Union Bank of India Education Loan

Category A Institutes Loan Amount Collateral Requirement Interest Rate Up to ₹40 Lakhs No collateral 9.50% Up to ₹150 Lakhs Partial collateral 9.25% Above ₹150 Lakhs Full collateral 9.00% Category B Institutes Loan Amount Collateral Requirement Interest Rate Up to ₹30 Lakhs No collateral 9.75% Up to ₹150 Lakhs Partial collateral 9.50% Above ₹150 Lakhs Full collateral 9.00% Key Highlights: The more collateral you provide, the less you have to pay in interest Institutions that are highly ranked (Category A) obtain the best rates The scheme is tailored to meet the needs of students going abroad for higher education

Before deciding on a Union Bank of India education loan, you must understand the eligibility criteria that an applicant should satisfy. Basically, the eligibility conditions cover academic, financial and collateral security aspects. A brief guide to the eligibility criteria is given below.

Documents Required for Education Loan from Union Bank of India Well-prepared documentation facilitates easy processing and quicker approval. Incomplete or wrong documents are the main reason for the delay of many loan applications which can be avoided by proper direction. Students who use Subraxo get professional help in document preparation and verification. The Union Bank of India education loan documents required are given below

Under this scheme, Union Bank of India provides education loans with collateral security and education loans without collateral to students for their higher studies in 200 premier universities in popular study-abroad destinations like the USA , Canada , Germany , the UK , etc. The premier university list is prepared by the bank itself. Further details about this scheme are mentioned below in the table Loan Parameters Details Loan Limit Without collateral - Up to ₹40 lakhs (For a higher amount, you'll have to pledge collateral security whose value is 50% of the loan amount) Accepted co-applicant Parents, parents-in-law, spouse, Siblings, Cousins Interest Rate Starts from 9% Check the Latest ROI Moratorium Period Course duration + 12 months Repayment Duration 15 years after the moratorium period Eligibility Criteria The student should be an Indian national Students must have secured admission to a premium university abroad (according to the bank's list) Collateral Requirements Immovable Properties - Flat, House, Non-agricultural land Liquid Securities - FD, Government bonds, LIC Policies Loan Margin 15% of the loan amount Acceptable Programs Under the Union Bank Special Education Loan Schemes for Premier Institutes Abroad: Masters Post-Graduation Programs There are no processing fees for sanctioning education loans under the Special Union Education Loan Scheme; however, the students will have to pay Rs 5,000 to the bank, which will be refunded if the student avails of the loan within 3 months from the

Understanding the education loan process in Union Bank can certainly help you avoid any hiccups during your application. If you want to know how to apply for an education loan in Union Bank of India, here is the process.