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Answer: Yes, reimbursement is permissible for initial year /semester fees for loan sanctioned within 6 Month from the date of letter of admission. For further information please visit Branch/office.
Answer: It takes only 7 working days to get the Loan sanctioned from Union Bank of India after submission of requisite documents and papers.
Answer: In order to make education loan affordable for each student, many tax benefits and government sponsored subsidy schemes are available in India. You can check the brief of Education Loan Subsidy schemes to know the eligibility norms.
Answer: Yes, Minimum marks secured in qualifying exam should be as under:
For studies in India
Category
Minimum marks
General
60%
OBC
55%
SC/ST
50%
For studies abroad
Answer: Qualifying exam is defined as any examination/course which is a prerequisite for securing admission to the proposed course of study. For example 10+2/higher secondary exam is a qualifying exam for securing admission to Degree course.
Answer: Own contribution (Margin) means is the total expenses minus loan amount.
Answer: Expenses includes tuition fee, Hostel/mess charges, Examination/ Library/ Laboratory fee, Insurance premium, Books/ equipment/ instruments/ uniforms, computer/laptop, travel expenses (for studies abroad), any other expenses required to complete the course - like study tours, project work, thesis, etc.
Answer: EBLR stands for External Benchmark Lending Rate. Union bank of India has adopted Repo rate linked External benchmark lending rate as per RBI directive to link its floating rate loans.
Answer: The External Benchmark shall be reset at least once in three months or any other frequency as prescribed by Bank / RBI.
Answer: Collect application form from our nearest branch or simply download it from our website and submit it along with documents at any Union Bank of India branch. However, it is advisable to apply online through Vidya Lakshmi Portal of GoI and select Union Bank of India as preferred Bank.
Answer: For a borrower to understand the same better, there are two types of insurance covers available for Education Loan: