City union bank provides loan under The CUB-VIDHYAVANI scheme that aims to bring education to deserving and needy students with good academic performance.
Nationality must be Indian.
Secured admission for Professional / Technical courses via selection process/management.
Age limit should be Above 12 years and Below 30 years.
a) Courses in India:
U.G or P.G courses offered by major universities in India.
Regular courses/diploma courses offered by Government / Autonomous institutions.
Special courses: Aeronautical, Pilot training and more.
Teacher training or Nursing trainings offered by good institutions in India.
b) Courses in Abroad universities: Job based U.G courses or P.G courses offered by all major foreign universities.
Expenses covered in study loan: Expenses are also included in this CUB education loan. Such as, College fee, hostel fee, Lab fee, uniform fee, book fee, exam fee, study tours, project work amount.
Maximum loan amount granted by City union bank: In India, max loan amount is of Rs. 10 Lakhs & in Abroad, Max loan amount is of Rs. 20 Lakhs.
For Up to Rs.4,00000 :
Interest rate for Boys is 13.75%
Interest rate for Girls is 13.25%
For Above Rs.4,00000 :
Interest rate for Boys is 14.50%
Interest rate for Girls is 14.00%
Security: Up to Rs 4,00000 : Parent or Guardian's approval is required for this loan.
Above Rs.4,00000 & Up to Rs.7,50,000 :
Parents or guardian's guarantee with suitable documents. Third party guarantee is required.
If the parents/guardian's offers security of immovable property is equal to Rs.7.5 Lakhs, no need of third party guarantee.
Above Rs.7,50,000 : Third party guarantee + Assets equal to 100% of the loan amount. Statement of future income of the student is required for payment of dues.
For further details please click on the link: City Union Bank Educational Loans