To get an education loan for NIFT from Union Bank of India, you must first have obtained the admission to study the course. You can then proceed with the application process either applying online or by visiting the nearby Union Bank of India branch. After you have submitted the application, the bank will evaluate your application form and check your eligibility for the loan. Once you have been approved for the loan, the loan amount will be disbursed to your savings account.
Following are the features of the education loan for NIFT from Union Bank of India:
• Objective: To cover tuition fees, cost of books, caution deposit, hostel charges, mess charges, equipment such as laptop/desktop, living expenses, insurance premium, etc.
• Maximum loan amount: Rs. 12 Lakhs
• No margin required for up to Rs. 4 Lakhs. For loans above Rs. 4 Lakhs and up to Rs.12 Lakhs, 5% of margin is required
• The rate of interest rate is at 9.85% and female applicants get concession of 0.50%
• Moratorium period is 1 year after completing the course
• No processing fees
• Tenure is 180 months
This is a special educational loan scheme that is offered for Tier II educational institutions. If you are looking for an education loan, check your eligibility at CreditMantri.