Union Bank of India Education Loan: Study Abroad, Eligibility,Benefits, Interest Rates, EMI Calculator, Apply Online provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates.

The Union Bank of India Education Loan is a financial product offered by Union Bank of India to support students who wish to pursue higher education in India or abroad. It provides financial assistance to cover various educational expenses such as tuition fees, accommodation charges, study materials, travel expenses, and other related costs.

Eligibility for Union Bank of India Education Loan

The eligibility criteria for a Union Bank of India Education Loan are as follows:

1. Nationality: The applicant should be an Indian citizen.
2. Age: There is no specific age limit for the borrower, but the loan needs to be repaid before the borrower reaches the retirement age.
3. Academic Qualification: The applicant must have secured admission to a recognized university or educational institution in India or abroad.
4. Course Eligibility: The loan is available for various courses, including undergraduate and postgraduate programs, professional courses, technical courses, and vocational training programs.
5. Co-applicant: A co-applicant, usually a parent or guardian, is required for the loan. The co-applicant should have a stable source of income and a good credit history.
6. Loan Amount: The loan amount eligibility depends on factors such as the course being pursued, the institute where it is being conducted, and the repayment capacity of the borrower.

It’s important to note that these eligibility criteria can vary, and it is recommended to check the Union Bank of India website or contact their nearest branch for the most accurate and up-to-date information regarding the eligibility requirements for an Education Loan.

Features and Benefits of Union Bank of India Education Loan

Here are some key features of the Union Bank of India Education Loan:

1. Loan Coverage: The loan covers a wide range of educational expenses, including tuition fees, hostel fees, exam fees, purchase of books and equipment, and other related costs.
2. Eligible Courses: The loan is available for a variety of courses, including undergraduate and postgraduate programs, professional courses, technical courses, and vocational training programs.
3. Loan Amount: The loan amount depends on the course being pursued and the institute where it is being conducted. There is no specific upper limit for loan amount, but it is subject to the repayment capacity of the student or parent.
4. Collateral and Margin: For loans above a certain amount, collateral security or third-party guarantee may be required. However, loans up to a certain limit may be granted without collateral. The margin requirement (the portion of the total cost that needs to be financed by the borrower) varies based on the loan amount.
5. Interest Rates: The interest rates for Union Bank of India Education Loans are competitive and depend on various factors, including the loan amount, repayment period, and collateral provided.
6. Repayment Period: The loan can be repaid over a period of up to 15 years, including a moratorium period that covers the course duration plus an additional few months.
7. Loan Processing: The loan application process is simple and can be initiated online or by visiting a Union Bank of India branch. Documentation requirements include proof of admission, fee structure, academic records, and identity/address proof.
8. Benefits for Girl Students: Union Bank of India offers special concessions and lower interest rates for female students.

It is important to note that specific details regarding eligibility, interest rates, and loan terms may change over time. It is advisable to visit the official Union Bank of India website or contact their nearest branch for the most up-to-date and accurate information regarding education loans.

Documents Required Union Bank of India Education Loan

The specific document requirements for a Union Bank of India Education Loan may vary based on factors such as the loan amount, course, and other individual circumstances. However, here are some common documents that are generally required:

1. Loan Application Form: Filled and signed loan application form with all the necessary details.
2. Admission Letter: A copy of the admission letter or offer letter from the educational institution where the applicant has been accepted for the desired course.
3. Fee Structure: A document specifying the fee structure of the course, provided by the educational institution.
4. Academic Records: Mark sheets and certificates of the applicant’s previous educational qualifications (such as 10th and 12th grade certificates, graduation degree, etc.).
5. Identity Proof: Any government-issued identity proof, such as Aadhaar card, PAN card, passport, or voter ID card.
6. Address Proof: Documents like Aadhaar card, passport, utility bills, or rental agreement to verify the applicant’s address.
7. Passport-sized Photographs: Recent passport-sized photographs of the applicant and co-applicant.
8. Income Proof: Income documents of the co-applicant, such as salary slips, income tax returns, bank statements, or other relevant income proofs.
9. Bank Statements: Bank statements of the applicant and co-applicant for the last six months to verify financial stability.
10. Collateral Documents (if applicable): In case of a loan requiring collateral, relevant documents related to the collateral, such as property papers, land documents, etc., may be required.

Please note that this is a general list, and additional documents may be required based on specific circumstances or as requested by Union Bank of India. It’s advisable to contact the bank or visit their official website for the most accurate and up-to-date information on the required documents for an Education Loan.

