United Bank of India Education Loan- Student Loan in India
Courses Eligible for Study in India
- Post Graduation Courses : Masters and Ph.D.
- Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
- Computer Certificate Courses of reputed Institutes accreditedto Dept. of Electronics or Institutes affiliated to University.
- Courses like ICWA, CA, CFA, etc.
- Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc.
- Courses offered in India by reputed foreign Universities.
- Evening Courses of approved Institutes.
- Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.
Courses Eligible for Study Abroad
- Graduation : For job-oriented professional/ technical courses offered by reputed Universities.
- Post Graduation : MCA, MBA, MS, etc.
- Courses conducted by CIMA- London, CPA in USA etc.
Eligibility
The student of Indian national to pursue admission to a professional/technical course through entrance test / merit based selection process either inland or abroad.
Courses
Courses conducted by reputed Indian/foreign institutions
Quantum of Loan
- For study in India : Max. Rs. 10 lac
- For study abroad : Max. Rs. 20 lac
Concession
1.00% interest concession is allowed during moratorium period only, if the interest is serviced monthly & regularly during the moratorium period
Other Rules
Expenses covered under the scheme
- Fees payable to College/ School/ Hostel
- Examination/ Library/ Laboratory Fee
- Purchase of Books/ Equipments/ Instruments/ Uniforms
- Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts
- Travel Expenses/ Passage Money for studies abroad
- Purchase of Computers : Essential for completion of the Course
- Any other expenses required to complete the Course like study tours, project work, thesis etc.
Rate of Interest : Click here to view
Margin
- For loan upto Rs. 4.00 Lac – Nil
- For loan above Rs. 4.00 Lac
- For study in India – 5%
- For study abroad – 15%
Life Insurance Coverage
To ensure security to student’s and borrower’s life against their loan liability and additional loan component for payment of one-time premium for such credit life insurance coverage may be sanctioned by bank on request from the customer
Security
- Upto Rs. 4.00 Lac : No Security (only co-obligation of parents)
- Above Rs. 4.00 Lac and upto Rs. 7.50 Lac: Third party guarantee along with co-obligation of parents
- Above Rs. 7.50 Lac: Co-obligation of parents together with tangible collateralsecurity of adequate value to cover the loan amount along with the assignment of future income of student for payment of installments
Note
- Assignment of future income of student for repayment of loan to be done in all cases.
- The document should be executed by both the student and the parent/ guardian.
- The security may be of mortgage of land/ building/ paper securities provided the value of the same covers the required loan amount
- In case the loan is given for purchase of Computer, the same is to be hypothecated to the Bank
For further details, please click here
