- Loans can be considered for eligible students in case they approach the Bank in the subsequent year of the commencement of the course.
- Branches can issue Bank Guarantee, for payment seats wherever required.
- No Prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources or genuine sale. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Banks / Financial Institutions
- The Loan Accounts of students applying through college/institutions will be sanctioned/disbursed at the branch nearest to permanent residence/place of domicile of the borrower student.
- No Pre-Payment penalty for self-closure. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/FIs
* Rate of Interest prevailing on the date of sanction shall be applicable.
For details on education loans offered by Union Bank Of India, click here.