Union Bank of India - Education Loan
PSU BANKS
Collateral free loans available
Loan Margin : 15%
5 days avg loan processing time
Margin
15%
Collateral
Collateral free loans available
Loan Tenure
Upto 15 Years
Processing fee
₹5K
Early Repayment
Yes(without any charges)
Living Cost
Yes
Secured Loan
Amount
Up To 75Lac
Un-Secured Loan
Amount
Up To 40Lac
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Benefits Of Getting UniCreds
Union Bank of India Education Loans come with distinct features that make them a popular choice among students in India who wish to pursue higher education abroad. The loan provides financing for tuition fees, accommodation, travel, and other related expenses during your time abroad.
Additionally, the loan has a flexible repayment period of up to 15 years, which allows students to repay the loan in a manner that best suits their financial circumstances. The bank also offers an interest subsidy programme for students from economically disadvantaged backgrounds and minority communities. This program reduces interest rates, making the loan more affordable for those who need it the most.
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹75Lac (Collateral) Upto ₹40Lac (Without Collateral) An unsecured loan is only provided for listed universities. |
| Margin money | 15% Up to Rs. 4 Lakh - Not Applicable Above Rs. 4 Lakh - 15% |
| Processing fee | ₹5K (refundable) |
| Processing time | 5 Days |
| Loan tenure | 15 Years |
| Prepayment charges | Nil |
| Repayment holiday | Course Period +12 months |
| Countries covered | All accepted course except premium Institution. |
| Payment study period | Free Moratorium during Study + Grace period |
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streamlined Process?
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Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.
Eligibility
The eligibility for students and co-applicants is given below.
Eligibility Requirements for Students:
- The student must be an Indian citizen.
- Admission to higher, professional, or technical education abroad must be secured through an appropriate selection process and the qualifying examination must be cleared, if applicable.
- There are no age restrictions.
Co-Applicants Eligibility:
- The student's parent(s) must compulsorily join as a co-applicant.
- If the student is married, the co-applicant can be their spouse, parent(s), or parent(s)-in-law.
- If both parents are deceased, a close relative or guardian must be taken as the co-applicant.
- The co-applicant must be an Indian citizen.
Eligible Courses
Courses covered outside India:
- Graduation/post-graduation degrees offered by recognised universities
- Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
- PhD courses
- Diploma courses abroad are not covered
Documents Required
Following are the documents required to study abroad:
STUDENT
1. Pan Card
2. Aadhar Card
3. Passport
4. University Admission Letter
5. Entrance Score Card - GRE/ GMAT/ TOEFL/ IELTS, etc.
6. Academic: 10th, 12th & Degree - All semester Individual Marksheets
7. Resume
8. Name, Address, Contact and Email ID of 2 References (Friends/ Family/ Neighbors)
9. 3 months Salary slips (If Applicable)
10. 6 months Bank Statements (If Applicable)
11. Form 16 / ITR (If Applicable)
MOTHER & FATHER (BOTH COMPULSORY)
1. Pan Card
2. Aadhar Card
3. Mobile Number & Email ID
| Type | Requirement |
|---|---|
| Eligibility Criteria | 1. Should be an Indian national. 2. Should have secured admission in India or abroad to pursue higher / professional/ technical education, through appropriate selection process and cleared the qualifying examination, if any. 3. NRI student should hold Indian Passport & has secured admission to a course for studies in India only. 4. The student should have secured admission to an eligible course in a recognised institution in India. 5. Minimum marks secured in qualifying exam* should be as under: General - 60% OBC - 55% SC/ST - 50% |
Benefits
When it comes to Union Bank of India education loan interest rate, there are different rates of interest for different schemes that are offered by the bank. Below we have defined each scheme and their rate of interest.
|
Schemes |
Course name |
Interest Rates (p.a.) |
|
Union Education |
Premier Abroad |
9.30% p.a* (Up to Rs.40 lakh) 10.55% p.a* (Above Rs.40 lakh) |
|
Union Education |
Special scheme for premier medical institutes |
10.30% p.a* (Up to Rs.40 lakh)10.55 p.a* (Above Rs.40 lakh) |
Benefits Of Getting Your Education Loan Through UniCreds
Get Guidance at every step of your loan application
We ensure 100% transparency throughout the education loan process.Our education loan counsellors will stay by your side every step of the way.
