Special Eduction Loan Scheme - Special Eduction Loan Scheme

At Union Bank of India, we value your dreams and aspirations. We understand the importance of education in fulfilling your dreams, which is why we bring to you our ‘Special Eduction Loan Scheme’, designed for students at the most prestigious B-schools in India.
Special features of our Special Education Loan for MBA students:
Rate of Interest: Floating rate of interest at ‘Base Rate’ (as of 01/06/2013, Base Rate = 10.25%)

• Loan upto Rs.20 Lakh
• Repayment tenure of 15 years
• No collateral security
• No margin
• Option to avail loan from place of residence or place of educational institute

Indian Institute of Management, Ahmedabad

Indian Institute of Management, Bangalore

Indian Institute of Management, Calcutta

Indian Institute of Management, Indore

Indian Institute of Management, Kozhikode

Indian Institute of Management, Lucknow

Indian Institute of Management, Raipur

Indian Institute of Management, Ranchi

Indian Institute of Management, Rohtak

Indian Institute of Management, Shillong

Indian Institute of Management, Trichy

Indian Institute of Management, Kashipur

Indian Institute of Management, Udaipur

Xavier Labour Relation Institute (XLRI), Jamshedpur

S. P. Jain Institute of Management & Research (SPJIMR), Mumbai

Management Development Institute (MDI), Gurgaon

Union Education - Union Bank of India Education Loan

PURPOSE

Basic education To pursue graduation / higher education To pursue technical / professional / management courses

ELIGIBILITY

Indian citizen Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the qualifying examination, if any Courses covered in India Graduation / post-graduation / diploma courses from recongnized universities Technical / professional / management courses Courses covered outside India Graduation / post-graduation degrees offered by recongnized universities Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes Diploma courses are not covered under Union Education

QUANTUM OF LOAN

For studies in India - maximum upto Rs. 10 Lakhs. The quantum of loan is higher for the institutes covered under Special Education Loan schemes. Please check the Special Offers Tab above for further details. For studies outside India- maximum Up to Rs. 20 Lakhs

MARGIN, I.E. YOUR SHARE

For loans upto Rs. 4 Lakhs, the margin is nil For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India Scholarship / assistantship will be included in the margin

MORATORIUM PERIOD

The moratorium period is minimum of the following two. Course period + 1 year Course period + 6 months after commencement of job

REPAYMENT

Quantum of loan Maximum repayment tenure (after the course & moratorium period) Upto ` 7.50 Lakh 10 years Above ` 7.50 Lakh 15 years

RATE OF INTEREST AND PROCESSING CHARGES

Please click here to know our latest rate of interest If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate. Please contact the nearest branch for details. No processing charges. Wherever applicable, Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals

SECURITY

The security required is as mentioned below. Quantum of loan Security Upto ` 4 Lakh No security is required. Above ` 4 Lakh & upto ` 7.50 Lakh Suitable third party guarantee acceptable to the bank to be taken. Above ` 7.50 Lakh Tangible collateral security of minimum value equivalent to the loan amount and interest accumulation during course & moratorium period, acceptable to the bank. In all the above cases, parent/spouse have to necessarily join in as co-applicant.

INSURANCE

Life insurance of the student is recommended to the tune of the loan amount

OTHER CONDITIONS

The loan shall be sanctioned / disbursed 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. If the loan is take-over by other bank/FI, then a charge of 2% on the average loan outstanding for the past 12 months will be levied.

CENTRAL GOVERMENT INTEREST SUBSIDY SCHEME

The Ministry of HRD has launched Central Government scheme of Interest Subsidy on educational loans for economically weaker sections of the society. The students who satisfy all the following parameters would be eligible for the interest subsidy. § The student has secured admission to any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India only and availed educational loan from any of the scheduled banks, including Union Bank of India, to pursue the course. § The student belongs to Economically Weaker Section (EWS) with an annual gross parental / family income from all sources not exceeding ` 4.50 Lakhs. The other features of the scheme are as follow : Subsidy for loan amount upto ` 10 Lakhs (even if loan is more than ` 10 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). Subsidy for the course and moratorium period only. Student will be eligible for interest subsidy only once either for the first undergraduate degree course or the post graduate degree / diploma course in India.

SyndVidya – Loan for Vocational Courses - A Syndicate Bank’s Education Loan Scheme

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SyndVidya – For Vocational Courses

Purpose:



Providing financial support to deserving / meritorious students after passing 10th Class for pursuing vocational courses / skill development in India and abroad offered by recognized institutions.

