United Bank of India Education Loan

Details on Student Loans of United Bank of India. Check List of Documents, Interest rates, Fees And Charges for Study Loan in Abroad and In India.

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.

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 approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Interest Rates of United Bank Education Loans for 2016

United Educational Loan (Floating Rate)

Upto Rs.4.00 lac = 13.00%

Rs.4.00 lac to Rs.7.50 lac = 13.25%

Rs.7.50 lac = 11.75%

For Girl students: 0.50% concession from card rate.

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

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.

Repayment of Loan:

For loans upto 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 upto 7 Years in consultation with the borrowers.

Management Quota

Quantum of Loan : Min. Rs. 5 lakh (max. As per normal education loan scheme)

Margin -25%

Security– Cover entire loan by liquid security/ mortgage of property

Moratorium period- Course period plus 1 year, or 6 months after getting job whichever is earlier)

Repayment Period : Max.5 years irrespective of loan amount after completion of moratorium period.

Study of MBA or similar courses nominated by the employer: To be disposed of in terms of guidelines of Management Quota. Repayment of EMIs shall be ensured from the employer either through deduction from pay bill or from the salary disbursement account maintained with the bank. No moratorium period shall be allowed. In the event terminal benefits are attached, the sanctioning authority may consider to waive insistence of security

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 upto 7 Years in consultation with the borrowers.