The Scholar Loan of Union Bank of India is known as Education Loan.

This Loan is known as Union Education.

Here I am giving complete information related to this loan for your reference:

UNION BANK OF INDIA EDUCATION LOAN

PURPOSE
Basic education
To pursue graduation / higher education
To pursue technical / professional / management courses

ELIGIBILITY
For Indian Citizen
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 recongnized universities
Technical / professional / management courses
PhD courses

For Outside India
Graduation / post-graduation degrees offered by recongnized 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 upto Rs. 10 Lakhs.
For studies outside India- maximum Up to Rs. 20 Lakhs

MARGIN
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

PROCESSING CHARGES
No Processing Charges.

SECURITY
Quantum of Loan Security
Upto Rs 4 Lakh No security is required.

Above Rs 4 Lakh & Suitable third party guarantee acceptable to the bank to be upto Rs 7.50 Lakh taken.

Above Rs 7.50 Lakh Tangible collateral security of minimum value equivalent to the
loan amount and interest accumulation during course & moratorium period, acceptable to the bank.

INTEREST RATE
Quantum of loan Rate of Interest
For Male Student For Girl Student
Up to ` 7.50 Lakh (1Y-MCLR + 2.00) % = 10.50% (1Y-MCLR + 2.00) % = 10.50%
Above ` 7.50 Lakh (1Y-MCLR + 2.15) % = 10.65% (1Y-MCLR + 1.65) % = 10.15%