| 7th June 2017 02:11 PM | |
| Rajkumar Agarwal | Re: Union Bank of India Special Education Loan The Union Bank of India Education Loan named as ‘UNION EDUCATION’. UNION EDUCATION: PURPOSE Basic education To pursue graduation / higher education 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 PhD 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 PhD courses Diploma courses abroad are not covered QUANTUM OF LOAN For studies in India - maximum upto Rs. 20 Lakhs For studies outside India- maximum Up to Rs. 30 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 Course period + 1 year REPAYMENT 15 years irrespective of the loan amount SECURITY Quantum of loan Security Upto Rs 4 Lakh No security is required. Above Rs 4 Lakh & upto Rs 7.50 Lakh Suitable third party guarantee acceptable to the bank to be taken. Above Rs 7.50 Lakh Tangible collateral security of minimum value equivalent to the loan amount and interest accumulation during course & moratorium period, acceptable to the bank. INSURANCE Life insurance of the student is mandatory to the tune of the loan amount INTEREST RATE Quantum of loan Rate of Interest (floating) For male student For female student Up to 4.00 Lakh without deviation to be covered under CGFSEL 1Y-MCLR + 2.00% = 10.50% Up to 4.00 Lakh with deviation if any & not covered under CGFSEL 1Y-MCLR + 3.15% 1Y-MCLR + 2.65% = 11.65% = 11.15% Above 4.00 Lakh & up to 7.50 Lakh without deviation to be covered under CGFSEL 1Y-MCLR + 2.00% = 10.50% Above 4.00 Lakh & up to 7.50 Lakh with deviation if & not covered under CGFSEL 1Y-MCLR + 2.90% 1Y-MCLR + 2.40% = 11.40% = 10.90% Above 7.50 Lakh 1Y-MCLR + 2.00% 1Y-MCLR + 1.50% = 10.50% = 10.00% |
| 7th June 2017 01:47 PM | |
| Unregistered | Union Bank of India Special Education Loan I want to do MBA from Mumbai. So I want to apply for Education Loan. My father suggested me to apply for Special Education Loan at Union Bank of India. Can anyone tell me about eligibility criteria Special Education Loan of Union Bank of India? |
