United Bank of India: Education Loans

Eligible Courses

Studies in India

• Graduation Course : B.A, B.Com, B.Sc., etc
• Post Graduation Courses: Master 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 College/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Studies 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.

Loan Amount

Avail up to Rs. 7.5 Lacs for study n India and up to Rs. 15.00 Lacs for studying Abroad. If you are an Indian National and secured an admission to any of the following academic/ professional/ technical courses through Entrance Test/ Selection process in a Board/ Institution / University.

Expenses covered by the Education 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 Computer: Essential for completion of the Course
• Any other Expenses required to complete the Course like study tours, project work, thesis, etc

Interest Rate

Up to 4.00 lacs BPLR 3.00% i.e. 10.75% p.a.

Above Rs. 4.00 lacs BPLR- 2.50% i.e. 1125% p.a.

Margin of Loan

Up to Rs 4.00 Lacs- Nil

Above Rs. 4.00 Lacs India Studies: 5% and Studies Abroad: 15%

Note: Scholarship/ Assistance ship may be included in margin. Margin may be brought in on year to year basis as when disbursements are made on a pro-rata basis.

Repayment of Loan

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.

Life Insurance Coverage

To ensure security to student’s and borrower’s life and against their loan liability and addition loan component for payment of one-time premium for such insurance coverage may be sanctioned by bank on request from the customer.

Note: The accrued interest during repayment holiday period is to be added to the principle and repayment in EMI (fixed)

Security of Loan

Up to Rs. 4.00 lacs: NIL

Above Rs. $.00 Lacs and up to Rs. 7.50 lakh: Collateral in the from of a suitable third party guarantee.

Above Rs. 7.50 lacs: Collateral of suitable value or suitable third party guarantee.

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