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?

[Rajkumar Agarwal]

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%