Union Bank of India Education Loan Details

• The applicant should be an Indian national.
• The applicant should have secured admission in India or abroad to pursue higher/ professional/ technical education, through an appropriate selection process and cleared the qualifying examination (if any).
• If the applicant is NRI, s/he should hold an Indian Passport & has secured admission to a course for studies in India only.

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.

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.

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.

• For loan up to Rs.7.50 lakhs - Co-obligation of parents and no security or third party guarantee.
• For loans above Rs. 7.50 lakh - Co-obligation of parents, and tangible collateral security equivalent to the full value of required loan amount.