Union Bank of India Education Loans

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SPECIAL OFFERS

ISB at Hyderabad & Mohali

Features

Loan for one-year full-time ‘Post Graduate Programme (PGP) in Management course.
Rate of Interest MCLR at present 8.40 % (Floting)
Maximum loan quantum up to Rs 37 Lakh
Margin - Nil
NO collateral security required.
Maximum repayment period
upto Rs. 7.50 Lakh - 10 years.
above Rs. 7.50 Lakh - 15 years
Monatorium period - course period + 1 year
Option to avail loan from the place of domicile or the place of education institution (Hyderabad / Mohali)
Expenses considered for loan includes tuition fees, cost of books, hostel and mess charges, living expenses, laptop (wherever required), student exchange programme, etc.

Special Scheme for IIMs, XLRI, MDI, SPJIMR, IITs, NITs, IISc

Features

Loan for two-year full-time courses
Rate of Interest: at MCLR + 0.15, i.e. 8.65% (floating)
Maximum loan quantum up to Rs 30 Lakh
Margin - Nil
NO collateral security required.
Maximum repayment period upto 15 years.
Moratorium period - Course period + 1 year.
Option to avail loan from the place of domicile or the place of education institution.
Expenses considered for loan includes tuition fees, cost of books, hostel and mess charges, living expenses, laptop (wherever required), student exchange programme, etc.

Special Scheme for NIFT, SIBM, IIFT, SCHMRD, VIT, NID, BITs, FMS, NITIE etc

Features

Male - MCLR + 1.65% at present 10.05% (floating)
Female/SC/ST/Minority - MCLR + 1.15% at present 9.55% (floating)

Upto Rs. 4 lakh - Nil
Above Rs. 4 lakh & up to Rs 12 lakh – 5%

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.

Maximum repayment period upto 15 years.
Moratorium period : Course period + 1 year.
Expenses considered for loan includes tuition fees, cost of books, hostel and mess charges, living expenses, laptop (wherever required), student exchange programme, etc

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