United Bank of India: Education Loans
Studies in India
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
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.Do you like this story?
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