Union Bank of India Education Loan Interest Rates

The interest rates for Union Bank of India Education Loans can vary based on factors such as the loan amount, repayment period, and type of loan (secured or unsecured). The interest rates may be subject to periodic revisions by the bank. It’s always recommended to check with Union Bank of India or visit their official website for the most accurate and up-to-date information regarding the current interest rates for Education Loans.

As an indicative reference, as of my knowledge cutoff in September 2021, the interest rates for Union Bank of India Education Loans were typically in the range of 7.70% to 9.80% per annum. However, please note that these rates are subject to change and it’s important to verify the current rates directly from the bank.

Union Bank of India Education Loan-Study Abroad

Under this programme, students can get a Union Bank of India education loan with or without collateral to continue their studies at 150 top universities in well-known study-abroad locations like Germany, Canada, the United States, and the United Kingdom. Although the bank itself creates the list of top universities, WeMakeScholars has access to it.

Loan Limit:

• Without collateral – Upto 40 lacs
• With collateral – Upto 1.5 cr

A greater amount can be offered depending on the student’s loan profile

Expenses covered:

• Tuition fees of college or university
• Hostel & mess fees
• Examination/ Library/ Laboratory fee
• Purchase of equipments/ instruments/ uniforms
• Insurance premium for the student borrower
• Admission acceptance fee
• Refundable deposit supported by Institution bills/ receipts
• Caution deposit or building fund
• Travel Expenses
• Cost of books & stationeries
• Purchase of a laptop or computer

Accepted co-applicant:Parents or spouse

Union Bank of India Education loan interest rate/rate of interest:Starts from 8.70%

Moratorium Period:Course duration + 12 months

Repayment Duration:15 years after moratorium period

Eligibility Criteria:

• Applicant must be a citizen of India
• Student must have secured admission in a premium university abroad (according to the bank)

Collateral Requirements:

• Immovable Properties – Flat, House, Non-agricultural land
• Liquid Securities – FD, Government bonds, LIC Policies
• Value of collateral should be 1.25 times of the asked loan amount

Loan Margin:15% of the loan amount

Union Bank of India Education Loan –EMI Calculator

Union Bank of India provides an EMI (Equated Monthly Installment) calculator on their official website to help borrowers estimate their monthly loan repayments. To access the Union Bank of India Education Loan EMI Calculator, you can follow these steps:

1. Visit the official website of Union Bank of India (www.unionbankofindia.co.in).
2. Navigate to the “Loans” section or search for “Education Loan” in the search bar.
3. Look for the EMI Calculator or Loan Calculator option specifically for Education Loans.
4. Click on the EMI Calculator link or button to access the calculator tool.
5. Enter the loan amount, interest rate, and loan tenure (repayment period) in the respective fields.
6. Once you input the required information, the EMI calculator will display the estimated monthly installment amount.
7. You may also get a breakdown of the principal and interest components of each EMI.

Please note that the EMI calculated using the online calculator is an approximate value and may differ slightly from the actual EMI calculated by Union Bank of India. The calculator is provided for informational purposes only, and the actual EMI amount may vary based on the terms and conditions set by the bank.

For the most accurate and up-to-date calculation, it is recommended to visit the Union Bank of India website and use their official EMI calculator or consult with the bank directly.

How to Apply for the Union Bank of India Education Loan

Offline Application process:

• Ask about the education loan options at the Union Bank of India branch that is closest to you.
• Select the most appropriate educational loan programme for your needs and complete the application according to your qualifications.
• Obtain the list of documents needed to begin the loan application procedure.
• Return to the bank and present your paperwork to begin the process of obtaining a loan for an overseas education.

Online Application

To apply for a Union Bank of India Education Loan online, you can follow these general steps:

1. Visit the official website of Union Bank of India (www.unionbankofindia.co.in).
2. Navigate to the “Loans” section or search for “Education Loan” in the search bar.
3. Look for the “Apply Online” or “Apply Now” button specifically for Education Loans.
4. Click on the button to access the online application form.
5. Fill in the required details in the application form, such as personal information, course details, loan amount required, etc.
6. Upload the necessary supporting documents as specified by the bank.
7. Review the filled-in application form and supporting documents for accuracy.
8. Submit the application form online.
9. After submitting the application, you will receive a confirmation or reference number for future correspondence.
10. The bank will review your application and documentation. If further information or clarification is required, they may contact you.
11. Once the application is processed and approved, you will be contacted by the bank for further instructions regarding document verification and loan disbursement.

It’s important to note that the exact process and online application form may vary based on the current procedures and requirements of Union Bank of India. It’s advisable to visit their official website or contact the bank directly for the most accurate and up-to-date information on how to apply for an Education Loan online.

FAQ – Union Bank offer education loan