Education and Career Forum

Hello everyone, I am looking forward to apply for an education loan in Union Bank of India for studying BDS course. I would like to know about the terms and conditions for applying an education loan in this bank. Can anyone tell me?

Terms and conditions
Candidate must have secured admission in any professional course.

Admission has been secured in a recognised institution with good placement facility.

Must have good academic background

Education loan sanction are to be covered under credit Gurantee Fund Scheme on education loans.

Repayment should end upto the age of 60 years for PGP PRO and PGP MAX courses.

Loan would be disbursed directly to the institute.

°°° The Loan shall we sanctioned from the branch nearest to the place of domicile of the student.

°°° Loan would be disbursed directly to the institute.

°°° Loan can be availed during subsequent years of the course.

°°° Legal and valuation charges have to be borne by the borrowers.

°°° Courses which are covered under Union Bank education loan scheme are graduation/ post graduation/ diploma courses from recognised universities.

Maximum loan amount limit

₹10 lakh for studies in abroad

₹ 20 lakh for studies in abroad

Terms & Conditions under Union Bank of India Education Loan Scheme for BDS aspirant?

Subsidy for loan amount up to Rs.7.50 Lakhs (even if loan is more than Rs.7.50 Lakhs).
Student to submit proof of income from the competent authority appointed by the state government.
Scheme applicable for disbursements from the academic year 2009 (even if the loan was sanctioned earlier).

--- The Loan shall be sanctioned from the branch nearest to the place of domicile of the student.

--- Loan would be disbersed directly to the institute.

--- Up to Rs 4 lakhs there is no security required.

--- Simple interest will be calculated during course subsequently compounding interest will be charged.

--- If interest is regularly service during the course prior to the commencement of repayment than the student is eligible for interest rebate.

--- The maximum repayment tenure will be 15 years irrespective of quantum of loan.