UNION EDUCATION

(APPLY ONLINE)

Special Education Loan Scheme for IIMs/ XLRI/ MDI/ SPJIMR, click here

For Other Special Education Loan Scheme click here

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

ELIGIBILITY The student applying for UNION EDUCATION Loan ought to: Be an Indian National Has secured admission to professional or technical courses through an appropriate Entrance Test or selection process Has secured admission to a foreign University Has passed an appropriate qualifying examination Studies in India School education up to +2 Graduation/Post-Graduation Professional course Management course 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. Studies Abroad : Graduation: For job-oriented professional or technical courses offered by reputed universities Post-Graduation: MCA, MBA, MS and such other courses Courses conducted by CIMA, London, CPA, USA., and such other institution PURPOSE   To the poor and needy students to undertake basic education To meritorious students to pursue higher or professional or technical education   CONDITIONS   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. 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. Loan will be disbursed directly to the college/institute. Student to produce mark list of previous term/semester before availing next installment. Student /Parent to provide latest mailing address before availing next installment. 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.   RATE OF INTEREST(w.e.f  01.07.2009) For Male Student : Up to Rs. 4.00 lakhs                               :           11.75% (Fixed) Above Rs. 4.00 lakhs upto Rs.7.50 lakhs  :           12.50% (Fixed) Above Rs. 7.50 lakhs                              :          12.00% (Fixed)         For Female Student: Up to Rs. 4.00 lakhs                               :         11.25% (Fixed) Above Rs. 4.00 lakhs upto Rs.7.50 lakhs  :         12.00% (Fixed) Above Rs. 7.50 lakhs                              :         11.50% (Fixed)         * Rate of Interest prevailing on the date of sanction shall be applicable.