Union Bank of India Education Loan

Union Bank Education Loan Schemes and Interest Rates

What are the Various Union Bank Education Loan Schemes for Students?

1. Union Education Loan: Empowering Aspirations

   Interest Rate: 10.65% p.a. to 12.30% p.a.

   Processing Fee: Nil (for Indian students)

   Collateral:

   Loans up to Rs.4 lakh: No collateral

   Loans up to Rs.7.5 lakh: Third-party guarantee

   Loans above Rs.7.5 lakh: Tangible collateral

   Loan Tenure: 15 years after the moratorium period

   Eligibility: Indian national

2. Union Special Education Loan Scheme

   Interest Rate: 9.05% p.a. to 10.80% p.a.

   Processing Fees: None

   Collateral: None

   Loan Tenure: 15 years after the moratorium period

   Eligibility: Indian nationals who have secured admission to premier educational institutions in India

3. Union Special Scheme for Tier II Management and Technical Institutes

   Interest Rate: 10.30% p.a. to 10.80% 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 the moratorium period

   Eligibility: Indian nationals who have secured admission in tier II management and technical educational institutions in the country

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

People also read: Best Child Education Plan

How to Apply for Union Bank Education Loan Online/Offline

Union Bank provides convenient options for applying for an education loan, both online and offline. Follow these steps to apply: 

1. Offline Application:

   • Visit the nearest Union Bank branch or Union Loan Point (ULP).

   • Collect and fill out the application form.

   • Submit the form along with the required documents to the bank representative.

2. Online Application:

   • Visit the official Union Bank website.

   • Request a callback by providing your contact details.

   • Prepare digital copies of necessary documents.

   • Receive a call from the bank representative.

   • Follow their guidance, submit documents online, and complete the application.

What are the Documents Required to Apply for the Loan at Union Bank of India?

To apply for the Union Bank of India Education Loan, the following documents are required:

• PAN Card

• Proof of outgoings (If any)

• Admission documents, admission letter, and admit card

• Proof of address - Electricity bill, Telephone bill, Ration card, or other valid proof.

• Proof of identity - Passport, PAN Card, Employee Identity card, or any other valid proof

• Schedule of expenses, including the fee structure and living expenses

• LIC Policies (If any)

• Mark sheets for Class X or equivalent onwards.

• Bank statement for the last 12 months

• Any other document asked for in the application form

• Loan repayment statement (If any)

• 3 photographs

• Proof of Income:

  • Salaried Individuals - Last year's Income Tax Returns, Form-16/letter from the employer, salary slips for the last 6 months

  • Agriculturists - Income Certificate from the concerned revenue officer (Tahsildar) or/and proof of landholding

  • Business Owners - Income Tax Returns for the last 3 years, Profit & Loss Balance Sheet

What are the Minimum Marks Required to be Eligible for an Education Loan?

For studies abroad:

For studies in India: