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 :

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