United Bank of India

United Bank of India (UBI) is one of the 14 major banks which were nationalized on July 19, 1969. Its predecessor the United Bank of India Ltd., was formed in 1950 with the amalgamation of four banks viz. Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd. (1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd. (1932) (which were established in the years indicated in brackets after the names). The origin of the Bank thus goes as far back as to 1914. As against 174 branches, Rs. 147 crores of deposits and Rs. 112 crores of advances at the time of nationalisation in July, 1969, today the Bank is 100% CBS enabled with 2000 branches and offices and is having a Total business of more than Rs 2 lac crore. Presently the Bank is having a Three-tier organisational set-up consisting of the Head Office, 35 Regional Offices and the Branches.

After nationalisation, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalisation. In recognition of the role played by the Bank, it was designated as Lead Bank in several districts and at present it is the Lead Bank in 30 districts in the States of West Bengal, Assam, Manipur and Tripura. The Bank is also the Convener of the State Level Bankers' Committees (SLBC) for the States of West Bengal and Tripura.

UBI played a significant role in the spread of banking services in different parts of the country, more particularly in Eastern and North-Eastern India. UBI has sponsored 4 Regional Rural Banks (RRB) one each in West Bengal, Assam, Manipur and Tripura. These four RRBs together have over 1000 branches. United Bank of India has contributed 35% of the share capital/ additional capital to all the four RRBs in four different states. In its efforts to provide banking services to the people living in the not easily accessible areas of the Sunderbans in West Bengal, UBI had established two floating mobile branches on motor launches which moved from island to island on different days of the week. The floating mobile branches were discontinued with the opening of full-fledged branches at the centers which were being served by the floating mobile branches. UBI is also known as the 'Tea Bank' because of its age-old association with the financing of tea gardens. It has been the largest lender to the tea industry.

The Bank has three full fledged Overseas Branches one each at Kolkata, New Delhi and Mumbai with fully equipped dealing room and SWIFT terminal . Operations of all the branches have since been computerized and Electronic Fund Transfer System came to be implemented in the Bank's branches across the country. The Bank has ATMs all over the country and customers can use United International Debit Card at all VISA ATMs across the globe.

Courses Eligible for Study in India:

Post Graduation Courses:

Masters and Ph.D.

Professional Courses:

Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.

Computer Certificate Courses of reputed Institutes accredited to Dept. of Electronics or Institutes affiliated to University.

Courses like ICWA, CA, CFA, etc.

Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc.

Courses offered in India by reputed foreign Universities.

Evening Courses of approved Institutes.

Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Courses Eligible for Study Abroad:

Graduation:

For job-oriented professional/ technical courses offered by reputed Universities.

Post Graduation:

MCA, MBA, MS, etc.

Courses conducted by CIMA - London, CPA in USA etc.

Quantum of Loan:

For study in India:

Max. Rs. 10 lac

For study abroad:

Max. Rs. 20 lac

Other Rules:

Expenses covered by the Loan:

Fees payable to College/ School/ Hostel.

Examination/ Library/ Laboratory Fee.

Purchase of Books/ Equipments/ Instruments/ Uniforms.

Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts.

Travel Expenses/ Passage Money for studies abroad.

Purchase of Computers : Essential for completion of the Course.

Any other expenses required to complete the Course like study tours, project work, thesis, etc. 

Rate of Interest:

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Repayment of Loan:

For loans upto Rs.7.5 lakhs:

not exceeding 10 years.

For loans above Rs. 7.5 lakhs:

not exceeding 15 years.

If loan size is less than Rs.4 lacs and student’s income is sufficient enough to service EMI, the repayment period may be fixed up within a period upto 7 Years in consultation with the borrowers.   

Life Insurance Coverage: 

To ensure security to student's and borrower's life and against their loan liability and additional loan component for payment of one-time premium for such credit life insurance coverage may be sanctioned by bank on request from the customer.

Note:

The accrued interest during repayment holiday period is to be added to the principal and EMI for repayment of loan is fixed.

Security :

Upto Rs. 4.00 Lacs:

No Security (only co-obligation of parents)

Above Rs. 4.00 Lacs and upto Rs. 7.50 lakh:

Third party guarantee along with co-obligation of parents. 

Above Rs. 7.50 lacs:

Co-obligation of parents together with tangible collateral security of suitable value along with the assignment of future income of student for payment of installments.

Note:

Assignment of future income of student for repayment of loan to be done in all cases.

The document should be executed by both the student and the parent/ guardian.

The security may be of mortgage of land/ building/ paper securities or unencumbered portion of already mortgaged land/ building on 2nd charge basis provided the value of the same covers the required loan amount.

In case the loan is given for purchase of Computer, the same is to be hypothecated to the Bank.

Eligibility:

The student of Indian national to pursue  admission to a professional/technical course through entrance test / merit based selection process either inland or abroad.

Courses:

Courses conducted by reputed Indian/foreign institutions.

Concession:

1.00% interest concession is allowed during morotorium peirod only if the interest is serviced  monthly & regularly during the moratorium period.

Margin: 

For loan upto Rs. 4.00 lac:

Nil

For loan above Rs. 4.00 lac:

For study in India:

5%                                           

For study abroad:

15%

Processing Charge:

For study in India:

Nil 

For Abroad:

0.20% of loan amount.

Security:

Up to Rs. 4 lac:

No Security (only co-obligation of parents)

Above Rs.4 Lac & upto Rs.7.50 lac:

Third party guarantee along with co-obligation of parents. 

Above Rs. 7.50 lac:

Tangible collateral security along with co-obligation of parents.

In all cases there would be undertaking for attachment of future income

Interest Subsidy:

for the eligible students (parental family income less than Rs. 4.50 lac p.a.)only

for the academic session 2009-10 (i.e. loan sanctioned & disbursed on and after 01.04.2009 and thereafter)

for Interest paid during moratorium period only

subject to fulfillment of terms and conditions of the scheme 

Repayment:

The loan is to be repaid in 10 to 15 years after moratorium period depending on courses.

Management Quota:

Quantum of Loan:

Min. Rs. 5 lakh (max. As per normal education loan scheme)

Rate of Interest:

As per interest rates under UEL.

Margin:

25%

Security:

Cover entire loan by liquid security/ mortgage of property

Moratorium period:

Course period plus 1 year, or 6 months after getting job whichever is earlier)

Repayment Period:

Max.5 years irrespective of loan amount after completion of moratorium period.

Study of MBA or similar courses nominated by the employer:

To be disposed of in terms of guidelines of Management Quota. Repayment of EMIs shall be ensured from the employer either through deduction from pay bill or from the salary disbursement account maintained with the bank. No moratorium period shall be allowed. In the event terminal benefits are attached, the sanctioning authority may consider to waive insistence of security  

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