has undertaken.
Contact Us :
Union Bank of India.
Union Bank Bhavan,
239, Vidhan Bhavan Marg, Nariman Point,
Mumbai – 400 021,
Maharashtra, India
FAQ On Union Bank of India Education Loan
Sure, here are some FAQ on Union Bank of India Education Loan:
What is Union Bank of India Education Loan?
Union Bank of India Education Loan is a loan offered by Union Bank of India to students who are pursuing higher education. The loan can be used to pay for tuition fees, hostel fees, books and stationery, and other expenses related to education.
How to apply for Union Bank of India Education Loan?
You can apply for Union Bank of India Education Loan online or at any Union Bank of India branch. To apply online, you can visit the Union Bank of India website and fill out the online application form. To apply at a branch, you can visit any Union Bank of India branch and submit the application form along with the required documents.
How long does it take to process Union Bank of India Education Loan?
The processing time for Union Bank of India Education Loan is usually 7-10 working days. However, the processing time may vary depending on the documentation and the creditworthiness of the applicant.