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Union Bank of India - Education Loan

PSU BANKS

Collateral free loans available

Loan Margin : 15%

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5 days avg loan processing time

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Margin

15%

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Collateral

Collateral free loans available

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Loan Tenure

Upto 15 Years

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Processing fee

₹5K

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Early Repayment

Yes(without any charges)

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Living Cost

Yes

Secured Loan

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Amount

Up To 75Lac

Un-Secured Loan

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Amount

Up To 40Lac

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UniCreds Guarantee

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Quick Loan Sanctions

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100% Transparency

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No Hidden Fees

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24x7 Support

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.

FeaturesEducation Loan Details
Loan amountUpto ₹75Lac (Collateral) Upto ₹40Lac (Without Collateral) An unsecured loan is only provided for listed universities.
Margin money15% Up to Rs. 4 Lakh - Not Applicable Above Rs. 4 Lakh - 15%
Processing fee₹5K (refundable)
Processing time5 Days
Loan tenure15 Years
Prepayment chargesNil
Repayment holidayCourse Period +12 months
Countries coveredAll accepted course except premium Institution.
Payment study periodFree Moratorium during Study + Grace period

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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.

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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

TypeRequirement
Eligibility Criteria1. 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

Covers Expenses Apart From Tuition Fee
Union Bank's education loan cover many expenses, including tuition fees and accommodation charges. Other expenses such as examination, library, laboratory fees, insurance premiums, books, equipment, instruments etc. are also covered. Loans may also include travel expenses and costs related to study tours, project work, thesis, and other course-related fees.
Affordable Interest Rates
To provide affordable access to education, the Union Bank of India offers a variety of loan programmes with competitive interest rates. These programmes are specifically designed to assist students in achieving their academic goals without the financial burden of high fees.
Moratorium Period
It offers a moratorium period similar to a grace period, providing students up to one year after graduation to begin loan repayment. The bank also allows a repayment tenure of up to 15 years*, giving students greater flexibility in managing their finances and enabling them to repay their loans at a pace that suits their circumstances.

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

Higher Chance Of Approval
By applying for your loan through us, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. We will immediately reach out to the officials and find the best solution.
Online Service
With UniCreds, there’s no need to visit the branch to submit your documents. Simply visit our website and upload your documents from the comfort of your home. You can also enjoy step-wise updates via notifications.
No Cost To You
All our services are completely free of cost.
Quicker Sanctions
Our strategic partnerships ensure low turnaround time. Expect to have your loan processed and sanctioned within 15 days*.

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.

Need Guidance Faster? Call us at:

phone

18001217661

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Need Guidance Faster? Call us at:

phone

18001217661

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 forSparkLogoFaster and
streamlined Process?

100% Transparency

100% Free

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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.

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Documents

TypeDocuments Required
For BorrowersSTUDENT: 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-SIGNERCO-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 Loan1. 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

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Years
Months
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The displayed EMI amount is approximate & is subject to change based on various factors.

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Monthly EMI
0
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Principal Amount
1,600,000
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Total Interest
0
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Total Amount
0
Interest(₹)
Principal Amount(₹)
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What our Students say about us

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Frequently Asked Questions

It takes only 7 working days* to get the Loan sanctioned after submission of requisite documents and papers
In order to make loan affordable for each student, many tax benefits and government sponsored subsidy schemes are available in India.
Own contribution (Margin) means is the total expenses minus loan amount.
It offer a flexible repayment tenure of up to 15 years*, accommodating the financial circumstances of students pursuing higher education abroad.
The interest rates start at 9.25% for loans with collateral and 9.75% for loans without collateral, varying based on the student's profile and loan terms.