The purpose of this scheme is to the meritorious students to pursue Medical / Engineering / Management courses leading to graduate / post graduate education.
Eligible Courses for getting loan are Medical / Engineering / Management courses leading to graduate / post graduate education only from NAAC accredited institutions or accredited by NBA or Institutions of National Importance or Central Funded Technical Institutions. Medical courses should have been approved by Medical Council of India (MCI).
Margin for Study in India is 5% and for Study Abroad is 15%
The maximum repayment tenure will be 15 years (after course & moratorium period).
The accrued interest during the moratorium period (if not serviced) will be added to the principal amount while calculating Equated Monthly Installments (EMI) for repayment.
You can check latest interest rates at official site of bank.
Life insurance of the student is mandatory to the tune of the loan amount.
For more details visit: https://www.unionbankofindia.co.in/english/union-kisan-shiksha-suvidha.aspx
