Education Loan

Union Bank Education Loan Documents Required

Union Bank Education Loan Documents Required

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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.

GyanDhan
Ananya Ghai
Updated on:  30 Jan 2024  | Reviewed By: 
Aman 
| 372 | 5  min read

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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Overview of Union Bank of India Education Loan

Feature Description

Loan amount

Up to INR 1.5 cr (secured loan)
Up to INR 40 Lakh (unsecured loan)

Rate of Interest

9.25% - 9.80%

Margin money

Secured loans - 10% (Listed universities)

Secured loans - 15% (Non - listed universities)

Unsecured loans - 15%

Moratorium period

1 year after completing the course.

Repayment tenure

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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Read More About: Understanding External Benchmark Rate (EBR) in Education Loan

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What are the Documents Required for Education Loan in UBI?

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.

  1. Filled & signed common retail loan application form for each of the applicants and guarantors.
  2. Filled & signed credit information forms of the applicants and co-applicants with documentary proof.
  3. Fee structure
  4. Pre-sanction letter & due diligence report of borrower and co-applicants, consisting of verification of residence & office/business and existing banking/borrowing details. (Please note which should also include 3 references of neighbours and office/business along with name, address & mobile number).
  5. Enhance the due diligence of the borrower in case CIBIL is -1.
  6. Due diligence of property (if applicable) - Including verification of property (including 3 references of neighbours/property dealers along with name, address & mobile Number).

Applicants KYC documents 

  1. PAN card
  2. Aadhaar card
  3. Current address proof (if current address not present in Aadhaar) driving license/voter ID/ passport/ recent utility bill (water/ electricity/ gas) / registered rent agreement
  4. Permanent address proof: needed, if your current address is not self-owned

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Applicants academic documents

  1. 10th marksheet
  2. 12th marksheet
  3. Undergraduate (UG) marksheet - latest - needed if you’re in or have completed your UG
  4. English language proficiency test scorecards - GRE/ GMAT/ TOEFL/ IELTS/ Duolingo/ SAT/ ACT or any other
  5. Proof of admission/offer letter

Co-applicant(s) KYC documents

  1. PAN card
  2. Aadhaar card 
  3. Current address proof (if current address not present in Aadhaar card): Driving license/Voter ID/ Passport/ recent utility bill (water/ electricity/ gas) / registered rent agreement
  4. Permanent address proof: needed, if your current address is not self owned

Salaried co-applicants documents

  1. Salary slips of the last 3 months.
  2. Form 16 for IT returns for the last 2 years
  3. Bank account statement for the last 6 months (Salary Account).
  4. Resignation letter from present employer.
  5. Employee ID card & Offer Letter 

Self-employed co-applicants documents

  1. Business address proof (GST certificate/ MSME certificate/ Utility bill)
  2. TDS certificate (Form 16A, if applicable)
  3. IT returns for the last 2 years
  4. Certificate of qualification (for C.A./ Doctor/ Lawyer and other professionals).
  5. Current bank account statement for the last 6 months
  6. Savings bank account statement for the last 6 months

Suggested Read: Disbursement provess of UBI education loan

Calculate your Education Loan EMI

Documents required for UBI’s secured education loan


Please note that the collateral-based documents vary by location hence for a seamless documentation process consult with GyanDhan for a customized checklist.

  1. Title deed & sales deed
  2. Registration receipt
  3. Allotment letter (where applicable)
  4. Chain documents for 30 years
  5. Property tax receipt or recent electricity bill
  6. Government-approved building plan
  7. Occupancy certificate and completion certificate (where applicable)


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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    Frequently Asked Questions

    What documents are required for an education loan in Union Bank of India?

    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.

    Does the applicant require to open an account with Union Bank to apply for an education loan?

    No, it is not mandatory for the applicant to open an account in Union Bank or apply for an education loan.

    Which documents qualify as proof of admission?

    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.

    What academic records are required for the loan application?

    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.

    What KYC documents are mandatory for the loan application?

    KYC documents include proof of identity, such as a passport or Aadhar card, and proof of address, like a utility bill or rental agreement.

    What income proof is required for the co-applicant?

    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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