Union Bank of India Education Loan
Unlock your global education dreams with loans up to ₹40 lakh without collateral and flexible repayment options.

Overview
Union Bank of India offers education loans to support students pursuing higher education in India and abroad. With loans up to ₹40 lakh without collateral for overseas studies and no upper limit for secured loans, it provides financing at competitive rates starting at 7.85% p.a.
Key Features & Benefits
- ✔ Loan Amount: Up to ₹40 lakh unsecured; no limit for secured.
- ✔ Moratorium: Course duration + 1 year.
- ✔ Repayment: Up to 15 years (Min ₹7.5 lakh); 10 years (≤ ₹7.5 lakh).
- ✔ Margin: Nil (up to ₹4 lakh); 5% (India), 15% (abroad) above.
- ✔ Rates: 7.85%–11.75% p.a., with female student concessions.
- ✔ Subsidies: CSIS, Padho Pardesh, PM-Vidyalaxmi eligible.
- ✔ Tax Benefits: Interest deductible under Section 80E.
Eligibility Criteria
Student:
- Indian national (NRI with Indian passport for India).
- Admission via entrance exams (e.g., IELTS, TOEFL) to recognized institutions.
- Minimum marks: 60% (general), 55% (OBC), 50% (SC/ST) for premier institutes.
Co-applicant:
- Mandatory (parent, spouse, or guardian).
- Steady income, good credit score (CIBIL ≥650).
Documents Required
Student:
- Admission letter or proof of application.
- Academic records (10th, 12th, graduation, entrance scores).
- KYC (Aadhaar, PAN, Passport, Voter ID).
- Passport-size photos, visa (for abroad).
Co-applicant:
- KYC (Aadhaar, PAN, Passport).
- Income proof (ITR, salary slips, Form-16, bank statements).
- Address proof (utility bill, Aadhaar).
Other:
- Loan application form.
- Course fee structure.
- Collateral documents or guarantor form (if applicable).
Interest Rates & Charges
Competitive rates with concessions for female students and premier institutes.
Loan Type | Interest Rate (p.a.)* | Processing Fee | Collateral |
---|---|---|---|
Unsecured (up to ₹40 lakh) | 9.25%–11.75% (9.75%–11.25% for females) | ₹10,000–₹20,000 | Not required |
Secured (above ₹7.5 lakh) | 7.85%–11.50% | ₹5,000 (refundable) | Required |
*Rates vary by profile and institute. Contact Union Bank for details.
Application Process
- Submit Inquiry: Fill out our form.
- Expert Guidance: Consult our loan advisor.
- Document Prep: Gather documents with help.
- Application: Apply via Vidya Lakshmi or branch.
- Disbursal: Funds released post-approval.