Courses Eligible:


Vocational / skill development courses of duration from 6 months to 3 years leading to certificate / diploma offered by recognized institutions, such as ITIs, ITCs and polytechnic institutions.

Student eligibility:



The student should be an Indian National.


The student should have passed 10th standard examination.


Should have secured admission to a Government recognized vocational training course which is employment oriented.

Quantum of Finance:

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


Courses of duration upto 1 year -
Rs.50,000/-

Courses of duration above 1 year -
Rs.1,50,000/-

Margin amount:
NIL

Expenses considered for Loan:



Tuition / course fee fixed by Government / authorities appointed by Government.


Examination / Library / Laboratory fee.


Caution deposit, Cost of books, equipments etc.,


Any other reasonable expenditure.

Security:



No collateral / third party guarantee. However parent has to join as co-borrower.

Rate of Interest:



Interest linked to Loans-Base Rate of the Bank at monthly compounding.


Interest rate at present - Base Rate + 2.25%.


Simple interest will be charged up to Moratorium period.



Repayment:



For courses of duration up to 1 year: Repayment in EMIs for 5 years after a moratorium period of 6 months from completion of course.


For courses of duration above 1 year: Repayment in EMIs for 7 years after a moratorium period of 12 months from completion of course.

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Insurance Charges:
Optional

Processing & Documentation Charges:



No processing charges and Documentation charges.

Other Terms and Conditions:
As applicable to Model Education Loan Scheme of IBA

Please contact our nearest branch in your town for further details

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Synd Super Vidya - A Syndicate Bank’s Education Loan Scheme

Synd Super Vidya

A Syndicate Bank’s Education Loan Scheme

_____________________________________________________________________________

Purpose:



Providing financial support to deserving / meritorious students for pursuing higher education IN Reputed Business schools/ Technical / Professional Institutes in India.

Parameters
Courses Eligible	Technical courses and Post Graduate Masters degree courses and one year Executive Development Programme offered in India by Premier Technical and Management Institutes.
Quantum of Finance:	Maximum `20.00 lakhs
Margin	5%
Guarantee/Surety/Collateral Security	Guarantee of parent for loans above `4.00 lakhs. No collateral security.
Rate of Interest	BR+0.50% if interest is serviced during moratorium period, otherwise 1% additional interest 0.50% concession to girl students. However the rate of interest will not be less than the Base Rate.
Place of Sanction	Branch nearest to the permanent domicile of parent/guardian or branch nearer to the Institute
KYC norms	Applicant to submit Proof of Identity, Xerox copy of admit card, admission letter, photo of the applicant
ADD ONS	The student is eligible to  Open self introduced SB A/c with Debit cum ATM Card  Avail additional loan upto `3.00 lakhs if selected to go abroad under student exchange scheme during the second year of the course in Management, upto the maximum loan of `20.00 lakhs

SyndVidya - A Syndicate Bank’s Education Loan Scheme

SyndVidya

A Syndicate Bank’s Education Loan Scheme

Purpose:



Providing financial support to deserving / meritorious students for pursuing higher education in India and abroad.

Courses Eligible:

(a) Studies in India
:


Approved courses leading to graduate/ post graduate degree and PG diploma conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.


Courses like ICWA, CA, CFA etc.


Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID 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.


Approved courses offered in India by reputed foreign universities.


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.


Courses, which are not covered under the criteria, mentioned above, CMD/ED may take a view to consider extending Education loan under the scheme taking into account the future prospects/recognition by user institution.


Teacher training course/Nursing course/B.Ed are eligible for education loan, provided the training institutions are approved either by the Central Government or by the State Government and such courses should lead to Degree or Diploma course and not to certification course.

(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.


Degree/diploma courses like aeronautical, pilot training, shipping etc provided, these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

Student eligibility:



The student should be an Indian National/NRI


Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).


However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes. In such cases, banks will have to adopt appropriate criteria based on employability and reputation of the institution concerned.

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Quantum of Finance:

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


Studies in India -
Maximum Rs.10.00 lakh

Studies abroad -
Maximum Rs.20.00 lakh

Margin amount (to be brought in by the student/parent):



Upto Rs.4 lakh : Nil


Above Rs 4 lakh : Studies in India - 5%


Studies abroad : 15%

Security:



Upto Rs.4 lakh: parents to be joint borrowers. No security.


Above Rs.4 lakh upto Rs.7.50 lakh: Besides the parent(s) executing the documents as joint borrowers, collateral security in the form of suitable third party guarantee acceptable to the Bank will be taken.


