Features: The bank offers education loan under the 'Union Education Scheme' for Indian nationals pursuing higher or professional or technical educations. One can get a maximum loan of Rs 10 lakh for education in India and Rs 20 lakh for education abroad. There are special loan schemes for IIM, BSc in Nautical Science, Marine Engineering, Maritime Science, IIT/NIFT students, XLRI.BITS / VIT/ IISC/ SYMBOISIS / SP JAIN/NIT and Asian Institute of Management's girl students.
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 Union Bank of India - India (for Education Loan) |
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Bank Name: |
Union Bank of India |
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Study In: |
India |
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Type of Courses Eligible: |
CA,Commercial Pilot,Diploma/ Degree courses,Graduation courses,LLB,MBA,MBBS,Others,Post Graduation courses |
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Cost Covered: |
NA |
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Moratorium Period: |
Course period + 1 year or 6 months after getting job, whichever is earlier |
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Interest Rate Type: |
Fixed |
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Interest Rate: |
12.5 |
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Processing Fee: |
Nil |
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Prepayment Charges: |
2% if take over by other bank |
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Collateral Description: |
for loans above Rs 4 lakh & upto Rs 7.5 lakh- suitable third party/ personal guarantee, above Rs 7.5 lakh- Collateral security of suitable value along with co-obligation of parents/ guardian/ third party/ accompanied by assignment of future income of student |
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Guarantor Description: |
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Margin: |
5% |
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