Union Bank of India Education loan

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All About Union Bank of India Education loan

The Union Bank Of India provides education loan to the meritorious students who wish to acquire higher education in the field of their interest. The Bank provides a helping hand to the learners to study in India or Abroad. The eligibility, Courses on which the loan is offered, Interest Rates and the documents required for the Union Bank of India Education loan are given below: 

Purpose

·        For meritorious students to get higher education in India or Abroad

Eligibility

·        The applicant should be an Indian National.

·        He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection           process.

Eligible Courses : 
Studies in India:

·        Diploma/Graduation/Post-graduation courses in various disciplines.

·        Computer certificate courses of reputed institutes accredited to The Department of Electronics.

Studies abroad:

·        Job-oriented professional/technical courses offered by reputed universities.

·        MCA, MBA, MS etc.

·        Courses conducted by CIMA – London, CPA in USA etc.

Interest Rate:

·        12.50 % p.a. at present

·        Concession of 0.50% in applicable rate of interest will be allowed on fresh Educational Loans under IBA Scheme to Girl Students for studies             in India and Abroad with effect from 1st July 2009. Floating Rate linked with Base Rate (BR) of the Bank and liable to undergo changes                   whenever there is a change in BR.

Quantum of Finance:

·        For Studies in India – Rs.10.00 lakhs

·        For Studies Abroad – Rs.20.00 lakhs

Margin

         Up to Rs.4.00 lacs – Nil
Above Rs.4.00 lacs – for studies in India – 5%
Studies abroad : 15%

Disbursement

         Loan will be disbursed directly to the Institute.

Security:

        Loan is given jointly to the student and parent /guardian
Assignment of future income of the student
Up to Rs.4.00 lacs- No security
Above Rs.4.00 lacs up to Rs. 7.50 Lacs –Satisfactory third party guarantee
Above Rs. 7.50 Lakhs: Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment         of future income of the student for payment of installments.

Repayment

  • Commences One year after completion of the course or Six months after getting employment, whichever is earlier.
  • Repayable in 10  years(Quantum of Loan: up to 7.50 Lacs)
  • Repayable in 15 years(Quantum of Loan: Above 7.50 Lacs)

Union Bank of India Education loan

The Documents required for Union Bank of India Education loan are:

CATEGORY

MAIN APPLICANT (STUDENT)

KYC (KNOW YOUR CUSTOMER )

AGE PROOF

SIGNATURE PROOF

IDENTITY PROOF

RESIDENCE PROOF

INCOME DOCUMENTS OF CO-APPLICANT

SALARIED

Last 2 Salary Slips carrying date of joining details

Last 6 Months Bank Statement of the Salary Account.

SELF-EMPLOYED

Latest 2 Year ITR with Computation of Income

Latest 2 Years Audited Balance Sheet

Latest 6 Months Bank Statement

Evidence of Turnover (Last Sales / Service Tax Return)

SELF-EMPLOYED PROFESSIONALS

Last 2 Year Income Tax Return with Computation of Income

Last 2 Yrs Audited Balance Sheet / P& L

Latest 6 Months Bank Statement

Proof of Qualification

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