City Union Bank Education loan | INterest Rates | Eligibility

CUB-VIDYAVANI (Educational Loan)

Objectives:

The Educational Loan Scheme aims to provide financial support to deserving/meritorious students for pursuing higher education in India and abroad. The Scheme also aims to provide financial assistance to the needy poor to undertake basic education.

Eligible Courses of Study in India

1. Graduation courses – B.Sc, B.A, B.Com etc
2. post graduation courses- Masters & Ph.D
3. Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
4. Computer certificate courses of reputed institutes accredited to Dept. of electronics or Institutes affiliated to University
5. Courses like ICWA, CA, CFA etc
6. courses conducted by IIM, IIT, IISc, XLRI, NIFT etc
7. Regular degree/diploma courses like aeronautical, pilot training, shipping etc approved by Director general of Civil Aviation / shipping, if the course is pursed in India. In case the course is perused abroad, the institute should be recognized by
the competent local aviation/shipping authority
8. courses offered in India by reputed foreign universities
9. evening courses of approved institutes
0. 10. Other courses leading to diploma / degree etc., conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc

Eligible Courses of Studies abroad:

1. Graduation : For job oriented professional / technical courses offered by reputed universities
2. Post-Graduation – MCA, MBA, MS, PhD etc.
3. Courses conducted by CIMA-London, CPA in USA etc

Student Eligibility:

1) Should be an Indian Resident.
2) Secured admission to Professional/Technical courses through Entrance Test/Selection Process and should produce proof.
3) Secured admission to Foreign University / Institutions and should produce proof.
4) No specific age restriction with regard to age of the student
to be eligible for educational loan

Purpose of the Loan:

1) For payment of College / School/ Hostel Fees.
2) For payment of Examination / Library / Laboratory Fees.
3) For purchase of books/equipments/instruments.
4) For payment of Caution Deposits (caution deposit not to exceed 10% of total tuition fees for the entire course)
5) For making Travel Expenses / Passage Money for studies abroad.
6) For purchasing inputs essential for completion of the course.
7) Any other expenses required to complete the course like study tours, project work, thesis, etc.
8 ) for purchase of computer / laptop of uniforms
9) Insurance premium for student borrower

Repayment:

1. The student/parents have the option to repay the interest during the holiday period.
2. If the student / parent do not opt for the same, the principal o/s together with interest payable should be clubbed and should be repaid in EMIs.
3. The EMI amount should be fixed at the time of commencement of repayment
4. The loan to be repaid in 5 – 7 years after commencement.
5. Holiday Period: Course period + 1 year (or) 6 months after getting job whichever is earlier.

Processing Fees:

No processing fees / upfront charges may be collected for studies in India. For studies abroad, processing fee @ 0.20% should be collected

Capability Certificate:

The bank can also issue the Capability Certificate for students going abroad for higher studies after obtaining the relevant supporting documents from the applicant.

Other Conditions:

In case student/parents approach for educational loan after having completed one/two semesters/years, such loans based on future expenses can be considered, provided the student has cleared all the papers in the previous exams.
– If any of the loans of the borrower/co-obligant / guarantor is in default, no loan
will be entertained under this scheme till account/s become regular.

1) Life of student should be insured for the loan value
2) Life insurance policy should be assigned in favour of the bank.
3) No Due certificate need not be insisted upon as a precondition for considering educational loan. However, branches may obtain a declaration / an affidavit confirming that no loans are availed from other banks.
4) Loan applications have to be disposed of within a period of 15 days to one month

General :

– If the fees have already been paid to the college on account of urgency/payment before the stipulated date by borrowing from the friends/relatives/outsiders/institutions by availing loans, the bank may consider the loan under the scheme for payment of such dues provided sufficient material proof is provided for payment of such fees and also for availment of loans from friends/relatives/outsiders. In such case, the payment should be made direct to the persons from whom borrowed and receipts should be obtained and kept on record.
– If the college/institution indicates arrears of fees for the previous year (not yet paid by the student) it may also be considered for finance.
– If the student has paid fees for certain semester/s and seeks loan for subsequent semesters, the fees paid for earlier semester may be taken as margin and full (100%) fees may be advanced for subsequent semester/ years, provided original receipts for earlier years are provided to the bank for verification and Xerox copies thereof have to be obtained for our records.