Union Bank of India

Union Bank of India

Overview

The scheme aims at providing financial assistance on reasonable terms : To the poor and needy students that they may undertake basic education & to meritorious students that they may pursue higher or professional or technical education.

 

Loan Feature

Loan Amount For studies in India - Up to Rs.10 Lac; For studies abroad - Up to Rs. 20 Lac
Interest Rate 12% to 12.50%; 0.50% relaxation for girl students
Tenure Repayment holiday or Moratorium on loan: Course period + 1 year OR 6 months after job placement, whichever is earlier.The loan is to be repaid in 10-15 years after completion of course.
Pre Payment Charges No Pre-Payment penalty for self-closure. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/FIs
Service Charges

No Processing Charges

Eligibility Criteria : Education Loan

  Salaried Self
Age Co-Applicants and Students Age will be considered Co-Applicants and Students Age will be considered
Income Co-Applicant Income will be considered Co-Applicant Income will be considered
Job Experience Co-Applicants Job Experience will be considered Co-Applicants Job Experience will be considered
Residence Proof Information not available Information not available

Docs Required : Education Loan

Upto Rs. 4 lakh : No security Above Rs 4 Lakh & upto Rs 7.5 lakh : a suitable third party / personal guarantee However for loans above Rs 7.5 lakh, Collateral security of suitable value along with co-obligation of parents / guardian / third party / accompanied by assignment of future income of student for the payment of installments is required A Life insurance policy from Insurance company for a sum not less than the loan amount is required to be taken in the name of the student and duly assigned in favour of Union Bank.
  Salaried Self
ID Proof Co-Applicants :Passport Copy/ Voters ID card/ Driving Licence Co-Applicants :Passport Copy/ Voters ID card/ Driving Licence
Address Proof Co-Applicants :Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate Co-Applicants :Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate
DOB Proof Co-Applicants and Student:Birth Certificate or 10th Class Passing Certificate Co-Applicants & Students :Birth Certificate or 10th Class Passing Certificate
Financial Docs
  • PAN Card
  • Last 12 months bank statement
  • Last year ITR
  • Form-16/Letter from employer
  • Last six months salary slip
  • 3 Photographs
  • Proof of outgoes
  • Admission Papers
a) Admission Letter/Admit Card
b) Schedule of expenses including fee structure and living expenses
c) Marksheets - Class X or equivalent onwards
  • PAN Card
  • Last 12 months bank statement
  • Last year ITR
  • P & L Balance sheet
  • 3 Photographs
  • Proof of outgoes
  • Admission Papers
a) Admission Letter/Admit Card
b) Schedule of expenses including fee structure and living expenses
c) Marksheets - Class X or equivalent onwards

Other Charges : Education Loan

N/A

Products offered by Union Bank of India

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