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Get the details of the Union Bank of India education loan for studies in India & abroad. Know the interest rate, eligibility criteria, margin money, repayment tenure, and more.
Updated on: 14 Nov 2023 | Reviewed By: amanjain | 8.65K | 4 min read
One of the largest government banks in India, the Union Bank of India currently boasts over 9500 branches in the country. Union Bank of India amalgamated with the Corporation Bank and Andhra Bank on 1 April 2020.
Union Bank of India student education loans are offered to deserving and meritorious students wanting to go for higher education in India or abroad. Student loans from the Union Bank of India come with flexible repayment options and repayment periods start after the course completion.
The education loan schemes of the Union Bank of India include expenses such as college fees, exam fees, hostel fees, equipment fees, books, travel money, etc for overseas education. It also takes in building fund deposits, caution deposits, and any refundable deposits as well.
In this blog, we will explore all the features, requirements, and benefits of a Union Bank of India education loan. So, let's plunge in...
Check Your Education Loan Eligibility
Union Bank of India offers education loans to students at a fixed Interest rate of 12.25% p.a (for loans of more than INR 7.5 Lakhs).
For loan amount less than INR 7.5 Lakhs, the applicable interest rate is 12.00% p.a.
Female candidates get an extra 0.50% concession from UBI on the interest rate as per the Indian Government’s policy.
There is no margin money on loan margin for the education loans up to INR 4 Lakhs. For the loan amount of more than INR 4 Lakhs, the margin money is up to 15% for abroad education and 5% for study in Indian colleges.
Loan Tenure |
Up to 15 Years |
Interest Rate |
Up to Rs.7.50 lakhs: 12.25% p.a. |
Moratorium Period |
Course period + 1 year |
Margin Money |
Up to INR 4 Lakhs- Nil |
Processing Fees |
NIL |
The bank can sanction any amount on the need-basis for both studies in India and abroad if the student is an Indian resident. For NRI’s the maximum loan amount that can be sanctioned is INR 30 Lakhs.
No processing fee is charged by the Union Bank of India under its education loan schemes.
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Repayment of Union Bank of India study loan starts after 1 year of the course completion. The loan repayment period can be up to 15 years for all the loans.
Students can apply for a Union Bank of India education loan at any branch in or near his/her place of domicile.
Also Try - Education Loan EMI Calculator Union Bank of India
Union Bank of India offers education loans, diplomas, undergraduate courses, and postgraduate courses which offer professional and technical degrees in India and abroad.
Looking for an education loan to study abroad? Contact GyanDhan and avail of abroad education loans from top government banks, private banks, and NBFCs. At GyanDhan, we have partnered with leading financial lenders in India to offer the best deal on study abroad loans. For both secured and unsecured education loans, you can check your loan eligibility and see if you are qualified for a study abroad loan.
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