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All-India Toll Free number1800 22 22 44
Dedicated Number for NRI+918025302510
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Union Education
FeaturesForms & DocumentsFAQsSpecial Offers
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
  • 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
    • Diploma courses abroad are not covered.
 
QUANTUM OF LOAN
 
  • For studies in India - maximum upto Rs. 10 Lakhs. The quantum of loan is higher for the institutes covered under Special Education Loan schemes. Please check the Special Offers Tab above for further details.
  • For studies outside India- maximum Up to Rs. 20 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
 
  • The moratorium period is minimum of the following two.
    • Course period + 1 year
    • Course period + 6 months after commencement of job
 
REPAYMENT

Quantum of loan Maximum repayment tenure (after the course & moratorium period)
Upto Rs 7.50 Lakh 10 years
Above  Rs 7.50 Lakh 15 years


 
RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest rate of interest
  • If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate.Please contact the nearest branch for details.
  • No processing charges.
  • Wherever applicable, Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals
 
SECURITY
  • The security required is as mentioned below.
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.
In all the above cases, parent/spouse/parent-in-laws have to necessarily join in as co-applicant.
 
INSURANCE
  • Life insurance of the student is recommended to the tune of the loan amount
 
OTHER CONDITIONS

  • The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student
  • Loan would be disbursed directly to the institute
  • Loan can be availed during subsequent years of the course
  • Legal  and valuation charges  have to be borne by the borrowers.
  • If the loan is take-over by other bank/FI, then a charge of 2% on the average loan outstanding for the past 12 months will be levied.
 
CENTRAL GOVERMENT INTEREST SUBSIDY SCHEME

The Ministry of HRD has launched Central Government scheme of Interest Subsidy on educational loans for economically weaker sections of the society.

The students who satisfy all the following parameters would be eligible for the interest subsidy.

§     The student has secured admission to any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India only and availed educational loan from any of the scheduled banks, including Union Bank of India, to pursue the course.
§     The student belongs to Economically Weaker Section (EWS) with an annual gross parental / family income from all sources not exceeding Rs 4.50 Lakhs.

The other features of the scheme are as follow :
  1. Subsidy for loan amount upto Rs 10 Lakhs (even if loan is more than Rs 10 Lakhs).
  2. Student to submit proof of income from the competent authority appointed by the state government.
  3. Scheme applicable for disbursements from the academic year 2009 (even if the loan was sanctioned earlier).
  4. Subsidy for the course and moratorium period only.
  5. Student will be eligible for interest subsidy only once either for the first undergraduate degree course or the post graduate degree / diploma course in India.
The eligible students should contact our branches from where they have availed / availing educational loans for further details.
 
*Conditions apply. For further details, please visit our nearest branch.
 
List of Accrediated Universities/Institutions of Hotel Management and Catering Technology 
 
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I would like to convey my appreciation to you for the timely assistance provided to many of our students that helped them obtain an educational loan for studying at the ISB for PGP 2009-10.
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