Union Bank of India Special Education Loan Scheme

• Indian Institute of Management Ahmedabad (IIMA)
• Indian Institute of Management Bangalore (IIMB)
• Indian Institute of Management Calcutta (IIMC)
• Indian Institute of Management Indore (IIMI)
• Indian Institute of Management Kozhikode (IIMK)
• Indian Institute of Management Lucknow (IIML)
• Indian Institute of Management, Raipur (IIM Rp)
• Indian Institute of Management, Ranchi (IIM Ra)
• Indian Institute of Management, Rohtak (IIM Ro)
• Indian Institute of Management, Shillong (IIM S)
• Indian Institute of Management, Trichy
• Xavier Labour Relation Institute (XLRI), Jamshedpur
• S. P. Jain Institute of Management and Research (SPJIMR), Mumbai
• Management Development Institute (MDI), Gurgaon

• Interest rate of 10.50% fixed; 0.25% concession for women
• The total loan amount offered is up to Rs. 15 Lacs
• Expenses considered under this special loan are:

• NO collateral security
• Margin – Margin is the share that you are required to pay - no margin required
• Moratorium Period: Course period + 1 year or 6 months after securing employment, whichever is earlier.
• Repayment: The repayment period is upto 7 years
• The scheme offers free 'Internet Banking' facility along with ATM-cum-debit card
• One has the option to avail this special loan at the place of educational institute or the place of residence

• The rate of interest of loan for female students opting for ISB Hyderabad and Mohali is 11.50 % p.a and that for male students is 12% p.a fixed/B.R +1.00 % floating.
• There is a 5% margin for ISB.
• The maximum loan quantum for students opting for ISB Hyderabad and Mohali is Rs 20 Lacs.
• The expenses that will be covered in the loan are cost of books, living expenses, laptop (if required), tution fees, student exchange program and charges incurred in hostel and mess
• You are not required to give any kind of collateral security.
• You will also be able to avail free internet banking facility with Union Bank of India.
• The bank also provides you with an option of availing the loan from the place you are residing or you may also avail the loan from your place of education that is Hyderabad or Mohali.
• Those students who also opt for a Savings Account with Union Bank will also be able to avail a free debit card of the bank.

• The rate of interest of loan for female students opting for S.P Jain Institute of Management at Dubai and Singapore is 11.50 % p.a and that for male students is 12% p.a fixed/B.R +1.00 % floating.
• The expenses covered in loan are cost of books, living expenses, laptop (if required), tution fees, student exchange program and charges incurred in hostel and mess.
• The maximum loan quantum for students opting for S.P Jain Institute of Management at Dubai and Singapore is Rs 15 Lacs.
• You will also be able to avail free internet banking facility with Union Bank of India.
• Those students who also opt for a Savings Account with Union Bank will also be able to avail a free debit card of the bank.
• There is a margin of 15% under the scheme.

1. Identity Proof – Any of the following will serve as a proof of identity

• PAN Card
• Employee identity card
• Passport
• Any other valid identity proof

2. Address Proof - Any of the following will serve as a proof of address

• Telephone Bill
• Electricity Bill
• Ration Card
• Any other valid proof

3. PAN Card
4. Income Proof

• ITR of last one year
• Salary slips of last 6 months
• Form-16/Letter of Employer 

For Business Class 

• Profit and Loss Balance Sheet
• ITR of last three years

• Proof of land holding
• Income certificate from concerned revenue office (Tahsildar)

5. Admission Papers

• Mark sheets of Class X or equivalent onwards
• Admission Letter or Admission Card
• A Schedule of expenses which also includes the fee structure and living expenses.

6. Bank Statement of last 12 months
7. 3 Photographs
8. Proof of Out-Goes – This includes

• LIC Policies (if any)
• Loan Repayment Statements (if any)
• Valid proof of any other out-go

9. Any other document that may be required as per the application form has to be made available.