United Bank of India

United Bank of India’s Educational Loan

Objective of the Scheme :

United Bank of India provides financial support to meritorious students for pursuing higher education in India and abroad.

Eligibility of the Student  :

  • The student should be an Indian National
  • The student  should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC ( 10 plus 2 or equivalent ).

Studies in India :

  • Post Graduation Courses: Master’s and 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.
  • Courses offered in India by reputed foreign Universities.
  • Evening Courses of approved Institutes.
  • Other Courses leading to Diploma / Degree, etc. conducted by Colleges / Universities approves by UGC / Govt./ AICTE / AIBMS / ICMS, etc.

Studies over a Wide Area :

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

Liability of Finance :

Expenses allotted for the Loan :

  • Fees payable to College / School / Hostel.
  • Examination / Library / Laboratory Fee.
  • Purchase of Books / Equipments / Instruments / Uniforms.
  • Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
  • Travel Expenses / Passage Money for studies abroad.
  • Purchase of Computers : Essential for completion of the Course.
  • Any other expenses required to complete the Course like study tours, project work, thesis, etc.

Quantum of Finance :

  • For study in India : Max. Rs. 10 lac
  • For study abroad : Max. Rs. 20 lac

Margin :

1. For loan up to Rs. 4.00 lac - Nil                              

2. For loan above Rs. 4.00 lac

    a) For study in India -  5%                                          

    b) For study abroad -15%       

Processing Charges :

a) For study in India: Nil

b) For Abroad: 0.20% of loan amount.

Rate of Interest :

Upto 4.00 lac

BR +2.00% i.e. 12.25% p.a.

Above Rs. 4.00 lac

BR + 2.75% i.e. 13.00% p.a.

Above Rs 7.5 Lac

BR +2.00% i.e. 12.25% p.a.

Repayment Period of the Loan :

For loans up to Rs.7.5 lakhs- not exceeding 10 years.

For loans above Rs. 7.5 lakhs- not exceeding 15 years.

If loan size is less than Rs.4 lacs and student’s income is sufficient enough to service EMI, the repayment period may be fixed up within a period up to 7 Years in consultation with the borrowers.                       

For more Details, Kindly refer the following link :

http://www.unitedbankofindia.com/english/EducationLoan.aspx

United Bank of India’s Superb Education Loan Scheme

United Bank of India provides financial support to meritorious students for pursuing higher education in India and abroad.

Eligibility of the Student  :

The student of Indian national to pursue admission to the above courses through entrance test / merit based selection process in India.

Courses Eligible:

Professional Courses : Engineering, Medical,  Management etc. as per Bank’s approved list

Liability of Finance :

Expenses allotted for the Loan :

  • Fees payable to College Hostel.
  • Examination / Library / Laboratory Fee.
  • Purchase of Books / Equipments / Instruments / Uniforms.
  • Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
  • Travel Expenses / Passage Money for studies abroad.
  • Purchase of Computers: Essential for completion of the Course.
  • Any other expenses required to complete the Course like study tours, project work, thesis, etc.

Quantum of Finance :

For study in India: Max. Rs. 30 lac

Margin :

For List A Institutes :

Upto Rs 20 lacs-Nil, Above Rs 20 lacs-5%

For List B Institutes :

Upto Rs 10 lacs-Nil & Above Rs 10 lacs-5%

Processing Fee / Mortgage Charges : Nil

Rate of Interest :

  • for the eligible students ( parental family income less than Rs. 4.50 lac p.a.)only
  • for Interest paid during moratorium period only
  • subject to fulfillment of terms and conditions of the scheme

Repayment Period of the Loan :

The loan is to be repaid in 10 years after commencement of repayment. The repayment will commence after a moratorium / repayment holiday which is Course period plus 1 year or 6 months after getting job whichever is earlier.

For more Details, Kindly refer the following link :

http://www.unitedbankofindia.com/english/SuperbEducation.aspx

 

United Bank of India’s Education Loan Scheme for Vocational Education and Training

Objectives of the scheme:

Providing financial support to those who have the minimum educational qualification, as required by the institution / organization running the course eligible under the scheme.

Eligibility of the Student  :

The Bank will decide financing the students depending on employability and consequent ability to repay the loan.

i) Should be an Indian National.

ii) Passed 10th Standard examination conducted by State / Central Boards

iii) Secured admission in a course run or supported by a Ministry / Dept / Organisation of the Govt. or a company / society / organization supported by National Skill Development Corporation or State Skill Missions / State Skill Corporations, preferably leading to a certificate / diploma / degree, etc. issued by a Govt. organization or an organization or an organization recognized / authorized by the Govt. to do so. There should be admission system through Entrance Test / Merit based Selection process.

iv) Employability of the course and reputation of the institution.

