United Bank Of India

 YES

1) UBI Education Loan:

2) UBI Superb Education Loan Scheme:

1) UBI Education Loan; 2) UBI Superb Education Loan Scheme:

The applicant should be an Indian citizen.

The applicant must have obtained admission in any of the aforementioned courses via a formal entrance exam or relevant selection procedure.

For students getting admission in the aforementioned courses through management quota, the quantum of loan amount disbursed is a minimum of Rs. 5 lakhs and the maximum amount is as per the normal education loan scheme.

The rate of interest charged is as per the rates specified under UEL and the margin is 25%. Repayment period is a maximum of 5 years, irrespective of the loan amount, after completion of moratorium period.

 

1) UBI Education Loan; 2) UBI Superb Education Loan Scheme

  1. Copy of mark sheet of the latest qualifying public exam, for schools/colleges in India.
  2. Proof of admission to the course for which the loan is applied.
  3. Schedule of expenses for the course (fee receipts obtained from the institute).
  4. Two recent passport size photos of the borrower, co-obligant and guarantor.
  5. Copy of any National ID Card of all the parties involved.
  6. Collateral Papers.

1) UBI Education Loan:

  1. Masters and Ph.D. in Arts, Commerce & Science
  2. Professional courses like engineering, medicine, dentistry, veterinary, agriculture, computer, management, law, etc.
  3. Certification in computer courses. These courses need to be conducted by recognised institutions, accredited to the Dept. of Electronics or institutes associated with a university.
  4. Courses like CA, CFA, ICWA, etc.
  5. Courses held by institutes like IIT, IIM, XLRI, NIFT, IISC, etc.
  6. Courses provided in India by renowned international universities.
  7. Evening courses held by approved institutions.
  8. Other courses offering diplomas or degrees validated by UGC, Government, AICTE, AIBMS, ICMS, etc.

2) UBI Superb Education Loan Scheme:

1) UBI Education Loan:

Maximum loan amount that can be availed is Rs. 10 lakhs.

2) UBI Superb Education Loan Scheme:

Quantum of loan disbursed under this loan scheme is a maximum of Rs. 30 lakhs.

1) UBI Education Loan:

UBI offers education scheme loan at affordable rates of interest for the convenience of students and parents. Borrowers can enjoy a 1% concession on the regular interest rates, during the moratorium period, if the interest is serviced monthly and regularly during this period.

Parents with an income of up to Rs. 4.5 lakhs p.a enjoy an interest subsidy by the government, during the moratorium period. The interest rate table below explains the rate of interests in detail.

Up to Rs. 4 lakhs

Base Rate + 2% = 12.00% (at present)

Above Rs. 4 lakhs to Rs. 7.50 lakhs

Base Rate + 2.75% = 12.75% (at present)

Above Rs. 7.50 lakhs

Base Rate + 2% = 12.00% (at present)

Please note that the above mentioned rates are floating rates of interest, and are subject to change.

2) UBI Superb Education Loan Scheme:

The rate of interest charged depends on the category of the institute and the gender of the student. Please refer to the table below for a detailed account of the same.

‘A’ List Institutes (male/female students)

Base Rate = 10.25% (at present)

‘B’ List Institutes (male students)

Base Rate + 0.50% = 10.75% (at present)

‘B’ List Institutes (female students)

Base Rate + 0.25% = 10.50% (at present)

1) UBI Education Loan:

2) UBI Superb Education Loan Scheme:

1) UBI Education Loan:

UBI Education Loan repayment tenure depends on the amount of loan availed, the nature of the course and place of study. 

Up to Rs. 7.5 lakhs

Up to 10 years

Above Rs. 7.5 lakhs

Up to 15 years

Less than Rs. 4 lakhs

Up to 7 years (only if the student’s income is sufficient to serve the EMIs)

2) UBI Superb Education Loan Scheme:

The loan repayment tenure is up to 10 years (after the commencement of repayment). The repayment will commence after a moratorium/repayment holiday, i.e. duration of the course plus 1 year or 6 months after getting a job, whichever is earlier.

1) UBI Education Loan:

     NIL

2) UBI Superb Education Loan Scheme:

     NIL

1) UBI Education Loan; 2) UBI Superb Education Loan Scheme

  1. No margin is applicable on loan amount up to Rs. 4 lakhs.
  2. 5% margin is applicable on loan amount above Rs. 4 lakhs, for studies in India.
  3. 15% margin is applicable on loan amount above Rs. 4 lakhs, for studies abroad.

1) UBI Education Loan; 2) UBI Superb Education Loan Scheme

No collateral security is required for loans up to INR. 4 lakhs, only co-obligation of parent/guardian. An assignment of income, once the student starts earning, after the moratorium period is mandatory.

For loan amount between INR. 4 lakh and INR. 7.50 lakh, a third party guarantee is required along with co-obligation of parent/ guardian.

For loans above INR 7.5 lakhs, co-obligation of parent/guardian as well as tangible collateral security is mandatory. This liquid security should cover the entire loan. The applicant also needs to submit the assignment of future earnings of the student for EMI repayment.

2) UBI Superb Education Loan Scheme

To ensure security to the borrower's life, and against his/her loan liability, an additional loan component for such an insurance coverage may be sanctioned by the bank. This is subject to request from the customer.

1) UBI Education Loan:

  1. Course fee/tuition fee payable to the institute.
  2. Hostel fee.
  3. Fees towards library and laboratory.
  4. Purchase of book, equipment, uniforms and others.
  5. Money towards caution deposit, refundable deposit and building fund, if charged by the institute. All these have to be validated with bills issued by the institute.
  6. Travel expenditures and passage expenses for overseas education.
  7. Expenses for study trips, projects and thesis.
  8. Cost of laptop/computer (if essential to complete the course), and the same should be hypothecated to UBI.

2) UBI Superb Education Loan Scheme:

  1. Fee payable to the student’s college/school.
  2. Student’s hostel fee, provided he/she opts to stay in a residential campus.
  3. Fee payable for the purpose of examination, library and laboratory.
  4. Purchase of books, equipment, instrument and uniform required for the course pursued.
  5. Cost of laptops/computers only if essential for completion of the course.
  6. Any caution deposit/refundable deposit/ building fund charged by the institution. Needs to be supported by receipts.
  7. Travel expenses and expenses incurred while on exchange programme.

 

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