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Union Bank of India Education Loan

Union Bank of India is one of the leading public sector banks in India. Union Bank of India with it’s various other offerings provides education loan for students to pursue higher / professional/ technical education in recognized institution in India & Abroad.

Eligibility criteria for education Loan through Union Bank of India
  • Student should be an Indian national.
  • Student should have secured admission in India or abroad to pursue higher / professional/ technical education, through appropriate selection process and cleared the qualifying examination, if any to avail an education loan through Union Bank of India.
  • NRI student should hold Indian Passport & has secured admission to a course for studies in India only.
Student’s age limit to avail Education Loan
  • There is no restriction with respect to minimum or maximum age of a student
Co- Applicant Eligibility:
  • The parent(s) of the student has to compulsorily join in as co-applicant.
  • In case of a married person, co-applicant can be spouse/parent(s)/parent(s)-in-law.
  • In cases where both the parents are not alive, close relative or guardian to be taken as co-applicant.
  • The co-applicant should be Indian national
Courses covered by Union Bank of India for Education Loan
  • Courses covered in India:

    • Graduation / post-graduation / diploma courses from recognized universities
    • Technical / professional / management courses
    • PhD courses
  • Courses covered outside India:

    • Graduation / post-graduation degrees offered by recognized universities
    • Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
    • PhD courses
    • Diploma courses abroad are not covered
Loan Margin to Study in India: 

Loan Amount Margin
Up to Rs.4 LakhNil
Above Rs.4 Lakh5%
NRI students (irrespective of loan amount)15%

Loan Margin to Study Abroad: 

Loan AmountMargin
Up to Rs.4 LakhNil
Above Rs.4 Lakh15%

Expenses considered under the Education Loan for Union Bank of India
  • Tuition fee payable to college/ school/ university
  • Hostel / mess charges
  • Examination/ Library/ Laboratory fee
  • Insurance premium for the student borrower
  • Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts
  • Purchase of books/ equipment’s/ instruments/ uniforms
  • Purchase of computer/laptop at reasonable cost, if required for completion of the course
  • Travel expenses/ passage money for studies abroad
  • Admission acceptance fee
  • Any other expense required to complete the course – like study tours, project work, thesis, etc.
Loan Repayment Tenure:
  • The maximum repayment tenure will be 15 years (after course & moratorium period) Irrespective of quantum of loan.
  • The accrued interest during the moratorium period (if not serviced) will be added to the principal amount while calculating Equated Monthly Installments (EMI) for repayment.
Education Loan Rate of Interest:
  • 9.5%. To check the latest interest rates click here
  • If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate.
  • Simple interest will be calculated during course / moratorium period; subsequently compounding interest will be charged.

Loan Features Details
Loan Limit No Upper Limit
Interest RateUnion Bank of India offers interest rate of 9.3% depending on the university
Moratorium PeriodCourse duration +12 months
Tenure 15 Years
Co- ApplicantsParents / Siblings / Spouse / Cousins / Close Relatives
Loan Margin15%

Documents required for Education Loan Process: 



1) PAN Card

2) Aadhar Card

For Address Proof

1) Valid Electricity/ Water/ Gas bill/ Postpaid bill

2) Voter’s ID card

3) Passport

4) House Rent/ Lease agreement

For Academic record:

1) 10th Marksheet

2) 12th Marksheet

3) Admit card proof

4) Entrance Exam result ( GRE/ TOEFL/ IELTS/ GMAT – if applicable)

5) Under Graduate result ( if applicable provide semester wise)

For Co-applicant – Salaried:

1) Salary Slips (Last 3 months)

2) Bank Account Statement (Last 6 months)

3) IT Returns/ Form 16 for last 2- 3 years

For Co-applicant – Self Employed/ Business owner/ Farmer 

1) GST or ITR  (Last 2 -3 years)

2) Bank account statement (Last 6 months)

3) Business Address Proof (if required

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