Student Education Loans by United Bank of India
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.
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.
Interest Rate:

Concession: 1% concession shall be allowed during moratorium period
only if the interest debited in loan a/c is serviced by the borrower on
monthly & regular basis. Normal interest rate shall be charged
after moratorium period.
Margin:

Note:
Scholarship/ assistanceship may be included in margin. Margin may be
brought in on year to year basis as and 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 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.
- 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. |