Above Rs.7.50 lakh: Parent(s) to be joint borrower(s) tangible collateral security of suitable value along with assignment of future income of student. The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/Units of UTI, NSC, and KV, Life Policy, Gold, Shares/Mutual Fund Units/Debentures, Bank deposit etc.

Rate of Interest:



Interest linked to Loans-Base Rate of the Bank at monthly compounding.

Loan Amount	Interest rate
Upto Rs.4.00 lakhs	Base Rate + 2.25%
Above Rs.4.00 lakhs	Base Rate + 2.75%

Loan for Laptop & Personal Computer - Bank of Baroda - Computer Loan

Gen-Next Lifestyle



Rate Of Interest

• Applicable Interest rate as per retail products –purpose wise

Processing & Documentation Charges

• Applicable processing charges as per retail products –purpose wise

Repayment  

• New Modern Gadgets (Including Laptop/PC) : 24 months.

• Furniture & Fixture/New Consumer Durables : 60 months
• New Vehicle (Two wheeler/Four wheeler) : 60 months.
• Old Vehicle (Four wheeler only) : 36 months.

 

Loan will be repaid in Equated Monthly Installments (EMIs). (12 post-dated cheques are to be obtained in advance every year, with undertaking to maintain adequate balance).
Features

• Anywhere banking facility.
• Free Internet Banking facility.
• No Prepayment charges.
• Travel, Investment and FOREX Support.
• Free Next-Gen Credit Card with Add on card for spouse.

Banking Relationship

Applicant’s banking relationship either with our bank or other bank should be analyzed / examined by perusing pass book or statement of account of his main bank account of last six months to satisfy that the conduct of the account is satisfactory. Security

• Loan agreement - cum - Instrument of Hypothecation of Home Furnishings / Consumer Durable goods / vehicle / PC or Laptop / New Modern Gadgets.
• Hypothecation of vehicle, in case of loan for a car / two wheeler.
• Usual undertakings / documents as applicable to pledge of FDRs, NSCs, shares Bonds, Units etc., if stipulated.
• Personal Guarantee of one / two persons having adequate worth. The guarantee may be waived if loan is availed only for purchase of new vehicle.

Documentation

• D.P. Note.
• Letter of installment with acceleration clause.
• Declarations cum Undertakings cum Authority
• In case of vehicle loan, Bank’s charge to be noted with RTO (Certified Xerox copy of the Registration Certificate having bank’s name as financier be kept on bank’s records with the documents.
• Blank TTO forms in duplicate.
• Hypothecation of Vehicle (LDOC-20) / PC / Laptop / New Modern Gadgets etc, if availed.
• Other documents to charge the liquid securities, if offered, as per bank rules.
• General form of Guarantee, if stipulated.
• Other securities, as stipulated.
• Adequate insurance of articles purchased out of bank loan with Banker’s clause. The premium is to be borne by the borrower.

Other Provisions

• Separate loan account for Home Furnishings / Consumer Durables, vehicle and PC / Laptop / New electronic gadgets to be maintained, if availed.
• Penal interest @ 2% p.a. on overdue amount for period of default.
• Loan is to be considered only for reputed brands.
• A stamped undertaking from the employee authorizing the employer to remit the salary every month to the bank for credit of specified SB / Current Account during the currency of the Loan facility and also to deduct from the retirement / terminal benefits, the outstanding overdraft amount with the interest in case of retirement / resignation / cessation of employment for any reason. A copy of the undertaking duly acknowledged by the employer has to be kept on branch.
• The payment will be directly made to the dealers in case of new vehicle/ other articles.
• In case of second hand cars, certificate about the value and residual life of the car to be obtained from a reputed garage.

Loan for Laptop & Personal Computer - Central Bank of India - Computer Loan

Cent Computer Loan

1 Purpose Purchase of Personal Computer and Laptops along with accessories. 2 Eligibility All individuals including students, professionals and permanent salaried persons including staff members of the Bank 3 Quantum of loan Need Based upto 80% of cost, subject to maximum Rs.1,00,000/- 4 Margin 20% 5 Security Hypothecation of assets financed and acceptable 3rd party guarantee. The condition of Third Party Guarantee may be waived off, if the salary account is maintained with the Bank and EMI is debited from the salary account. It should be ensured that salary account is not transferred or closed during the currency of the loan and undertaking to this effect may be obtained from the employer or from the employee and this has to be registered with the employer. 6 Repayment 36 months to 60 months 7 Rate of interest Base Rate + 5.00% 8 Processing Fee Rs.100/- per proposal