UBI Bank

UBI Education Loan

Get Free Education Loan Assistance From GyanDhan

Interest Rate

Starting from 9.25%

Processing Fees

INR 5,000

Margin Money

Nil
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How it Works

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Simple FIVE step digital process to get a education loan

Check Your Loan Eligibility

Use our free tool to verify your eligibility and receive conditional loan offers.

1

Talk To Our Loan Experts

Connect with our dedicated loan counselor for a better understanding of the process.

2

Upload Documents and Fill Out the Form

Submit your documents or complete the necessary forms for bank verification and evaluation.

3

Negotiate For Your Best Loan Offer

GyanDhan expert's negotiate to secure the most competitive interest rates and the highest possible loan amount for you.

4

Get Loan Approval and Disbursement

Recieve your final approval and sanction letter, ensuring prompt fund disbursement from the lender

5
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UBI Education Loan for Abroad Studies

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All you need to know about UBI education loan for studying abroad

Overview

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.

Union Bank of India offers both secured and unsecured loans. UBI has further divided courses and universities into lists and offers loans according to them.

Overview of Union Bank of India’s education loan scheme

Feature Description
Loan amount Secured loan - Upto INR 1.5 cr (This amount can be increased depending on the student’s profile) Unsecured loan - INR 40 Lakh
Rate of interest 9.25% - 9.75%
Processing fees INR 5000 (Refundable if disbursement within 3 months of sanction)
Margin money* Secured loans - 10% (Listed universities) Secured loans - 15% (Non - listed universities) Unsecured loans - 15%
Moratorium period* Course duration - 12 months
Repayment tenure 15 years
*Moratorium period is the time duration during which you are not required to make payments toward your education loan.
*Margin money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender.

Eligibility criteria of UBI abroad education loan

Age

The applicant must be an Indian citizen and at least 18 years of age or older at the time of application.

Education qualification

To be eligible for an education loan, the applicant must have secured admission to a reputed university or institution for a program that leads to the degree or diploma they have chosen.

Academic performance

The applicant should have a consistently good academic record and must meet the minimum academic criteria set by the lending institution. Also, the student must fulfill any prerequisite tests such as GRE, IELTS, or TOEFL.

Co-applicant

The co-applicant could be a parent or a legal guardian, with a regular source of income and good credit history.

Country of study

Foreign institutes/universities in the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and Europe [Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Sweden, Switzerland, United Kingdom] will be covered under the scheme.

Courses

Under this scheme regular graduate degree/post-graduate degree/diploma/certificate/doctorate courses such as bachelor, master, MCA, MBA, MS, etc are covered. UBI also offers loans for the following courses:
  • Courses conducted by CIMA- London, CPA in the USA.
  • Degree or diploma courses like aeronautical, pilot training, and shipping.

Types of Collateral accepted

Union Bank of India accepts the following resources as collateral -
  • Immovable property such as a house, flat, and open plots as collateral if the property is sanctioned by the legal authorities.
  • Fixed deposits.

Documents required for UBI abroad education loan

The documents required for an education loan from UBI include your academic and professional history, your co-applicant financial and credit profile, and the location of the property or asset, which you offer as collateral.

Applicants' documents

  • Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
  • Education loan application form.
  • Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ driving license/ Aadhaar card.
  • Passport.
  • Past academic record.
    • 10th standard mark sheet
    • 12th standard mark sheet
    • Undergraduate result (semester-wise)
  • Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
  • Proof of admission: admission letter (A conditional admission letter is also applicable).
  • Statement of expenses.
  • 2 passport-size photographs.
  • Loan A/C statement of one year (if applicable).
  • Bank account statement of the student (if applicable).

Co-applicant’s documents

  • Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
  • Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of passport/ driving license/ Aadhaar card.
  • 2 passport-size photographs.
  • If any previous loan is from other banks/ lenders, then the loan A/C statement of 1 year.
  • Legal documents of the collateral/ property documents.
  • Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).

