Union Bank Of India Education Loan is designed for all individuals who wish to pursue basic education, graduation / higher education or any technical / professional / management course by recognized institutions in India or overseas.

Eligibility ;

Indian Citizen

Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the Qualifying Examination, if any

Courses Covered in India
Graduation / post-Graduation / Diploma Courses from recognized universities
Technical / Professional / management Courses

PhD courses
Courses covered outside India
Graduation / post-graduation degrees offered by recongnized universities
Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
PhD courses
Diploma courses abroad are not covered

Quantum of Loan:

For studies in India, the maximum quantum of loan which can be obtained is Rs 10 lakhs.

For studies abroad, the quantum of loan is capped at Rs 20 lakh.

MARGIN :

For loans upto Rs. 4 Lakhs, no margin is required
For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India
Scholarship / assistantship will be included in the margin

Moratorium Period

Course period + 1 year

Repayment

15 years irrespective of the loan amount

Interest Rates:

Quantum of Loan
Interest Rate (Male students)
Interest Rate (Female students)

Up to Rs 7.50 lakh
12.25% (fixed)
11.75% (fixed)

Above Rs 7.50 lakh
12.00% (fixed)
11.50% (fixed)

Processing Fees:

This loan does not carry any processing fee.

Documentation Required for Union Bank of India Education Loan:

Proof of identity – Passport, PAN Card, Employee Identity card or any other valid proof
Proof of address - Electricity bill, Telephone bill, Ration card or any other valid proof
PAN Card
Bank statement for the last 12 months
Admission documents, Admission Letter, Admit Card.
Schedule of expenses including the fee structure and living expenses
Mark sheets for Class X or equivalent onwards.
3 photographs
Proof of any out-goes
Loan repayment statement (If any)
LIC Policies (If any)
Any other document asked for in the application form
Proof of Income