City Union Bank

City Union Bank  - Vidyavani

Objective of the Scheme :

The Educational Loan Scheme aims to provide financial support to deserving / meritorious students for pursuing higher education in India and abroad. The Scheme also aims to provide financial assistance to the needy poor to undertake basic education.

Eligibility of the Student  :

  • Should be an Indian Resident.
  • Secured admission to Professional / Technical courses through Entrance Test / Selection Process and should produce proof.
  • Secured admission to Foreign University / Institutions and should produce proof.
  • No specific age restriction with regard to age of the student to be eligible for educational loan

Studies in India:

  • Graduation courses – B.Sc, B.A, B.Com etc
  • post graduation courses- Masters & Ph.D
  • Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
  • Computer certificate courses of reputed institutes accredited to Dept. of electronics or Institutes affiliated to University
  • Courses like ICWA, CA, CFA etc
  • courses conducted by IIM, IIT, IISc, XLRI, NIFT etc
  • Regular degree / diploma courses like aeronautical, pilot training, shipping etc approved by Director general of Civil Aviation / shipping, if the course is pursed in India. In case the course is perused abroad, the institute should be recognized by the competent local aviation / shipping authority
  • courses offered in India by reputed foreign universities
  • evening courses of approved institutes
  • Other courses leading to diploma / degree etc., conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc

Studies over a Wide Area :

  • Graduation : For job oriented professional / technical courses offered by reputed universities
  • Post-Graduation - MCA, MBA, MS, PhD etc.
  • Courses conducted by CIMA-London, CPA in USA etc

Liability of Finance :

Expenses allotted for the Loan :

  • For payment of College / School / Hostel Fees.
  • For payment of Examination / Library / Laboratory Fees.
  • For purchase of books / equipments / instruments.
  • For payment of Caution Deposits ( caution deposit not to exceed 10% of total tuition fees for the entire course )
  • For making Travel Expenses / Passage Money for studies abroad.
  • For purchasing inputs essential for completion of the course.
  • Any other expenses required to complete the course like study tours, project work, thesis, etc.
  • for purchase of computer / laptop of uniforms
  • Insurance premium for student borrower

Quantum of Finance:

Need based finance subject to the repayment capacity of parents / guardian subject to

a) Max. Upto Rs.10 Lakhs for studies in India.

b) Max. Upto Rs.20.00 Lakhs for studies abroad.

Margin :

  • Upto 4 lakhs – Nil
  • Above Rs. 4.00 lakhs
  • Studies in India - 5 % and
  • Studies abroad – 15 %

Moratorium : NIL

Processing Fee / Mortgage Charges :

No processing fees / upfront charges may be collected for studies in India. For studies abroad, processing fee @ 0.20% should be collected

Rate of Interest :

Upto Rs.4.00 lakhs

For Boys

BR plus 4.00

( 14.75 )

BR plus 4.00

( 15.00 )

PLR minus

1.50 ( 15.00 )

PLR minus

1.50 ( 15.25 )

For Girls

BR plus 3.50

( 14.25 )

BR plus 3.50

( 14.50 )

PLR minus

2.00 ( 14.50 )

PLR minus

2.00 ( 14.75 )

Above Rs.4.00 lakhs

For Boys

BR plus 5.00 ( 15.75 )

BR plus 5.00

( 16.00 )

PLR minus

0.75 ( 15.75 )

PLR minus

0.75 ( 16.00 )

For Girls

BR plus 4.50

( 15.25 )

BR plus 4.50

(15.50)

PLR minus

1.25 ( 15.25 )

PLR minus

1.25 ( 15.50 )

Repayment Period of the Loan :

  • The student / parents have the option to repay the interest during the holiday period.
  • If the student / parent do not opt for the same, the principal o / s together with interest payable should be clubbed and should be repaid in EMIs.
  • The EMI amount should be fixed at the time of commencement of repayment
  • The loan to be repaid in 5 – 7 years after commencement.
  • Holiday Period: Course period + 1 year ( or ) 6 months after getting job whichever is earlier.

For more Details, Kindly refer the following link :

http://www.cityunionbank.com/english/vidyavani.aspx

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