Union Bank of India Education Loan

Age of the Applicant

• Upto 35 years for non-employed personnels
• Upto 45 years in case of working employees/ executives

Who can apply

• An Indian National having secured admission to professional/technical courses in recognized institutions.
• Permanent employees who are employed for not less than three years with any organisation and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.

Maximum Loan Amount

• Upto Rs. 1,000,000 for studies in India.
• Upto Rs. 2,000,000 for studies abroad.
• Upto Rs. 1,000,000 for studies at IIT's, IIM's and ISB's.
• These amounts are subjective to margin requirements as mentioned in the table above

Repayment Frequency

• Quarterly or monthly rests.
• Repayment in Education Loans typically starts 1 year after completing the course or six months after getting a job, whichever is earlier.
• Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.

Repayment Period

• Tenure of an Education Loan consists of Duration of Study, Grace Period after the Study and Repayment Period.
• For Indian courses repayment tenure is maximum of 15 years after the commencement of repayment.
• For Abroad courses repayment tenure is maximum of 15 years after the commencement of repayment.