Courses Eligible:

i) Approved vocational / skill development courses of duration from 3 months to 3 years leading to certificate / diploma offered by a recognized State / Central Govt. Institution or Statutory / technical body or training department of Govt. etc. (e.g.) courses offered by Industrial Training Institutes ( ITI ), Industrial Training Centres ( ITCs ) and Polytechnic Institutes etc.

ii) Such courses offered by reputed private education institutes, duly complying all guidelines in this regard issued by Central / State Govt. may also come under financing criteria.

Liability of Finance :

Expenses to be considered for loan:

  • Tuition / course fee fixed by Govt. / authorities appointed by Govt.
  • Examination / Library / Laboratory Fee.
  • Caution Deposit.
  • Purchase of Books / Equipments / Instruments / Uniforms.
  • Any other reasonable expenses required to complete the course . As these courses are localized, boarding, lodging may not be necessary. However, wherever it has been found necessary, the same could be considered on merit.
  • In respect of course fee of private institutes, the expenses shall be limited up to 125% of the fees prescribed by the Govt. for similar courses, if they are not fixed by Govt. / authorities appointed by Govt.
  • Life insurance premium of the student, if insurance cover is obtained by him / her.

Quantum of Finance :

Course Duration

Amt. of Loan

Upto 1 year

Maximum upto Rs. 50,000/-

Above 1 year

Maximum upto Rs. 1, 50,000/-

Margin: Nil

Rate of Interest :

  • Upto Rs.1.50 lacs: BR + 2.00% = 12.45% p.a. ( at present )
  • Concession for Girl Student: 0.50% p.a. from card rate. The eligible students will get Interest subsidy as per existing scheme of the Govt. of India.
  • ( The interest shall be debited monthly on simple basis during the repayment holiday / moratorium period and thereafter on compounding basis )
  • The repayment will commence after a moratorium / repayment holiday, which is course period plus 6 months.
  • 1% interest concession may be allowed to loanee( s ) up to moratorium period only if the interest is serviced monthly and regularly during the moratorium period.

Repayment Period of the Loan :

Course Duration

Repayment Period

Upto 1 year

3 to 5 years

Above 1 year

5 to 7 years

For more Details, Kindly refer the following link :

http://www.unitedbankofindia.com/english/UnitedVocationalEdu.aspx

United Bank of India’s Educational Loan for Management Quota:

Objective of the Scheme :

United Bank of India provides financial support to meritorious students for pursuing higher education in India and abroad in the Management Quota

Eligibility of the Student  :

  • The student should be an Indian National
  • The student  should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC ( 10 plus 2 or equivalent ).

Studies in India :

  • Post Graduation Courses : Master’s and 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.
  • Courses offered in India by reputed foreign Universities.
  • Evening Courses of approved Institutes.
  • Other Courses leading to Diploma / Degree, etc. conducted by Colleges / Universities approves by UGC / Govt. / AICTE / AIBMS / ICMS, etc.

Studies over a Wide Area :

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

Liability of Finance :

Expenses allotted for the Loan :

  • Fees payable to College / School / Hostel.
  • Examination / Library / Laboratory Fee.
  • Purchase of Books / Equipments / Instruments / Uniforms.
  • Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
  • Travel Expenses / Passage Money for studies abroad.
  • Purchase of Computers : Essential for completion of the Course.
  • Any other expenses required to complete the Course like study tours, project work, thesis, etc.

Quantum of Finance :

Min. Rs. 5 lakh ( max. As per normal education loan scheme )

Margin :

1. For loan up to Rs. 4.00 lac - Nil                              

2. For loan above Rs. 4.00 lac

    a) For study in India -  25%

Moratorium period :

Course period plus 1 year, or 6 months after getting job whichever is earlier

Processing Fee / Mortgage Charges :

a) For study in India: Nil

b) For Abroad: 0.20% of loan amount.

Rate of Interest :

Upto 4.00 lac

BR +2.00% i.e. 12.25% p.a.

Above Rs. 4.00 lac

BR + 2.75% i.e. 13.00% p.a.

Above Rs 7.5 Lac

BR +2.00% i.e. 12.25% p.a.

Repayment Period of the Loan :

Max.5 years irrespective of loan amount after completion of moratorium period.

Study of MBA or similar courses nominated by the employer: To be disposed of in terms of guidelines of Management Quota. Repayment of EMIs shall be ensured from the employer either through deduction from pay bill or from the salary disbursement account maintained with the bank. No moratorium period shall be allowed. In the event terminal benefits are attached, the sanctioning authority may consider to waive insistence of security

For more Details, Kindly refer the following link :

http://www.unitedbankofindia.com/english/EducationLoan.aspx

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