Student Education loans in India

Here know the complete information about Student Education Loans offered by United Bank of India.

United Bank of India


Studies in India

Eligibility for Education Loan
  • Must be an Indian National.
  • Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
  • Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
  • All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
Quantum of Finance
Maximum of Rs. 10.00 lacs for studying in India
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 5%

Studies in Abroad

Eligibility
  • Must be an Indian National.
Eligible Courses for Education Loan
  • Post graduation/technical courses offered by reputed universities like MCA, MBA, MS and PhD(Doctor of Philosophy) etc.
  • Courses conducted by CIMA - London, CPA in USA etc.,
Quantum of Finance
Maximum of Rs. 20.00 lacs for studies in abroad.
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 15%

Common aspects for Indian and Abroad studies

Expenses considered for Education Loan
  • Fee payable to college/school/hostel
  • Payment of course fees
  • Purchase of books/equipments/instruments
  • Examination/Library/Laboratory fee
  • Caution deposits and refundable deposits
Security
  • Upto Rs.4.00 lacs - No security
  • Above Rs. 4.00 lacs upto 7.5 lacs - Collateral in the form of a suitable third party guarantee.
  • Above Rs. 7.5 lacs - Collateral of suitable value or suitable third party guarantee.
Rate of Interest
  • For loans upto Rs.4.00 lakhs - BPLR - 1.75% i.e.10.25% p.a.
  • Above Rs.4.00 lakhs - BPLR - 1.00% i.e.11.00% p.a.
Repayment
The loan is to be repaid in 5 to 7 years after commencement of repayment. The repayment will commence after a moratorium/ repayment holiday which is Course period plus 2 years or 6 months after getting job whichever is earlier.
For more details visit United Bank of India official website: unitedbankofindia.com

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