City Union Bank Education Loan: City Union Bank provides a huge support who cannot afford to pursue technical education in India or Abroad. It assists all the meritorious and deserving candidates by providing financial support in the form of Educational Loan. The loan is provided for the students to pursue various courses in universities and institutions around India and abroad. The Rate of Interest for the loan will change from time to time and based on the Base rate & Subject to revision. The essential documents required for application of City Union Bank Education Loan are Copy of Passport, Voters Identity Card, Driving Licence, Pan Card, Birth Certificate, utility bills, Signed Photographs, Bonafide Certificate, Signature Verification and any other relevant documents as specified by Corporation Bank.
City Union Bank Education Loan
- The bank follows certain rules to provide an educational loan, especially it checks whether the candidate satisfies the eligibility criteria or not.
- Firstly, they should be an Indian National.
- They should have 60% aggregate (50% for SC/ST candidates) in the previous qualification examination.
- They should have secured admission to recognized universities or institutions in India or Abroad through Entrance Test or Admission Test after the higher education.
- The management quota admission after higher studies is also eligible for a City Union Bank Education Loan.
- The educational loan by City Union Bank bears all major expenses during the academic.
The Expenses include:
- College/ School and Hostel Fee
- Examination, Laboratory and Library fee
- Purchase amount for essential needs like books/ equipments/ uniforms/ instruments.
- Travel Expenses and Passage money for studies abroad.
- Purchase of computers (if necessary)
- Any other relevant expenses that are included in the completion of the course.
- The insurance premium is given to student borrower.
A detailed list of courses for which loan is provided is mentioned below:
Studies in India:
- Graduation courses like B.A, B.Com, B.Sc etc.
- The professional courses in Engineering, Agriculture, Medical, Law, Dental, Management, Computer, etc.
The PostGraduation courses are also included like Masters & Ph.D.
- All approved Degree courses like Graduation, Post Graduation and PG Diploma courses conducted in any Universities recognized by Govt./UGC/ AICTE/ AIBMS/ ICMR.
- The courses conducted by the universities/ institutions like IIMs, IITs, IISCs, XLRI, NIFT and NID.
Courses like CA (or CA integrated), ICWA and CFA are also considered.
- For admission under Management quota in any university.
- Evening courses provided by any approved institutions.
- Degree/ Diploma programmes in Aeronautical, shipping, nursing and pilot training, which is approved by Director General of Civil Shipping/ Aviation.
- Job oriented specialized programmes are also taken into consideration.
- In Aircraft Maintenance Engineering/ Pre Sea training must be approved by recognized State body that is eligible for the loan.
- For all Research/ Ph.D. courses for study in India are not eligible for the loan.
Studies in Abroad:
- For Graduation degree in any Technical/ Professional courses offered by reputed universities.
- Post Graduation in MCA, MS, MBA, etc. from any reputed universities.
- The courses conducted by CPA in USA and CIMA in London are also considered.
- The Ph.D. and Research courses are permitted to study abroad.
Quantum of Finance for City Union Bank
Maximum up to 10 Lakhs for Studies in India.
Maximum up to 20 Lakhs for Studies in Abroad.
City Union Bank Education Loan Margin:
Up to 4 lakhs: NIL
Above 4 Lakhs: Studies in India 5%
Above 4 Lakhs: Studies in Abroad: 15%
Up to 4 lakhs: Co-obligation of Parent’s or Grand Parent’s
From 4 lakhs to 7.50 lakhs: Co-obligation of Parents and Grand Parents along with third party guarantee.
Above 7.50 lakhs: parent’s/ grand parent’s co-obligation along with the assignment of future income.