Saturday, September 1, 2012

Union Bank of India Education Loan | Interest Rates | Eligibility - Loans

Union Bank of India Education Loan: Information on Interest Rates, Documents, Eligibility, Fees and Charges and How to Apply Online for UBI Education loans.

First ? Purpose of Loan
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 ?

Quantum of loan

Rate of Interest

For Male student

For Female student

Up to 4.00 Lakh 14.25% (fixed) 13.75% (fixed)
> 4.00 Lakhs to 7.50 Lakh 14.75% (fixed) 14.15% (fixed)
Above 7.50 Lakh 14.00% (fixed) 13.50% (fixed)

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.

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Tags: UBI education loan, union bank study loans

Source: http://www.deal4loans.com/loans/education-loan/union-bank-of-india-education-loan-interest-rates-eligibility-apply-online/

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