Loan Conditions |
State Bank of India |
Union Bank of India |
Bank of Baroda |
Eligibility |
Indian nationals pursuing higher education abroad |
Students who secure admission at the Asian Institute of Management in Manila, Philippines. |
Indian nationals pursuing higher education abroad |
Loan Coverage |
Fees payable to school
Hostel/dormitory fees
Books, Computer, Uniforms
Travel expenses/Passage money
Two-wheeler up to Rs. 50,000 |
Financial assistance to deserving/meritorious students for pursuing the 16-month course Masters in Business Administration (MBA)
To meet:
1. Tuition Fees/Cost of
Books/Hostel/Mess charges/
Project work expenses.
2. Equipment including
Laptop/cost of two wheeler
(Motorbike or Scooter or
Moped)
3. Living expenses
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Fees payable to school
Hostel/dormitory fees
Books, Computer, Uniforms
Travel expenses/Passage money
Any other expenses required
to complete the course |
Maximum Loan |
Rs. 20 lakhs |
Maximum of Rs. 12.50 Lacs or 85% of the total cost of Education whichever is less. |
Rs. 15 lakhs |
Margin Requirement |
15% |
15% |
15% |
Interest Rate |
13.75% p.a Floating interest during moratorium will be added to the loan amount |
11% (BPLR – 1.75%) |
14% p.a (indicative)
simple interest to be charged
during moratorium period
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Repayment Tenure |
5 to 10 years commencing one year after course completion or 6 months after employment, whichever is earlier (no prepayment penalty) |
Maximum is up to 84 months EMIs after completion of the course. Course Period + 1 Year or 6 months after securing employment whichever is earlier. |
5 to 7 years commencing one year after course completion or 6 months after employment, whichever is earlier (no prepayment penalty) |
Security |
Tangible collateral for full value of loan |
As per extent of the guidelines |
Collateral for full value of loan |
Processing Fee |
Deposit of Rs. 5,000 considered part of margin money |
NIL |
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Where to apply? |
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Documentation
Required |
Completed Education Loan Application Form Mark Sheets of last qualifying exams,Proof of admission, scholarship, etc. Schedule of expenses for the course, 2 passport size photographs, Borrower's bank statement of account for last six months, Income tax assessment order of last two years, Statement of assets and liabilities of the co-borrower Proof of income |
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| Other Terms and Conditions |
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Parent of the Student shall join as co-borrower or Guardian in case both parents are no longer alive.
The Life Insurance Policy in the name of the student to be obtained and assigned in favour of the Bank. |
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For Loan Inquiries |
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Visit our website at:
www.unionbankofindia.com
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