City Union Bank Education Loan

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The central Union bank offers education loan scheme for the meritorious / deserving candidates who would like to pursue higher technical / professional education either in India or in abroad.

Bank Name	Amount of Loan	Repayment Tenure	Interest Rate
	10 - 20 lacs	5 - 7 years	14.25 - 15.75 %

Eligible Courses

Studies in India:

Graduation course which includes B.A., B.Sc. and B.Com etc.
Post-graduation courses providing master degree and the research oriented course like Ph.D.
Medical, engineering, law, veterinary, agriculture, computer, dental and management like professional courses do also come under it.
Computer hardware certification course students are also eligible to apply for the education loan provided that the certification institute is affiliated to some of the university or electronics department.
CA and ICWA like courses
Courses which are conducted under the autonomous institutes like NIFT, IIT or IIM etc.
Regular diploma / degree courses which includes shipping, aviation and aeronautics etc. that are conducted by the aviation institutes certified by the director general
Indian courses from the reputed university of foreign
Evening courses from any of the approved institute
The other regular courses that leads to degree / diploma from the recognized institute only either from govt. or from AICTE / UGC etc.

Studies abroad:

Job oriented courses for graduation degree
Post-graduation and master degree courses
Courses from CIMA and CPA

Expenses that can be considered for granting loan

To pay the fee for hostel / college /school / library / laboratory / examination
Purchasing of instrument / equipment / books
Payment of refundable deposits including caution money and hostel security etc.
Travel / expense of passage abroad if the student lives / study outside of India
The essential for completing the course like computer for computer courses and research / project work for research courses like Ph.D.
Student premium

Amount of loan granted

10 lakhs for India
20 lakhs for maximum for abroad

Interest rates

Interest rate is subject to change and float between the range of 14.25 % to 15.75 % depending upon the amount of loan and gender.

Processing fee

For Indian students no processing fee whereas for abroad students .2 % processing fee is taken

Repayment tenure

It is between 5-7 years depending upon the loan amount.
Student can pay during the holiday period as well if not done then loan amount plus rate of interest should be paid to the bank through equated monthly instalments
EMI should be fixed at the commencement of repayment period which is equal to the minimum of any one of course duration + 1 year or course duration + 6 month post job

Security

Nil- up to 4 lakhs
Collateral guarantee- up to 7.5 lakhs
Tangible collateral guarantee in form of asset equal to loan- more than 7.5 lakhs of loan

Margin

Nil- up to 4 lakhs
5%- for more than 4 lakhs and in India
15%- for more than 4 lakhs and in abroad

Application form which should be duly filled, studentship proof, last qualified exam mark sheet and proof of residence are needed.

Required Documents

Completed application form, proof that the applicant is a student of the course from any one of the above, proof of domicile, ID and collateral documents if required

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K.R. Mangalam University, Gurgaon