United Bank Of India Education Loan Details
Rules and Regulations
Courses Eligible for Study in India :
- Graduation Courses : B.A., B.Com, B.Sc., etc.
- 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 approves 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.
Quantum of Loan :
For study in India : Max. Rs. 10 lac
For study abroad : Max. Rs. 20 lac
For study abroad : Max. Rs. 20 lac
Other Rules :
Expenses covered by 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.
Rate of Interest :
| Quantum of Loan | Revised w.e.f 1.07.09 |
| Upto 4.00 lac | BPLR 1.75% i.e.10.25% p.a. |
| Above Rs. 4.00 lac | BPLR 1.00% i.e.11.00% p.a. |
- Concession in Interest rate:- 0.50% interest concession from card rate for Girl Students.
- 1.00% concession in moratarium period, if interest is serviced during study period.
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 students and borrowers life and against their loan liability and additional loan componant for payment of one-time premium for such insurance coverage my be sanctioned by bank on request from the customer.
Note: The accrued interest during repayment holiday period is to be added to the principal and repayment in EMI fixed.
Security :
Upto Rs. 4.00 Lacs : Nil
Above Rs. 4.00 Lacs and upto Rs. 7.50 lakh: Collateral in the form of a suitable third party guarantee.
Above Rs. 7.50 lacs: Collateral of suitable value or suitable third party guarantee.
Above Rs. 7.50 lacs: Collateral of suitable value or suitable third party guarantee.
Note:
- Assignment of future income of student for repayment of loan to be done in all cases.
- The document should be executed by both the student and the parent/ guardian.
- The security may be of mortgage of land/ building/ paper securities or unencumbered portion of already mortgaged land/ building on 2nd charge basis provided the value of the same covers the required loan amount or any other 3rd party with suitable margin on the value of paper securities.
- In case the loan is given for purchase of Computer, the same is to be hypothecated to the Bank.
United Bank Of India Contact Details:-
Contact Number : 044-2462378
WebLink : www.unitedbankofindia.com
