📚 Purpose
- Provide financial assistance to meritorious students for higher/professional/technical education.
वो विडियो आगे मिलेगा
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🎓 Student Eligibility
- Indian national.
- Secured admission in India or abroad for higher/professional/technical education.
- Cleared qualifying examination, if any.
- NRI students must hold an Indian Passport and secure admission in India.
📅 Age of the Student
- No restrictions on minimum or maximum age.
🤝 Co-Applicant
- Parent(s) of the student must join as co-applicant.
- Co-applicant can be spouse/parent(s)/parent(s)-in-law for married individuals.
- In case both parents are not alive, a close relative or guardian can be taken as a co-applicant.
- Co-applicant should be an Indian national.
2/3 दूसरा चरण
🎓 Eligible Courses
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 from recognized universities.
- Certified degree courses conducted by institutes like CIMA, London, CPA, USA, etc.
- PhD courses.
- Diploma courses abroad are not covered.
💵 Loan in Subsequent Years of Course
- Educational loans can be considered in subsequent years if the student hasn’t availed a loan for initial years from any other bank/FI.
💸 Quantum
- Need-based finance with no restriction on the maximum loan amount.
- For NRI students, a maximum of Rs.20 Lakhs, and Rs.30 Lakhs for premium institutes.
📊 Margin
| Quantum of Loan | Margin |
|---|---|
| Up to Rs.4 Lakh | Nil |
| Above Rs.4 Lakh – Studies in India | 5% |
| Above Rs.4 Lakh – Studies Abroad | 15% |
| NRI Students (irrespective of loan amount) | 15% |
- Scholarship/assistance included in margin.
- Margin brought in on a year-to-year basis as disbursements are made.
💡 Expenses Considered
- Tuition fee, hostel/mess charges.
- Examination/library/laboratory fee.
- Insurance premium for the student borrower.
- Caution deposit, building fund/refundable deposit supported by institution bills/receipts.
- Purchase of books/equipment/instruments/uniforms.
- Purchase of computer/laptop if required.
- Travel expenses/passage money for studies abroad.
- Admission acceptance fee.
- Other expenses required to complete the course (study tours, project work, thesis, etc.).
⏳ Repayment Tenure
- Maximum of 15 years after the course & moratorium period.
- Accrued interest during the moratorium period added to the principal for calculating EMIs.
📈 Rate of Interest
- Check here for the latest interest rates.
- Interest rebate if serviced regularly during the course and moratorium period.
- Simple interest during the course/moratorium period, compounding interest thereafter.
🔐 Education Loan Security
| Quantum of Loan | Security |
|---|---|
| Up to Rs.4 Lakh | No security, compulsory coverage under CGFSEL. |
| Above Rs.4 Lakh & up to Rs.7.50 Lakh | Third-party guarantee or CGFSEL coverage. |
| Above Rs.7.50 Lakh | Tangible collateral security equivalent to the loan amount, acceptable to the bank. |
🛡️ Insurance
- Mandatory life insurance of the student for the loan amount.
🔄 Education Loan EMI Calculator
- Click here for the EMI Calculator.
📝 Other Conditions
- Loan sanctioned/disbursed from the branch nearest to the student’s domicile.
- Loan disbursed directly to the institute.
📌 Conditions Apply
📞 Contact our nearest Branch for more details
Click here for apply online loan
📚 FAQ
1. Who is eligible for an education loan from Union Bank of India?
Any Indian national who has secured admission in a recognized institution in India or abroad for higher/professional/technical education is eligible. NRI students with Indian passports are also eligible for courses in India.
2. Is there an age restriction for students applying for an education loan?
No, there is no restriction on the minimum or maximum age for students applying for an education loan from Union Bank of India.
3. Who can be a co-applicant for the education loan?
The parent(s) of the student must compulsorily join as a co-applicant. In the case of a married person, the co-applicant can be a spouse/parent(s)/parent(s)-in-law. If both parents are not alive, a close relative or guardian can be taken as a co-applicant.
4. What courses are covered under the education loan scheme?
Courses in India include graduation/post-graduation/diploma courses, technical/professional/management courses, and PhD courses. Courses outside India include graduation/post-graduation degrees, certified degree courses from recognized institutes, and PhD courses. Diploma courses abroad are not covered.
5. Is there a maximum limit on the loan amount?
There is no restriction on the maximum amount of the loan that can be sanctioned under the education loan scheme. However, for NRI students, the maximum quantum is Rs.20 Lakhs, and Rs.30 Lakhs for premium institutes.
6. What expenses are considered under the education loan?
Tuition fees, hostel/mess charges, examination/library/laboratory fees, insurance premium, caution deposit, building fund/refundable deposit, purchase of books/equipment/instruments/uniforms, computer/laptop, travel expenses for studies abroad, admission acceptance fee, and any other expenses required to complete the course.
7. How is the repayment tenure determined?
The maximum repayment tenure is 15 years after the course & moratorium period, irrespective of the quantum of the loan. The accrued interest during the moratorium period is added to the principal amount for calculating EMIs.
8. What is the rate of interest for education loans from Union Bank of India?
To know the latest interest rates, applicants can click here. Regular servicing of interest during the course and moratorium period makes the student eligible for an interest rebate.
9. What security is required for education loans?
The security required depends on the quantum of the loan. For loans up to Rs.4 Lakh, no security is required, but it must be covered under CGFSEL. Loans above Rs.4 Lakh may require third-party guarantee or tangible collateral security.
10. Is life insurance mandatory for the student borrower?
Yes, life insurance of the student borrower is mandatory and should be to the tune of the loan amount.
11. How can applicants calculate their education loan EMI?
Applicants can use the EMI Calculator provided by Union Bank of India to calculate their education loan EMIs.
12. Can the loan be applied for online?
Yes, applicants can click here to apply
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