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Looking for documents required for education loan in UBI? GyanDhan brings a complete list of UBI education loan documents, applicant and co-applicant documents checklist.
Established in 1919 as a limited company, the Union Bank of India (UBI) later became a nationalized bank in 1969. The bank provides a range of banking and financial services, including personal banking, corporate banking, international banking, and education loans for studies in India and abroad. In 2020, the Union Bank of India merged with Andhra Bank and Corporation Bank, becoming the fifth-largest public sector bank in India.
When it comes to education loans, the Union Bank distinguishes itself by offering both secured and unsecured loans to cater to the financial needs of students. The banks offer up to INR 1.5 cr as secured loans whereas INR 40 Lakh as unsecured loans. Moreover, to streamline the education loan process, UBI has categorized courses and universities, providing specific loan options based on these classifications.
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Feature | Description |
---|---|
Loan amount |
Up to INR 1.5 cr (secured loan) |
Rate of Interest |
9.25% - 9.80% |
Margin money |
Secured loans - 10% (Listed universities) Secured loans - 15% (Non - listed universities) Unsecured loans - 15% |
1 year after completing the course. |
|
Up to 15 years |
|
Processing time |
7-10 working days after submission of required documents. |
Processing fees |
INR 5000 + GST (refundable if disbursement within 3 months of sanction) |
Co-applicant |
Parents/spouse/parents-in-law (in case of married) |
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The Union Bank education loan documents required depend on several factors, such as the applicant's academic and professional history, the co-applicant's financial and credit profile, and the location of the property or asset, which you offer as collateral.
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Suggested Read: Disbursement provess of UBI education loan
Calculate your Education Loan EMI
Please note that the collateral-based documents vary by location hence for a seamless documentation process consult with GyanDhan for a customized checklist.
The Union Bank of India offers education loans for abroad studies up to INR 1.5 Cr with collateral and INR 40 Lakh without collateral however, navigating the documentation process for an education loan can be a complex step. To ease the challenges associated with this process, GyanDhan emerges as a reliable ally, providing a customized document checklist and ensuring a seamless experience for loan applicants.
With GyanDhan, applicants can benefit from a customized document checklist, facilitating a hassle-free submission process. The commitment to prompt resolution of issues, related to missing documents, sets us apart in ensuring a swift and efficient application process. To begin your student loan journey with confidence, check your loan eligibility today.
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The necessary documents include proof of admission, academic records, KYC documents, income proof of the co-applicant, collateral documents, and a detailed cost estimate of the course.
No, it is not mandatory for the applicant to open an account in Union Bank or apply for an education loan.
Proof of admission includes the offer letter from the foreign university or institution where you have secured admission for the course. This document should clearly state the course name, duration, and other relevant details.
Academic records such as mark sheets and certificates from the last qualifying examination (e.g., 10th and 12th marksheet or undergraduate degree) are needed. Additionally, provide proof of any standardized tests required for admission, like GRE, GMAT, or TOEFL.
KYC documents include proof of identity, such as a passport or Aadhar card, and proof of address, like a utility bill or rental agreement.
The co-applicant needs to submit income proof documents, such as salary slips, income tax returns, and offer letters from the employer. This ensures the financial stability and repayment capacity of the co-applicant.
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