United Bank of India Education Loan for Abroad Studies

1. The applicant must be between the age of 18-35 years. 
2. The applicant must be an Indian resident
3. The applicant must be pursuing either PG Diploma, Graduation, or Post Graduation
4. The applicant must have secured (confirmed) admission in any college or university recognized in India or abroad. 

Students interested in pursuing the below-mentioned courses can avail of education loans for their overseas education -

1. Undergraduate degrees/diplomas
2. Postgraduate degrees/diplomas
3. PhDs and Doctoral Programmes
4. Certificate courses and some special courses 

1. College and hostel/accommodation fee
2. Library/Laboratory/Examination fee
3. Flight tickets/travel expenses for travelling abroad
4. Expenses of books/education-related instruments and equipments/uniforms/stationery
5. Laptop/tablet (if applicable)
6. Other education-related expenses (thesis, project works, study tours, etc.)

Read more about: Expenses Covered Under Education Loan

For education loans up to INR 4L, the applicant has to provide co-borrower’s security which could be the applicant’s parent’s/husband’s. No third-party guarantee/ tangible security is required for the same. 
For education loans above INR 7.5L, the applicant has to submit co-borrower’s security as well as a tangible security equivalent to 100-133% of the loan to be pitched in as collateral. The collateral can be in the form of property/FDs/shares etc. 

Maximum Loan Amount Provided by the Bank - 

• Up to INR 10L for studies in India
• Up to INR 20L for overseas education
• Up to INR 15L for education at IITs/IIMs/ISBs

However, the above-mentioned amounts are subjective to margin requirements. 

Interest rates on education loans at the United Bank of India range between 10.65% - 11.40%

An application for an education loan from the United Bank of India can be submitted both online as well as offline. The interested student can visit the nearest bank branch office to fill the application and submit the required documents or he/she can also visit the bank’s official website to apply online. 

Documents to be submitted by the applicant (student) -

• 2 passport size photos 
• Previous academic records/certificates
• Report cards of exams such as GMAT/GRE/IELTS/TOEFL etc (whichever is applicable)
• Residence Proof (Aadhar card/Voter ID etc)
• Identity Proof (Driving license, PAN card, etc.)
• Admit letter from the college overseas
• A copy of college/university ranking 
• Copy of passport
• Loan application form

Documents to be submitted by the co-applicant - 

• 2 passport size photos 
• Residence Proof (Aadhar card/Voter ID etc.)
• Identity Proof (Driving license, PAN card, etc.)
• Salary slips of the last three months
• Income Tax receipts of the past 2 years
• Form 16 of the last two years
• Employer’s ID card (if employed)
• Past 3 year’s balance sheet and P & L statement (if self-employed)
• Proof of business address (if self-employed)

Read more about: Documents Required for Education Loan

The margin requirement on abroad education loans for students at the Union Bank of India is 0% for loans up to INR 4L and 15% for loans above INR 4L. Click here for more details.