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18001217661
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How to Apply
- Once you've established your Union Bank of India education loan eligibility, you can submit an online application or get in touch with one of our expert counsellors at UniCreds to schedule a callback.
- After you've submitted your profile information, our specialists will carefully review it and, based on your eligibility, recommend the next course of action to you.
- It enables students to upload documents digitally, sparing you the trouble of presenting your documents at the bank and allowing you to do it from the convenience of your home.
- In addition, we give you a customised set of documents to submit based on your profile and the loan you've applied for to speed up the process.
- Once your documents are uploaded & KYC is verified, you can expect your loan to get sanctioned within a few working days, as specified.
Looking forFaster and
streamlined Process?
100% Transparency
100% Free
Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.
Documents
| Type | Documents Required |
|---|---|
| For Borrowers | STUDENT: 1. Pan Card 2. Aadhar Card 3. Passport 4. University Admission Letter 5. Entrance Score Card - GRE/ GMAT/ TOEFL/ IELTS, etc. 6. Academic: 10th, 12th & Degree - All semester Individual Marksheets 7. Resume 8. Name, Address, Contact and Email ID of 2 References (Friends/ Family/ Neighbors) 9. 3 months Salary slips (If Applicable) 10. 6 months Bank Statements (If Applicable) 11. Form 16 / ITR (If Applicable) MOTHER & FATHER (BOTH COMPULSORY): 1. Pan Card 2. Aadhar Card 3. Mobile Number & Email ID |
| CO-SIGNER | CO-SIGNER (Salaried-Job): 1. PAN Card & Aadhar card 2. Latest 3 months salary slips 3. Latest 1 Year Salary Credited Bank Statements 4. Latest 2 Years Form 16 5. Electricity Bill 6. Mobile Number & Email ID IF CO-SIGNER (Self Employed/Business): 1. PAN Card & Aadhar card 2. Latest 2 year ITR with Computation income, Profit & Loss and Balance sheet 3. Business proof (GST, UDHYAM ADHAR, and GUMASTA) 4. Latest 1 Year Bank Statement (Income Credited) 5. Electricity Bill 6. Mobile Number & Email ID |
| Collateral Loan | 1. Registered Sale Agreement (All chains) 2. Share Certificate 3. All Property Related Documents- e.g- Sanction Plan, Tax paid Receipt 4. NA conversion certificate in case of Plot. 5. OC/CC and Approved Building Plan. 6. 7/12 Extract 7. Society NOC 8. Any other Documents associated with Property |
Loan Repayment
The maximum repayment period for educational loans is 15 years*, including the course and moratorium periods. This repayment tenure applies regardless of the amount of the loan. In case the interest accrues during the moratorium period and is not serviced, it will be added to the principal amount when calculating the Equated Monthly Instalments (EMI) for repayment. This ensures that the interest doesn't become an additional burden for the borrower, and they can repay the loan in a structured manner. It's crucial to note that timely repayment of the loan will not only help borrowers avoid the burden of interest but will also positively impact their credit history, making it easier for them to secure loans in the future.
Expenses Covered
Here is the list of expenses that are covered in the Union Bank student Loan.
- Tuition fees for college, school, or university.
- Hostel and mess charges.
- Examination, library, and laboratory fees.
- Insurance premiums for the student borrower.
- Caution deposits, building funds, and refundable deposits supported by institution bills or receipts.
- Purchases of books, equipment, instruments, and uniforms required for the course.
- Purchase of a computer or laptop at a reasonable cost, if necessary for course completion.
- Travel expenses or passage money for studying abroad.
- Admission acceptance fees.
- Any other expenses required to complete the course, such as study tours, project work, thesis, etc.
By covering these expenses through educational loans, students can focus on their studies without worrying about the financial burden of educational expenses.
Security
|
Quantum of loan |
Security |
|
Up to Rs.4 Lakh |
No security required, but loan must be covered under CGFSEL |
|
Above Rs.4 Lakh & up to Rs.7.50 Lakh |
Third-party guarantee or tangible collateral security may be accepted and loan to be covered under CGFSEL |
|
Above Rs.7.50 Lakh |
Collateral security must be of minimum value equivalent to the loan amount and interest accumulation during the course and moratorium period |
The displayed EMI amount is approximate & is subject to change based on various factors.
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