Union Bank of India Education Loan

Unlock your global education dreams with loans up to ₹40 lakh without collateral and flexible repayment options.

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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 TypeInterest Rate (p.a.)*Processing FeeCollateral
Unsecured (up to ₹40 lakh)9.25%–11.75% (9.75%–11.25% for females)₹10,000–₹20,000Not 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

  1. Submit Inquiry: Fill out our form.
  2. Expert Guidance: Consult our loan advisor.
  3. Document Prep: Gather documents with help.
  4. Application: Apply via Vidya Lakshmi or branch.
  5. Disbursal: Funds released post-approval.

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