Union Bank of India offers Education Loans for studying in the NIFT (National Insitute of Fashion Technology).
- To get an education loan for NIFT from the Union Bank of India, the first criteria is approved admission from the institute.
- You can then proceed with the application process either by applying online or by visiting a 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 Rs12 Lakhs, 5% of the margin is required
- The rate of interest rate is at 9.85% and female applicants get a concession of 0.50%
- The 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.
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