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 :

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