Income proof for salaried co-applicant/guarantor

  • Salary slips for the last 3 months
  • Copy of Form 16 of the last 2 years or copy
  • Bank account statement for the last 6 months (Salary account)
  • Brief statement of assets & liabilities of parent/ guardian/ other co-borrower

Income proof for self-employed co-applicant/ guarantor

  • Business address proof
  • Last 2 years IT returns (If IT Payee)
  • TDS certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ doctor and other professionals)
  • Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
  • Bank account statement for the last 6 months

Collateral-based documents for UBI abroad education loan

The list of documents required for collateral, depends on several factors, primarily: property type, purchase history, and location.
Common documents:

  • Registered sale deed
  • Approved plan or map of the constructed property.
  • Chain documents.
  • Latest property tax receipt.
  • Occupancy proof.

How to contact UBI for an education loan?

To contact UBI for an abroad education loan, you can choose one of the following methods:

Email

Send a detailed email to [email protected] with information about your profile. Their team will review your email and respond accordingly.

Online application form

Visit the UBI website and navigate to the "Contact Us" section. You can fill out the online application form and they will evaluate your profile and further the process.

Branch visit

Visit the nearest branch in your city or locality. The staff at the branch will provide assistance regarding education loans, the application process, required documents, and other relevant information. Union Bank of India has 9727 branches in 34 states/union territories of India.

If you're seeking an education loan for studying abroad through but want to avoid the hassle of visiting physical branches and dealing with complicated application forms, you have the option to apply for a study abroad loan through GyanDhan, an education financing platform that specializes in helping students secure funding for their higher education abroad. Once you meet the eligibility criteria, our dedicated counselors will thoroughly assess your profile and recommend the most suitable lenders to meet your specific loan requirements. Throughout the loan process, our counselors will provide guidance and support, being readily available to address any concerns or challenges you may encounter. To check your eligibility here.

Benefits of getting your UBI abroad education loan through GyanDhan

Guaranteed best loan

GyanDhan stands by the promise to offer you the most competitive education loan in the market. We at GyanDhan bring the best deal possible for you. If you find a better offer, we'll cover the difference in interest rates for the ENTIRE duration of your education loan.

Low turnaround time

GyanDhan officials coordinate with various departments within UBI to secure a loan approval in just 15-20 days. This is why 1000s of students trust us with their loan requests every year. If a student applies directly to the bank, the usual UBI loan processing time is around 30-45 days.

100% free of cost services

GyanDhan’s services for applicants are absolutely free. We do not charge any kind of fees or commissions from the applicants at all.

Lender comparison

The expert education loan counselors at GyanDhan compare the loan products of different lenders to identify the most suitable loan option for your needs. This involves comparing the interest rates, loan amounts, repayment terms, processing fees, and other features of different lenders.

Higher chances of approval

In case of any missing documents, property issues, or other problems, we approach the UBI officials promptly to find solutions. This ensures speedy resolution and significantly increases your odds of approval. In case of any bottlenecks, GyanDhan will always be by your side!

How to apply for a UBI abroad education loan via GyanDhan

To secure an education loan from UBI, you can apply online at the UBI website. Once you fill out the application form online, you will have to visit the nearest UBI branch with all your documents. To avoid all these complex steps, you can simply apply for your education loan via GyanDhan, an online platform that helps students in India to finance their education abroad.

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EMI Calculator

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Calculate your Education Loan EMIs

INR

Disbursal Option

Your EMI per month will be

Total interest you'll have to pay

Your total payment

(Principal + Interest)

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Frequently Asked Questions

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Is it necessary for a candidate to open an account in UBI in order to process their education loan?

No, it is not necessary for an applicant to open an account in the Union Bank of India.

Can a student whose parents have died, apply for an education loan from the Union Bank of India?

If both parents are deceased, a close relative or guardian can be considered a co-applicant.

How can an applicant calculate his/her EMI for an education loan from the Union Bank of India?

To calculate the EMI for an education loan from Union Bank of India, an applicant can use the EMI calculator available on GyanDhan’s website. All you need to enter the loan amount, the loan tenure, and the applicable interest rate into the calculator, which will then provide them with the EMI amount. Using an online EMI calculator is a simpler and more convenient option.

Does the Union Bank of India charge any penalty on the prepayment of the loan?

The Union Bank of India does not charge any prepayment penalty on education loans taken by individuals. A borrower can repay his loan after 6 months of disbursal.

In whose name is the education loan sanctioned in the Union Bank of India?

An education loan from the Union Bank is sanctioned under the student’s name.

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