• Graduation courses/ Post graduation courses/ Professional courses
• Other courses approved by UGC/Government/ AICTE etc.

Expenses considered for loan :

• Fees payable to college/school/hostel
• Examination/ Library/ Laboratory fees
• Purchase of Books/ Equipment/ Instruments/ Uniforms
• Caution Deposit/ Building Fund/ Refundable Deposit (maximum 10% tution fees for the entire course) 
• Travel Expenses/ Passage money for studies abroad
• Purchase of computers considered necessary for completion of course
• Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan :

• For studies in India, maximum Rs. 10 lacs
• Studies abroad, maximum Rs. 20 lacs

Interest Rates (with effect from 1st June 2008) :

For loans up to Rs.4 lacs   - 11.75 % p.a. Floating
For loans above Rs. 4 lacs and upto Rs.7.50 lacs - 13.25 % Floating
For loans above Rs.7.50 lacs - 12.25% p.a. Floating

• For loans up to Rs.4.0 lacs : No Margin
• For loans above Rs.4.0 lacs:
  • Studies in India: 5%
  • Studies Abroad: 15%

Documentation Required :

• Completed Education Loan Application Form.
• Mark sheets of last qualifying examination
• Proof of admission scholarship, studentship etc
• Schedule of expenses for the specified course
• 2 passport size photographs
• Borrower's Bank account statement for the last six months
• Income tax assessment order, of last 2 years
• Brief statement of assets and liabilities, of the Co-borrower
• Proof of Income (i.e. Salary slips/ Form 16 etc)

• Loans upto Rs.10 Lakhs for Education in India and upto Rs.20 Lakhs for Education abroad#
• Attractive interest rates.
• Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
• Loan available upto tenure of 7 years including moratorium period.
• Tax Benefits availaible under Section 80E of the IT Act *
• Hassle free loans and speedy approvals.
• Convenience of service at your doorstep.
• Loans available for other course related expenses also!

Special privileges :

• Loans disbursed directly to the educational institution.
• Loan to be released as per fee schedules of institutes.
• Exclusive Telegraphic Transfer facility availaible for courses abroad
• Loans available for short duration/ job oriented courses also.

Conditions Apply :

Premium will be charged for this product.A transaction fee of Rs.350 will also be deducted at the time of disbursal.Pls note that service tax @ 12.36% will also be charged on both the premium and the transaction fee.

Eligibility Criteria :

(a) Student eligibility :

• Student be an Indian National
• Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.

(b) Courses Eligible :

Studies in India :

• Graduation Courses- B.A, B.COM, B.Sc. etc.
• Post Graduation Courses: Masters Courses, Ph D, etc.
• Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computeretc.
• Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
• Courses like- ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
• Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course pursued abroad, the Institute should be recognised by the competent local aviation/ shipping authority.
• Courses offered in India by reputed foreign universities.
• Evening Courses of approved Institutes.
• Other Courses leading to diploma/degree etc conducted by the Colleges/ Universities approved by UGC/Govt/AICTE/AIBMS/ICMR etc.

Studies 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.
• Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., the Institute should be recognised by the competent local aviation/ shipping authority.

Quantum of Loan :

Need based finance subject to repaying capacity of the parents / students with following ceilings:

• Studies in India: Maximum Rs 10.00 lacs
• Studies abroad: Maximum Rs. 20.00 lacs.

Expenses Considered for Loan :

• Fee payable to College / School /Hostel
• Examination/Library/Laboratory Fee
• Purchase of Books / Equipments/ Instruments/ Uniforms.
• Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institution, subject to the conditions that amount does not exceed 10% of the total tuition fees for the entire course.
• Travel Expenses/Passage Money for studies abroad.
• Purchase of Computers essential for completion of the course.
• Insurance premium for student borrower.
• Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.

Margin :

• For loan upto Rs 4.00 lacs: NIL
• For loan above Rs 4.00 lacs:
  (i) Studies in India: 5%
  (ii) Studies abroad: 15%
• Scholarship / Assistantship to be included in Margin.
• Margin Money to be brought on year-to-year basis and disbursements are made on a pro-rata basis.

Rate of Interest :

Courses offered :

An installment based loan for all courses mentioned below:

(A) Studies in India :

• Graduation courses : BA, B.Com., B.Sc., etc
• Post Graduation courses : Masters & Phd
• 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 approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc
• Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions.

(B) Studies 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.

