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INR 5,000Margin Money
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All you need to know about UBI bank education loan for studying abroad
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. Union Bank education loans have further divided courses and universities into lists and offered loans according to them.
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 |
Secured loans: For listed universities - 9.25% For non-listed universities - 10.5%
Unsecured loans - 9.75% |
|
Processing fees |
Up to INR 40 Lakh - INR 10,000 + GST Above INR 40 Lakh - INR 20,000 + GST |
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.
Union Bank is the only public bank in India right now that provides education loans without collateral for studying abroad. Union Bank of India is currently the only public sector bank in India that offers education loans without the requirement of collateral for students pursuing studies abroad. This unique offering makes it an attractive option for students who may not have substantial assets to pledge as security, providing them with the opportunity to access quality education globally without financial hurdles.
Key Features of Union Bank Education Loan Without Collateral:
Below are the top features of UBI’s unsecured loan options for students interested in applying for the Union Bank of India education loan abroad.
Note- The Union Bank of India education loan interest rate is subject to change.
The applicant must be an Indian citizen and at least 18 years of age or older at the time of application.
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.
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.
The co-applicant could be a parent or a legal guardian, with a regular source of income and good credit history.
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.
Under the Union Bank education loan 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:
Union Bank of India accepts the following resources as collateral -
The Union Bank of India education loan interest rate is designed to be competitive, making higher education more accessible for students. Whether you're pursuing studies in India or abroad, the Union Bank education loan rate of interest offers various schemes to suit different educational needs. From general education loans to specialized programs like the Union Education Loan for ISB Students, Union Bank provides tailored options to ensure that students can focus on their studies without financial stress. Below is a table detailing the various Union Bank education loan interest rates for different schemes:
Scheme | UBI Education Loan Interest Rate |
---|---|
Union Education |
Starting @ 9.25% |
Union Education Loan for ISB Students |
Starting @ 8.20% |
Union Education - Special Education Loan Scheme |
Starting @ 9.30% |
Union Education Skill Development |
Starting @ 10.8% |
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 that you offer as collateral.
Applicants Documents Required for Union Bank Education Loan Abroad:
The list of documents required for a Union Bank student loan, depends on several factors, primarily: property type, purchase history, and location.
Common documents:
For assistance regarding an education loan Union Bank of India, you can choose one of the following methods to get in touch with them:
Send a detailed email to [email protected]with information about your profile. Their team will review your email and respond accordingly.
Visit the UBI website (https://www.unionbankofindia.co.in/english/contact-us.aspx) and navigate to the "Contact Us" section. You can fill out the online application form and Union Bank evaluates your profile and further the process.
Visit the nearest branch in your city or locality. The staff at the branch will assist with 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 are seeking a Union Bank student loan for studying abroad 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. Start your education loan journey with GyanDhan by checking your loan eligibility now!
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.
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.
GyanDhan’s services for applicants are absolutely free. We do not charge any kind of fees or commissions from the applicants at all.
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.
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!
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.
Feature | With GyanDhan | Without GyanDhan |
---|---|---|
Personalized document checklist according to profile & area |
Yes |
No |
Branch Visits |
1-2 |
7-8 |
Pre-visa disbursements |
Easy |
Difficult |
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