The education loan offered by Union Bank of India is designed for all individuals who wish to pursue basic education, graduation / higher education or any technical / professional / management course by recognized institutions in India or overseas.

Eligibility

One must be a Indian citizen

One must have 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 recognized universities
Technical / professional / management courses
PhD courses

Courses covered outside India
Graduation / post-graduation degrees offered by recognized universities
Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
PhD courses
Diploma courses abroad are not covered

Quantum of Loan
For studies in India - maximum up to Rs. 10 Lakhs.
The quantum of loan is higher for the institutes covered under Special Education Loan schemes.
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
Course period + 1 year

Repayment
15 years irrespective of the loan amount

Interest Rate