Union Education loan scheme

Union Education loan scheme

OBJECTIVE & PURPOSE
The scheme aims at providing financial assistance on reasonable terms:
(1) To the poor and needy students that they may undertake basic education
(2) To meritorious students that they may pursue higher or professional or technical education

ELIGIBILITY
The student applying for UNION EDUCATION Loan ought to:
(1) Be an Indian National
(2) Has secured admission to professional or technical courses through an appropriate Entrance Test or selection process
(3) Has secured admission to a foreign University
(4) Has passed an appropriate qualifying examination

1. Studies in India
(a) School education up to +2
(b) Graduation/Post-Graduation
(c) Professional course
(d) Management course
(e) Special Education Loan Scheme for Students pursuing courses from approved institutions like IITs/IIMs/ /NIT XLRI/BITS/VIT/IISc/S.P. Jain Institute Of Management/Symbiosis Institute Of Management and T.S. Chanakya, Navi Mumbai- Nautical Science and MERI, Calcutta, Marine Engineering, MERI, Mumbai, Maritime Science.

2. Studies Abroad :
(a) Graduation: For job-oriented professional or technical courses offered by reputed universities
(b) Post-Graduation: MCA, MBA, MS and such other courses
(c) Courses conducted by CIMA, London, CPA, USA., and such other institution

PURPOSE
(1) To the poor and needy students to undertake basic education
(2) To meritorious students to pursue higher or professional or technical education

CONDITIONS
(1) The Parent/Guardian of the student who is availing loan from our bank shall be made co-obligator/joint borrower irrespective of the age of such students.
(2) The Loan Accounts of students applying through college/institutions will be sanctioned/disbursed at the branch nearest to permanent residence/place of domicile of the borrower student.
(3) Loan will be disbursed directly to the college/institute.
(4) Student to produce mark list of previous term/semester before availing next installment.
(5) Student /Parent to provide latest mailing address before availing next installment.
(6) In case of parents with transferable job, new address to be provided before availing installments.

QUANTUM OF LOAN
Need-based finance subject to repayment capacity of the parent or student with margin and upto the following ceilings
For studies in India - Up to Rs. 10 lacs
For studies abroad - Up to Rs. 20 lacs\

MARGIN
No margin for loans up to Rs. 4.00 lacs . However, for loan of higher amounts, the margin requirement is 5% for inland studies and 15% for studies abroad.

Scholarship/assistance to be included in margin.

Margin maybe brought in on pro-rata basis as and when disbursement is made.

REPAYMENT
Repayment holiday or Moratorium on loan: Course period + 1 year OR 6 months after job placement, whichever is earlier.

Starting from this point, the loan is to be repaid in 5-7 years after completion of course period/moratorium.

For More Details Please Visit: www.unionbankofindia.co.in/ln_union_education.aspx