If you want to pursue higher studies, you can opt for education loans from several banks in India. Even United Bank of India offers loans for the students to meet their educational expenses in India and abroad. If you want to know more about United Bank of India Education Loans, then scroll down the page.
Eligible courses for study in India
There are certain courses which are eligible for United Bank of India education loan.
• Undergraduate, postgraduate, evening and professional courses.
• Various certificate courses in computer which are approved by the Department of Electronics or institutes certified by the universities.
• Various professional courses offered by the reputed institutes like IISC, NIFT, IIM, XLRI, IIT and others.
• Candidates who want to pursue courses like CA, CFA, ICWA may apply for United Bank of India student loan.
• Courses that are conducted by prestigious foreign universities in India.
• Diploma and degree courses offered by various colleges and universities which are approved by any of the following-AICTE, ICMS, UGC, Govt, AIBMS and others.
Eligible Courses for Studying Abroad
United Bank of India also provides financial assistance to meritorious students willing to pursue their higher studies in abroad. Undergraduate courses, Postgraduate courses and various other courses conducted by CPA in USA and CIMA in London are eligible for the educational loan offered by United Bank of India.
Expenses Covered by the Education Loan
The loan provided includes the fees payable to colleges or institutions, examination fees and even hostel charges. It also includes the cost of purchasing various articles required for the completion of the course. The passage money and travel expenses are also included in the student loan.
Amount of Loan
Candidates applying for the loan should be Indian nationals and need to secure admission through entrance test or a selection procedure in renowned institutions and universities. The maximum amount of loan granted for study in India is Rs. 7.5 lacs. Students willing to study abroad can get education loan up to Rs.15 lacs. There is no margin up to Rs.4 lacs. For a loan amount above Rs 4 lakh, 5% and 15% are the margins for Inland studies and studies abroad respectively.
Repayment of Education Loan
The time given for repayment of education loans is five to seven years. The repayment commences either six months after one gets employed or one year after the completion of the course whichever seems to be earlier.
Security for Education Loan
Security is required from candidates for
• Up to 4 lacs-No security is required
• Loan above Rs.4 lacs and up to Rs.5.40 lacs- Third party suitable guarantee is required.
• Loan above Rs.7.50 lacs-collateral security or guarantee of third party.
In order to learn more about interest rates and other bank formalities browse through http://www.unitedbankofindia.com/
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