Union Bank of India Education Loan: If you are a student interested in getting an education loan with the best interest rate then union bank of India provides you with the best education loan to help the students who are economically backward.
Here in this article, we have provided you with all the details of the Union Bank of India education loan like eligibility criteria, how to apply, schemes, and many more.
Highlights of Union Bank of India Education Loan
Check out all the details that are needed for the Union Bank of India Education loan in a short way.
Loan Limit | Rs. 20 Lakhs |
Margin | Below Rs.4 Lakhs – Nil
Above Rs.4 lakhs – 5% |
Loan Security | Up to INR 4 Lacs: No Collateral required
From INR 4 to 7.5 Lacs: Guarantee of a bank approved third party Above INR 7.5 Lacs: Collateral Security equal to the amount of the loan Assignment of students’ future salaries to the bank |
Loan Repayment | 15 years After the Moratorium period |
Processing Fee | Nil |
Eligibility Criteria For Union Bank of India Education Loan
Here we are going to provide you with the eligibility criteria that you need to have if you want to get an education loan from Union Bank of India.
- The applicant should be an Indian citizen.
- Candidate should complete 10+2 degree with essential grades.
- Even need certificates if you have done any additional degrees.
- Need an admission letter from a recognized institute.
- You should pass an entrance exam on merit.
Union Bank of India Education Loan Documents Required
Here is the set of documents that are needed for the education loan that the Union Bank of India gave.
- Identity Proof like passport, PAN Card, employee identity card, and many others.
- Address proof like Electricity bill, ration card, telephone bill, and others.
- Class 10 and equivalents Mark sheets.
- Bank Statement for upto 12 months.
- Loan repayment statement
- Photographs – 3
- Income certificate proofs
- LIC policies
- Schedule of expenses including fee structure and expenses
- Copy of passport or Vise in case of Abroad studies.
How To Apply For Union Bank of India Education Loan?
If you are looking for the process of how to apply for an education loan with Union Bank of India? Look into the process below as we are going to provide you step by step process that can be done online and offline.
Online Process For Union Bank of India Education Loan
- Visit the official website of the Union Bank of India for Education Loan.
- Click on “Apply Now”.
- Then you will get a form and fill in all the details.
- And upload the documents that the Bank asks for.
- Click on Submit and take out the print.
- Take that print and go to the bank for further formalities.
Offline Process For Union Bank of India Education Loan
- Go to the nearest Union Bank of India.
- A Bank representative will guide you through all the information, form, and process.
- Fill them out and submit the documents that are required.
- And then go to the bank again when it is required.
Union Bank of India Education Loan Schemes & Interest Rate For Students
Have a look at the simple education loan schemes along with interest rates that are provided by the union bank of India for students.
- Union Education
- Union Special Education Loan Scheme
- Union Special Scheme For Tier II Management and Technical Institutes
Union Education
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- Interest Rate: 9.30% p.a. to 10.95% p.a
- Processing Fees: Nil For Students
- Collateral:
-
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- Loans up to Rs.4 lakh: No collateral
- Loans up to Rs.7.5 lakh: third-party guarantee
-
- Loans above Rs.7.5 lakh:
- Loan Tenure: 15 Years After Moratorium Period
- Eligibility: Indian Nationals
Union Special Education Loan Scheme
- Interest Rate: 7.50% p.a. to 9.45% p.a.
- Processing Fees: None
- Collateral: None
- Loan Tenure: 15 Years After Moratorium Period
- Eligibility: Indian Nationals
Union Special Scheme For Tier II Management and Technical Institutes
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- Interest Rate: 7.70% p.a. to 7.90% p.a
- Processing Fees: None
- Collateral:
-
- Loans up to Rs.7.5 lakh: No collateral
- Loans above Rs.7.5 lakh: Tangible collateral
- Loan Tenure: 15 Years After Moratorium Period
- Eligibility: Indian Nationals
If you want to know loan schemes & Interest rates for other banks like HDFC Education Loan, and J&K Bank Education Loan, checkout.
Expenses That Are Covered Under Union Bank of India Education Loan
Below is the list that is covered under the union bank of India Education Loan.
- Tuition Fee
- Examination Fee
- Hostel Fee
- Laptop or Computer
- Cost of Books, equipment, instrument, and uniforms.
- Project Work, thesis, or instrument.
FAQs on Union Bank of India Education Loan
- In whose name the loan is granted?
The loan is granted in the name of the student.
- Does an applicant need to open a bank account in UBI for an education loan?
No, the applicant does not need to open a bank account in UBI for an education loan.
- What is the age limit for availing loan in Union Bank of India?
No, there is no age restriction for availing loan in Union Bank of India.
Key Outcomes
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