I recently opened an account in the Union Bank Of India and want to take Education Loan from this bank. Will you provide details related to Education Loan Subsidy Scheme Union Bank Of India also provide details about list of courses for which I can take this education loan facility?

Union Bank is one of India’s most prominent government owned banks which was established in the year 1919.

Features and Benefits of UBI Education Loan:

Purpose of Loan:

The purpose of the UBI Education Loan is to offer monetary support for prospective students to pursue higher education.

Expenses Considered for United Bank of India Education Loan:

Course fee/ tuition fee payable to the institute.
Hostel fee.
Fees towards library and laboratory.
Purchase of book, equipment, uniforms and others.
Money towards caution deposit, refundable deposit and building fund, if charged by the institute. All these have to be validated with bills issued by the institute.
Travel expenditures and passage expenses for overseas education.
Expenses for study trips, projects and thesis.
Cost of laptop/computer (if essential to complete the course), and the same should be hypothecated to UBI.

Courses Eligible for UBI Education Loan:

Studies/courses in India:

Masters and Ph.D. in Arts, Commerce & Science
Professional courses like engineering, medicine, dentistry, veterinary, agriculture, computer, management, law, etc.
Certification in computer courses. These courses need to be conducted by recognised institutions, accredited to the Dept. of Electronics or institutes associated with a university.
Courses like CA, CFA, ICWA, etc.
Courses held by institutes like IIT, IIM, XLRI, NIFT, IISC, etc.
Courses provided in India by renowned international universities.
Evening courses held by approved institutions.
Other courses offering diplomas or degrees validated by UGC, Government, AICTE, AIBMS, ICMS, etc.

Studies/courses abroad:

Graduation - professional/technical courses offered by reputed universities. These courses need to be job oriented.
Post-graduation degrees like MCA, MBA, MS, etc.
Courses conducted by CPA in United States of America and CIMA inLondon.

Interest rate:

Loan Amount Interest Rates

Up to Rs. 4 lakhs Base Rate + 2% = 12.00% (at present)

Above Rs. 4 lakhs to Rs. 7.50 lakhs Base Rate + 2.75% = 12.75% (at present)
Above Rs. 7.50 lakhs Base Rate + 2% = 12.00% (at present)

Contact:

Union Bank of India
Union Bank Bhavan, 239, Vidhan Bhavan Marg
Nariman Point, Mumbai - 400 021
Maharashtra, India
Phone number [Board]
022-22892000