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Union Bank
Eligibility
Should be Indian National.
Should have secured admission to the relevant course through
admission test.
Should have secured admission to the foreign institutions for
studies abroad.
Duration of the Course
12-24 months
Type Of Institution
1. For Course / Training programme in India: Government or recognized Private Institute approved by Director general Of Civil aviation, Government Of India.2. For course/training programme abroad: The course/ training programme should have been offered by recognized institutions abroad approved by competent authority in that country eg. in U.S.A the Federal Aviation Administration, Govt. Of U.S.A.
The licenses issued by such institution should be convertible into corresponding Indian Licences in case the applicant desires to take up employment in India after completion of course/ training abroad, as per directives of Director General Of Civil aviation, Government of India.
Quantum Of Loan
Nil margin up to Rs.4 lacs. Min.5 % margin for loans above Rs. 4.lacs in India. Min.15% Margin for loans above Rs. 4 lacs for studies abroad. Scholarships/ assistance to be included in Margin. Margin to be brought in year to year whenever disbursement made on pro rata basis.Rate Of Interest
| Male | Female | |
| For loans up to Rs. 4 lacs | 11.75% | 11.25% |
| For Loans above Rs.. 4 lacs and Below 7.5 lacs | 12.50% | 12.00% |
| For Loan above Rs. 7.5 lacs | 12.00% | 11.50% |
(1% concession if interest is serviced during moratorium period
Security
No security up to Rs. 4 lacs.Loan above Rs. 4 lacs and upto Rs. 7.50 lacs- personal guarantee to the satisfaction of the bank.
For loans above Rs. 7.50 lacs- suitable collateral security/third party guarantee acceptable to the bank.
Life insurance policy for a sum not less than the loan to be taken on the life of the student/ applicant and assigned in favor of the BanK.