NIFT Admissions 2020: UBI provides pre-approved loan

Union Bank of India to provide pre-approved Special Education Loan to students seeking admission in Undergraduate or Postgraduate courses. Read further to know how and where to apply.

Students who are seeking admission in Undergraduate or Postgraduate courses offered at the National Institute of Fashion Technology (NIFT) can now apply for a pre-approved Special Education Loan Scheme offered by the Union Bank of India (UBI). UBI will issue pre-approved sanction of loans to all aspirants who have gained admission at NIFT. In order to avail the facility, students can visit any UBI branch across the country along with proof of clearing the NIFT Entrance Exam 2020.  

Earlier, NIFT had declared the NIFT counselling schedule for all courses, that is, BDes, BFTech, MFTech, MFM and MDes. Candidates who have cleared NIFT Entrance Exam 2020 need to register for the counselling round from August 8 to August 13. NIFT Entrance Exam was conducted on January 19 and the result for the written entrance exam was declared on March 13, 2020. National Institute of Fashion Technology (NIFT) conducts the NIFT entrance exam in order to shortlist aspirants for admission in design programmes offered by it. 

The NIFT Education loan provided by UBI will include tuition fees, cost of books, caution deposit, hostel charges, mess charges, equipment such as desktop/laptop, living expenses, insurance premium, the expense for an overseas student exchange programme, admission acceptance fee etc.  However, the said scheme is not valid for NRI students. Moratorium period for the loan will be one year after the completion of the course. The repayment period extends to a maximum of 15 years from the start of the repayment period. 

Candidates must ensure that they have below-mentioned documents with them while applying for education loan:

• Loan Application
• KYC documents for each applicant! co-applicant! guarantor (if any)
• Last 12 months bank statement of Borrower / Coborrower/Guarantor (with us or other bank/financial institutions)
• Academic documents 

Students can access all scheme details by visiting this website link: httes: /www.unionbankofindia.co.in/english/tier- 2-management-and-technical-institutes.aspx. 

NIFT offers limited subsidies to meritorious students who are in need of financial assistance as per the provisions made in Means-cum-Merit Financial Assistance Scheme. Availability of Financial Assistance under this scheme cannot be assured. Students who are interested in availing of this facility should submit their application along with parental income certificate and contact the Student Development Activity Coordinator (SDAC) at their campus after admission. NIFT also offers assistance through a Student Assistantship Programme on campus. This gives them part-time employment within the institute. 

Read More:

• List of NIFTs in India
• Colleges accepting NIFT entrance exam scores for admissions 2020
• Fee Structure for UG and PG Design Courses in NIFTs