EDUCATION LOAN from United Bank Of India
Courses Eligible for Study in India:
Post-Graduation Courses: Masters 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 approved by UGC/ Govt./ AICTE/ AIBMS/ ICMS etc.
Courses Eligible for Study Abroad:
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.
For study in India: Max. Rs. 10 Lac
For study abroad: Max. Rs. 20 Lac
Rate of Interest (Floating Rate)
Up to 7.50 Lakh : MCLR-Y+2.20% i.e. 11.00%
Above 7.50 Lakh: MCLR-Y+2.15% i.e. 10.95%
United Bank of India student loans come with the following attractive features:
1.00% interest concession allowed during moratorium period only, if the interest is serviced regularly during the moratorium period
0.50% concession from card rate for girls
Copy of mark sheet of the latest qualifying public exam, for schools/ colleges in India.
Proof of admission to the course for which the loan is applied.
Schedule of expenses for the course (fee receipts obtained from the institute).
Two recent passport size photos of the borrower, co-obligate and guarantor.
Copy of any National ID Card of all the parties involved.
Up to Rs. 4 lakh - No Security
Above Rs. 4.00 Lakh and up to Rs. 7.50 lakh- Collateral in the form of a suitable third party guarantees.
Above Rs. 7.50 lakh -Collateral of suitable value or suitable third party guarantee.
The loan is to be repaid in 5 to 7 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.