We have different types of loans like Personal Loans Educational Loans Home Loans Vehicle Loans NRI Loans,

Mostly personal loans are given to persons with good credit history. In olden days lenders used to suspect giving personal loans to people with bad credit. But now a days there are lot of people with bad credit. Seeing this market situation there are many loan lenders giving out personal loan.There is lot of ways one could think of applying personal loan. First and foremost are banks. Banks are very familiar to give our personal loans with the best interest rates. Each bank will have their own procedures of giving out personal loan. Some verify the credit rate, some verify the current employee and the list goes on. But what many finance giants say is they will get personal loan for best interest rate only in internet.One of the best ways to get personal loan quickly with very less interest rate is securing some property as collateral. In this way the lender is sure about getting the loaned money back in time or the property that is being set as collateral would go to a toss.Applying personal loans can be done in several ways. Approaching a bank is a traditional way and it is effective only to certain extent. The best way to get started searching for a personal loan would be in internet. There are many banks, registered private loan lender, credit unions waiting in their website to lend you personal loan.

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To the poor and needy students that they may undertake basic education To meritorious students that they may pursue higher or professional or technical education Union Bank of India Education Loan Eligibility:The student applying for UNION EDUCATION Loan ought to:

Be an Indian National Has secured admission to professional or technical courses through an appropriate Entrance Test or selection process Has secured admission to a foreign University Has passed an appropriate qualifying examination

1. Studies in India

School education up to +2 Graduation/Post-Graduation Professional course Management course

Special Education Loan Scheme for Students pursuing courses from approved institutions like IITs/IIMs/ /NIT XLRI/BITS/VIT/IISc/S.P. Jain Institute Of Management/Symbiosis Institute Of Management and T.S. Chanakya, Navi Mumbai- Nautical Science and MERI, Calcutta, Marine Engineering, MERI, Mumbai, Maritime Science.

2. Studies Abroad :

Graduation: For job-oriented professional or technical courses offered by reputed universities Post-Graduation: MCA, MBA, MS and such other courses Courses conducted by CIMA, London, CPA, USA., and such other institution

Purpose:

To the poor and needy students to undertake basic education To meritorious students to pursue higher or professional or technical education

Union Bank of India Education Loan Conditions:

The Parent/Guardian of the student who is availing loan from our bank shall be made co-obligator/joint borrower irrespective of the age of such students. The Loan Accounts of students applying through college/institutions will be sanctioned/disbursed at the branch

nearest to permanent residence/place of domicile of the borrower student. Loan will be disbursed directly to the college/institute. Student to produce mark list of previous term/semester before availing next installment. Student /Parent to provide latest mailing address before availing next installment. In case of parents with transferable job, new address to be provided before availing installments.

Quatum of Loan:Need-based finance subject to repayment capacity of the parent or student with margin and upto the following ceilings

For studies in India - Up to Rs. 10 lacs For studies abroad - Up to Rs. 20 lacs

Union Bank of India Education Loan Margin:

No margin for loans up to Rs. 4.00 lacs . However, for loan of higher amounts, the margin requirement is 5% for inland studies and 15% for studies abroad. Scholarship/assistance to be included in margin. Margin maybe brought in on pro-rata basis as and when disbursement is made.

Repayment:- Repayment holiday or Moratorium on loan: Course period + 1 year OR 6 months after job placement, whichever is earlier.

Starting from this point, the loan is to be repaid in 5-7 years after completion of course period/moratorium. UNION BANK OF INDIA EDUCATION LOAN RATE OF INTEREST(w.e.f 01.07.2009) For Male Student : Up to Rs. 4.00 lakhs : 11.75% (Fixed) Above Rs. 4.00 lakhs upto Rs.7.50 lakhs : 12.50% (Fixed) Above Rs. 7.50 lakhs : 12.00% (Fixed)

For Female Student: Up to Rs. 4.00 lakhs

11.25% (Fixed) 12.00% (Fixed) 11.50% (Fixed)

Above Rs. 4.00 lakhs upto Rs.7.50 lakhs : Above Rs. 7.50 lakhs :

For Special Education Loan Scheme :

Special scheme For IIM students : 10.50% for Male, 10.25 % for Female Special Scheme for BSc in Nautical Science,Marine Engg,Maritime Science : 11% Special Scheme IIT/NIFT students: 10.50% for male, 10.25% for Female Special Scheme for XLRI.BITS/VIT/IISC/SYMBOISIS/SP JAIN/NIT : 11.00% Special Scheme for students of ISB(Indian School of Business) only for Hyderabad :, 10.50% for male, 10.00% for Female

Special scheme for students of Asian Institute of Management : 11.00%

Simple interest will be calculated during repayment holiday/moratorium period. Interest rate is fixed and will not undergo any change till the loan amount is repaid in full. Processing Charges:- Nil Security:

Upto Rs. 4 lakh : No security Above Rs 4 Lakh & upto Rs 7.5 lakh : a suitable third party / personal guarantee However for loans above Rs 7.5 lakh, Collateral security of suitable value along with co-obligation of parents / guardian / third party / accompanied by assignment of future income of student for the payment of installments is required

A Life insurance policy from Insurance company for a sum not less than the loan amount is required to be taken in the name of the student and duly assigned in favour of Union Bank. Other Conditions:Loans can be considered for eligible students in case they approach the Bank in the subsequent year of the commencement of the course. Branches can issue Bank Guarantee, for payment seats wherever required.

No Prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources or genuine sale. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Banks / Financial Institutions The Loan Accounts of students applying through college/institutions will be sanctioned/disbursed at the branch nearest to permanent residence/place of domicile of the borrower student. No Pre-Payment penalty for self-closure. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/FIs Rate of Interest prevailing on the date of sanction shall be applicable.