If you want to pursue higher studies, you can opt for education loans from several banks in India. Even United Bank of India offers loans for the students to meet their educational expenses in India and abroad. If you want to know more about United Bank of India Education Loans, then scroll down the page.

Eligible courses for study in India

There are certain courses which are eligible for United Bank of India education loan.

• Undergraduate, postgraduate, evening and professional courses.

• Various certificate courses in computer which are approved by the Department of Electronics or institutes certified by the universities.
• Various professional courses offered by the reputed institutes like IISC, NIFT, IIM, XLRI, IIT and others.
• Candidates who want to pursue courses like CA, CFA, ICWA may apply for United Bank of India student loan.
• Courses that are conducted by prestigious foreign universities in India.
• Diploma and degree courses offered by various colleges and universities which are approved by any of the following-AICTE, ICMS, UGC, Govt, AIBMS and others.

Eligible Courses for Studying Abroad

United Bank of India also provides financial assistance to meritorious students willing to pursue their higher studies in abroad. Undergraduate courses, Postgraduate courses and various other courses conducted by CPA in USA and CIMA in London are eligible for the educational loan offered by United Bank of India.

Expenses Covered by the Education Loan

The loan provided includes the fees payable to colleges or institutions, examination fees and even hostel charges. It also includes the cost of purchasing various articles required for the completion of the course. The passage money and travel expenses are also included in the student loan.

Amount of Loan

Candidates applying for the loan should be Indian nationals and need to secure admission through entrance test or a selection procedure in renowned institutions and universities. The maximum amount of loan granted for study in India is Rs. 7.5 lacs. Students willing to study abroad can get education loan up to Rs.15 lacs. There is no margin up to Rs.4 lacs. For a loan amount above Rs 4 lakh, 5% and 15% are the margins for Inland studies and studies abroad respectively.

Repayment of Education Loan

The time given for repayment of education loans is five to seven years. The repayment commences either six months after one gets employed or one year after the completion of the course whichever seems to be earlier.

Security for Education Loan

Security is required from candidates for

• Up to 4 lacs-No security is required
• Loan above Rs.4 lacs and up to Rs.5.40 lacs- Third party suitable guarantee is required.
• Loan above Rs.7.50 lacs-collateral security or guarantee of third party.

In order to learn more about interest rates and other bank formalities browse through http://www.unitedbankofindia.com/

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If you are planning to pursue higher studies, you can choose from several kinds of education loans in India. Syndicate Bank Education Loans are quite popular among the students. This student loan covered under SyndVidya Loan Scheme is aimed at students willing to pursue basic education as well as advanced academic programs. Under Personal Loan Products, this bank also has other kinds of loans on offer. As the history goes, Syndicate Bank was founded at Udupi, Karnataka in 1925. You can browse through our site to know about SyndVidya Loan Scheme.

Courses:

• An applicant can apply for Syndicate Bank Education Loans if he wants to study graduate, postgraduate or doctoral programs in India.
• You will also be considered eligible for the loan if you plan to study computer certificate courses of recognized institutes having accreditation to Department of Electronics or affiliation to universities in India.
• An applicant who wants to pursue professional programs in Engineering, Agriculture, Medicine, Veterinary Science, Law, Computer and other streams in India will also be considered eligible.
• Specialized courses such as CFA, ICWA; programs by the likes of IIMs, IISc; Evening programs; diploma courses sanctioned by bodies like UGC, AICTE or government; programs of foreign universities or recognized national institutes in India can all be considered for loan.
• If you plan to study abroad a postgraduate course like MBA or MCA, employment-oriented graduate program by recognized university or one by CPA in the US or CIMA-London in abroad, you can apply too.

Eligibility:

• Any Indian National, who is an adult or a minor student represented by a guardian can apply for the loan.
• The applicant will be considered eligible if he gets admission to a professional or vocational program on the basis of a selection procedure or an entrance test. However, there can be exceptions made in special cases.
• If you plan to study a program from a reputed foreign university abroad, you can also apply.

Amount of Loan, Margin & Security:

The amount of SyndVidya Loan is decided on the basis of the applicant’s requirement. The maximum amount of loan for studying in India is Rs 10 lacs while it is Rs 20 lacs for studying abroad.

• There is no margin on a loan amount upto Rs 4 lacs.
• However on a loan amount above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.
• If you apply for a loan amount above Rs 4 lacs, you need to submit a 3rd party as a guarantee.
• When the amount exceeds Rs 7.5 lacs, you need to submit a collateral security along with 25% margin that covers the amount of loan. In this case, you also need to assign the future income of the student for paying the installments.

Expenses taken into Consideration:

Several kinds of expenses are covered by Syndicate Bank Education Loans. The college, hostel or school fee and even exam fee is covered by the loan. Other expenses like cost of buying books, travel expenses, cost of essential equipment, caution deposit, building fund and refundable deposit are also taken into account.

Repayment:

You can repay the loan in 5 to 7 years beginning from 6 months after getting a job or 1 year after completing the course, whichever happens earlier.

For knowing the rate of interest and other details of Syndicate Bank’s Education Loan Scheme, you can click on http://syndicatebank.in

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State Bank of India provides its customers with a variety of personal banking services. SBI, which is actively engaged in Community Services Banking, also offers education loans to students aspiring to continue higher studies. SBI Study Loans are sanctioned only to Indian Nationals. A study loan is sanctioned for studies both in India and abroad.

Courses Eligible for Education Loans:

A candidate, who applies for a program with prospects of employment, can apply for the loan. Whether you apply for a graduate, professional or postgraduate program or any other course sanctioned by UGC, AICTE or the government, you will be considered eligible for the loan.

Expenses taken into account:

• The student loan covers school, college or hostel fees as well as cost for buying books and other necessary items.
• Apart from the library, exam or library fees, even caution deposit, refundable deposit and building fund are considered for the loan.
• Other expenses, which are mandatory for completing the course, travel expense as well as a maximum cost of Rd 50,000 for buying a 2 wheeler, are taken into account.

Quantum of Loan & Security:

An applicant is sanctioned a loan of maximum Rs 10 lacs for studying in India and Rs 20 lacs for studying in abroad. On a loan above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.

• No security is required for loan amount upto Rs 4 lacs.
• A borrower should present a 3rd party as guarantee for a loan amount above Rs 4 lacs. However, on SBI discretion, this clause of 3rd party guarantee may be waived off in certain cases.
• If you borrow a loan amount above Rs 7.5 lacs, you need to offer a material collateral security and assign the future income of the student for paying installments.
• The guardians or parents of a borrowing student should secure an education loan.
• If the borrower is married, his or her spouse, parents-in-law or parents can act as the co-obligator.

Repayment of Education Loan:

The borrower can begin repaying 6 months after getting job or one year after the course is completed, whichever happens earlier. The loan can be repaid in a period of 5 to 7 years.

Education Loan for ISM students:

Education loans are also offered to the students of ISB. An ISB student can borrow upto 95% of costs. There is also a margin of 5% on the loan amount, which needs to be repaid in 7 years. For detailed information on this loan scheme for ISB students, you can contact the branch at Hyderabad University Campus Branch.

If you want to know about the interest rates or other details of the Study Loan scheme of SBI, you can click on http://www.sbi.co.in/

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