What is Union Digital Education Loan - Special Education Loan scheme ?

A customized end to end Digital Education Loan journey for existing as well as new customers seeking admission into Engineering, Management, Medical, Law etc at selected premier institutes. This facility can be availed by the customers through Bank’s website & mobile app (VYOM) by providing required information and uploading necessary documents as per Bank’s guidelines.

 

Product Features :

• Maximum Loan Amount - Rs.40.00 Lakhs
• Processing Fee- Nil
• Pre-payment/Takeover Penalty- Nil
• Margin Money - Nil
• Interest rate – Best in class (Please refer interest rate chart)
• Collateral/Guarantee – Not stipulated
• Digital Document Execution– Available at selected locations
• Branch Visit - Not required.
• Expenses Coverage - Coverage of extended expenses including tuition fees, cost of books, caution deposit, hostel/mess/ charges, equipment, living expenses, insurance premium, student exchange program, admission acceptance fee, laptop/desktop etc.
• Additional Expenses Coverage - Purchase of two-wheeler (up to Rs 2.00 lakhs)
• Moratorium Period- Up to 12 months Moratorium period after course completion
• Servicing of interest during the moratorium period – Optional
• Repayment – SI/e-NACH/VYOM app/BBPS

 

How to apply :

1. Visit Bank’s official website OR Mobile Banking app ‘Vyom’ - OR Click Here to Apply
2. Enter applicant details, co-applicant details, education details, course and course fee details etc.
3. Upload the KYC documents, admission letter and fee structure.
4. Choose the loan amount & tenor.
5. Execute the loan agreements.
6. Amount will be disbursed through branch.

 

Helpline Number: 1800 22 2244