The detail of the loan which is offered by the Union Bank of India for the education of Indian students abroad has been mentioned below:

Union Bank of India Education Loan Scheme

Reason

Fundamental instruction

To seek after graduation/advanced education

To seek after specialized/proficient/administration courses

Qualification

Indian subject

Secured admission to the concerned establishment in India or abroad through proper determination handle and cleared the qualifying examination, assuming any

Courses secured in India

Graduation/post-graduation/recognition courses from recongnized colleges

Specialized/proficient/administration courses

Courses secured outside India

Graduation/post-graduation degrees offered by recongnized colleges

Guaranteed degree courses led by CIMA, London, CPA, USA and other such establishments

Recognition courses are not secured under Union Education

Quantum of Loan

For studies in India - most extreme upto Rs. 10 Lakhs. The quantum of advance is higher for the foundations secured under Special Education Loan plans. If it's not too much trouble check the Special Offers Tab above for further points of interest.

For studies outside India-greatest Up to Rs. 20 Lakhs

Edge, i.e. Your share

For credits upto Rs. 4 Lakhs, the edge is nil Fo

For credits above Rs. 4 Lakhs, edge is 5% for studies in India and 15% for studies outside India

Ban Period

The ban time frame is least of the accompanying two.

Course period + 1 year

Course period + 6 months after initiation of occupation

Reimbursement

Reimbursement time of up to 7 years after ban period

Rate of Interest and Processing Charges

Bench Prime Lending Rate [BPLR]

w.e.f. 15/05/2012

15.00%

Base Rate

w.e.f.01/05/2012

10.50%.

SECURITY

The security required is as specified beneath.

Advance sum

Security

Upto Rs. 4 Lakhs

NIL

Rs. 4 - 7.5 Lakhs

No guarantee security required

Outsider certification is required

Above Rs. 7.5 Lakhs

Guarantee security of appropriate quality is required

Ensure

Guardian/gatekeeper of the understudy who is profiting advance need to participate as co-borrower

Protection

Disaster protection of the borrower is necessary to the tune of the advance sum

Different Conditions

The credit should be authorized/dispensed from the branch closest to the spot of habitation of the understudy

Credit would be dispensed specifically to the foundation