Education and Career Forum

I am interested to study BTech course by taking an education loan from Union Bank of India. I don’t know how they calculate the interest rates. So, I just want to know about the calculation of education loan. Please tell me asap.

Interest on the loan is calculated based on the reducing balance method at monthly intervals .

No compounding interest will be charged during the moratorium period.

And it's not mandatory for an applicant to open an account in order to apply for loan.

They must have secured atleast 60%marks in their exam to apply for loan

The interest rates calculation of Education Loan in Union Bank of India for BTech aspirants is given below.

The maximum loan which you can take for courses in India is Rs.20 lakh

Loans up to Rs.4 Lakh is 11.85% and for Girls, it is 11.75%
Loans Rs.4.0 - Rs.7.5 Lakh is 11.50% and for Girls, it is 11.10%
Loans greater than 7.5 Lakh is 10.60% and for Girls, it is 10.20%

For IIT, IIM, ISB courses the interest rate is 0.00%

Interest rates calculation of Education Loan in Union Bank of India for BTech aspirant

Scheme-

Union education special education loan scheme

Maximum loan amount is rupees 10 lakh to rupees 75 lakhs and the interest rate is 6.80% per annum to 8.55% per annum.

°°° Interest rates calculation of Education Loan in Union Bank of India for BTech aspirant °°°

Union education special education loan scheme-

Minimum amount is rupees 10 lakh and maximum amount is 75 lakh

Interest rate ( p.a.)

6.80% p.a. to 8.55% p.a.



Union education Skill Development Scheme

Maximum loan amount is rupees 1.5 Lakh

Interest rate is 8.30% p.a. to 10.05% p.a.

Interest rates calculation of Education Loan in Union Bank of India for BTech aspirant?

Interest Rate: 8.05% p.a. to 8.55% p.a. Collateral.

Loans up to Rs. 7.5 lakh: No collateral.

Website: www.unionbankofindia.co.in.

Interest rates calculation of Education Loan in Union Bank of India for BTech aspirant?

Up to Rs.4 Lakh

Nil
Above Rs.4 Lakh

Studies in India 5%

Studies abroad 15%

NRI students (irrespective of loan amount) 15%

Union Education:-

Interest rate: 8.40% p.a. to 10.05% p.a.

Processing fee: Nil for Indian students.

Collateral:

Loans up to Rs.4 lakh: No collateral.
Loans up to Rs.7.5 lakh: third party guarantee.
Loans above Rs.7.5 lakh: Tangible collateral.

Loan Tenure: 15 years after moratorium period.

Eligibility: Indian nationals.

--- Interest rates calculation of Education Loan in Union Bank of India for BTech aspirant

Up to rupees 400000 the interest rate is 10.05% for male students and 9.5% for females students.

More than 4 lakhs to 7.5 lakh the rate of interest is 9.80% for male students and 9.30% for female students.

Above 7.5 lakh the rate of interest for male students is 8.90% and 8.40% for female students.

Union Bank Education Loan Interest Rates are Up to Rs.10 to Rs.75 lakh 6.80% p.a. to 8.55% p.a.