Loan Amount :

• Studies in India - Maximum Rs.10 lacs
• Studies abroad - Maximum Rs.20 lacs

Expenses Covered under Loan :

• Fee 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 expense required to complete the course - like study tours, project work, thesis, etc.

Repayment terms :

The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier. The loan to be repaid within 5-7 years (maximum tenor 84 months) after commencement of repayment

The student applying for UNION EDUCATION Loan ought to :

• Be an Indian National
• Has secured admission to professional or technical courses through an appropriate Entrance Test or selection process
• Has secured admission to a foreign University
• Has passed an appropriate qualifying examination
  

(A) Studies in India :

• School education up to +2
• Graduation/Post-Graduation
• Professional course
• Management course

(B). Studies Abroad :

• Graduation: For job-oriented professional or technical courses offered by reputed universities
• Post-Graduation: MCA, MBA, MS and such other courses
• Courses conducted by CIMA, London, CPA, USA., and such other institution

Quantum of Loan :

Need-based finance subject to repayment capacity of the parent or student with margin and upto the following ceilings

• For studies in India - Up to Rs. 7.50 lacs
• For studies abroad - Up to Rs. 15.00 lacs

Margin :

No margin for loans up to Rs. 4.00 lacs . However, for loan of higher amounts, the margin requirement is 5% for inland studies and 15% for studies abroad. Scholarship/ assistance to be included in margin. Margin maybe brought in on pro-rata basis as and when disbursement is made.

Repayment :

Repayment holiday or Moratorium on loan: Course period + 1 year OR 6 months after job placement, whichever is earlier. Starting from this point, the loan is to be repaid in 5-7 years after completion of course period/moratorium.

RATE OF INTEREST (w.e.f 01/10/2007) :

Eligibility Criteria :

Student Eligibility :

• Student should be an Indian National.
• Should have completed previous qualifying examination.
• Secured admission to professional/ technical courses in India or Abroad through Entrance Test/Merit Based Selection process.
• Person already in gainful employment are not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved institute

Courses Eligible :

(A) Studies in India

Courses Eligible :

• Graduation Courses : BA, B.Com, B.Sc., etc
• Post Graduation Courses : Masters & Phd.
• Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Courses like ICWA, CA, CFA etc
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc
• Regular Degree/Diploma courses like Aeronautical pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the Course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.
• Courses offered in India by reputed foreign universities
• Evening courses of approved institutes.
• Nursing/Teachers training courses for periods of one year & above from recognized colleges/institutes leading to Diploma/Degree.
• Other Courses leading to diploma/degree etc. conducted by Colleges/universities approved by UGC/Govt /AICTE /AIBMS/ ICMR etc
• Courses offered by National Institutes and other reputed private institutions.
• Vocational Training and skill development study courses will not be covered under the model educational loan scheme, as the scheme is framed to provide Bank loans for higher studies

(B) Studies 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

(C) Other conditions :

• The courses eligible for financial assistance under the scheme should be conducted by the colleges/ universities/ institutions which are either recognized by the government /affiliated to a university/deemed university or conducted by autonomous institutions like IIT, IIM etc or approved by AICTE /accredited to Department of Electronics, Government of India, courses offered by reputed universities/institutions abroad.
• Correspondence courses / computer part time /certificate courses are not eligible for finance under the scheme.

Expenses considered for loan :

• Fee payable to college/school/hostel
• Examination/Library/Laboratory fee
• Purchase of books/equipments/instruments/ Uniforms
• Caution deposit*
• Travel expenses/ passage money for studies abroad
• Purchase of computers - essential for completion of the course
• Insurance premium for student borrower
• Any other expense required to complete the course - like study tours, project work, thesis etc.

* building fund/refundable deposit supported by Institution bills/ receipts stands deleted

Quantum of Finance :

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:

• Studies in India - Maximum upto Rs.10 lakhs
• Studies in Abroad - Maximum upto Rs.20 lakhs

Margin :

• Upto Rs.4 lakhs - Nil
• Above Rs.4 lakhs - Studies in India 5%
• Studies abroad 15%

Scholarships / assistantship to be included in margin
Margin may be brought-in on year-to-year basis as and when disbursement are made on a pro-rata basis

Rate of interest :

As prescribed from time to time

With effect from 1st December, 2007 as follows :

• Upto Rs.7.5 lakh : 11.75%
• Above Rs.7.5 lakh (Secured) : 11%

Simple interest to be charged during the Repayment holiday/Moratorium period. 1% interest concession may be provided for loanees if the interest is serviced as and when debited.