- What are the eligibility criteria for abroad education loans at the United Bank of India?
- Which courses are eligible for abroad education loans at the United Bank of India?
- What are the expenses covered under abroad education loans from the United Bank of India?
- What is the maximum amount that can be received from the United Bank of India for overseas education?
- What is the interest rate of abroad education loans at the United Bank of India?
- What is the process of applying for an abroad education loan from the United Bank of India?
- What are the documents required while applying for an abroad education loan from the United Bank of India?
- What is the margin money in abroad education loans from the United Bank of India?
- What type of collateral is accepted by the United Bank of India for secured abroad education loans?
- What collateral documents are required to acquire abroad education loans from the United Bank of India?
- What is the repayment policy of abroad education loans from the United Bank of India?
- How does GyanDhan help in acquiring abroad education loans?
- The applicant must be between the age of 18-35 years.
- The applicant must be an Indian resident
- The applicant must be pursuing either PG Diploma, Graduation, or Post Graduation
- The applicant must have secured (confirmed) admission in any college or university recognized in India or abroad.
- Undergraduate degrees/diplomas
- Postgraduate degrees/diplomas
- PhDs and Doctoral Programmes
- Certificate courses and some special courses
- College and hostel/accommodation fee
- Library/Laboratory/Examination fee
- Flight tickets/travel expenses for travelling abroad
- Expenses of books/education-related instruments and equipments/uniforms/stationery
- Laptop/tablet (if applicable)
- Other education-related expenses (thesis, project works, study tours, etc.)
- 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
- 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
- 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)
- Immovable assets such as property, plot, flat, house, etc.
- Liquid securities such as FDs, government bonds, LICs, etc.
- Registered sale agreement and property title deed
- Original registration receipt for the sale agreement
- Allotment letter by the municipal corporation or any government authority such as MHADA, CIDCO, HUDA, etc. (if applicable)
- Encumbrance certificate (EC), commonly known as link document of the last 30 years
- Copy of municipality approved plot layout or building plan
- Latest property tax bill bearing the same address
- For liquid securities, the documents required are fewer
Updated on: 11 Sep 2023
Table of Content Education loans are the best financing options to fund overseas educational expenses. In India, students who want to go for studying abroad have multiple options in terms of lenders including public-sector banks- SBI & BOB, private-sector banks- ICICI Bank & Axis Bank, and non-banking financial companies (NBFCs) - HDFC Credila. One of the major government banks offering study abroad loans is the United Bank of India. One of the largest government banks in India, the United Bank of India offers education loans to students for both education in India and abroad. In the blog, we will explore the eligibility criteria, features, documents required, etc. for the United Bank education loan. So let’s start... Students interested in pursuing the below-mentioned courses can avail of education loans for their overseas education - Read more about: Expenses Covered Under Education Loan Fill the form to get free expert help 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. Maximum Loan Amount Provided by the Bank - 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. United Bank of India Education Loan Details Eligibility The applicant must be an Indian resident between the age of 18-35 years and must have secured (confirmed) admission in any college or university recognized in India or abroad. Maximum Loan Amount Up to INR 20L for overseas education Interest Rate Ranges between 10.65% - 11.40% 0% for loans up to INR 4L. 15% for loans above 4L. 1 year after the course period or 6 months after securing a job. Repayment Period 10 years for loans up to INR 7.5L. 15 years for loans above INR 7.5L.ss Prepayment Charges NIL Processing Fees NIL Documents to be submitted by the applicant (student) - Documents to be submitted by the co-applicant - 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. The following two types of collateral are accepted at the Union Bank of India - Read more about: Types of Collateral Security Acceptable for an Education Loan The loan interest repayment at the Union Bank of India starts immediately after the disbursement of the first loan installment. UBI offers quarterly or monthly rests for repayment. The repayment of education loans typically starts after the 1 year moratorium period which starts post-course completion or 6 months after securing a job (whichever is easier). The maximum repayment tenure for abroad education is 15 years after the commencement of repayment. GyanDhan is a one-stop solution to all the issues that revolve around acquiring education loans for abroad education. With so many banks willing to extend support to students interested in studying overseas, it can be overwhelmingly difficult to choose a bank/loan lending institution that sits well with your future plans. GyanDhan helps put things in line with its collaboration with various loan lending institutions ranging from public banks, private banks to NBFCs and other lenders. It extends additional support by analyzing each student’s background and financial situation and providing him/her with a loan (secured/unsecured) from an institution best suited for him/her. You may check your eligibility for education loans and reach out to GyanDhan to get in touch with a counselor. The services provided to students at GyanDhan are free of cost. Absolutely no charge is applicable for any of the amenities. In fact, each student is given a personal counselor who remains in constant contact with the student throughout the complete process of the loan application. The counselor works closely with the student in pacing all the required documents and ensuring they are adequate for loan approval. The counselor also remains in constant contact with the lender, to keep a track of the loan approval status as well as resolve any issue that may arise. From providing a customized document checklist to offering loan options, picking up documents, and securing an abroad education loan, GyanDhan has it sorted for you once you approach them. With GyanDhan you are just a missed call away from securing an education loan to study abroad.
What are the Eligibility Criteria for Abroad Education Loans at the United Bank of India?
Which Courses are Eligible for Abroad Education Loans at the United Bank of India?
What are the Expenses Covered Under Abroad Education Loans from the United Bank of India?
Looking For An Abroad Education Loan?
What is the Maximum Amount that Can be Received from the United Bank of India for Overseas Education?
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.
What is the Interest Rate of Abroad Education Loans at the United Bank of India?
What is the Process of Applying for an Abroad Education Loan from the United Bank of India?
The above-mentioned amount is subjective to margin requirements.
What are the Documents Required While Applying For An Abroad Education Loan from the United Bank of India?
What is the Margin Money in Abroad Education Loans from the United Bank of India?
What Type of Collateral is Accepted by the United Bank of India for Secured Abroad Education Loans?
What Collateral Documents are Required to Acquire Abroad Education Loans from the United Bank of India?
What is the Repayment Policy of Abroad Education Loans from the United Bank of India?
How Does GyanDhan Help in Acquiring Abroad Education Loans?
First published date: 12 May 2021
