Investing in your child's education is one of the most important decisions. It plays a crucial role in paving the way for a brighter future for your child. As education costs continue to rise, accessing financial assistance becomes increasingly important. Union Bank of India, a leading bank in India, understands this need and offers education loans to support students in their academic endeavours.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity
Schemes | Course name | Interest Rates (p.a.) |
Union Education | Under CGFSEL | 11.30% p.a. (Up to Rs.7.5 lakh)  |
Union Education | Not Under CGFSEL |
|
Union Education | Premier Abroad |
|
Union Education | Special scheme for premier medical institutes |
|
Union Education Loan for ISB Students | Post Graduate Program in Management- PGPM | 8.20% p.a. |
Union Education Loan for ISB Students | Post Graduate Program in Management- PG-PRO | 8.20% p.a. |
Union Education Loan for ISB Students | Post Graduate Program in Management- PGPMAX | 8.50% p.a. |
Union Education - Special Education Loan Scheme | Tier-I Premier Management & Technical Institutes | 9.30% p.a. |
Union Education - Special Education Loan Scheme | Tier-II Premier Management & Technical Institutes |
|
Union Education Skill Development | Skill Development Loan without deviation to be covered under CGFSSD | 10.80% p.a. |
Union Education Skill Development | Skill Development Loan with deviation if any & not covered under CGFSSD |
|
Interest Rate: 10.65% p.a. to 12.30% p.a.
Processing Fee: Nil (for Indian students)
Collateral:
Loans up to Rs.4 lakh: No collateral
Loans up to Rs.7.5 lakh: Third-party guarantee
Loans above Rs.7.5 lakh: Tangible collateral
Loan Tenure: 15 years after the moratorium period
Eligibility: Indian national
Interest Rate: 9.05% p.a. to 10.80% p.a.
Processing Fees: None
Collateral: None
Loan Tenure: 15 years after the moratorium period
Eligibility: Indian nationals who have secured admission to premier educational institutions in India
Interest Rate: 10.30% p.a. to 10.80% p.a.
Processing Fees: None
Collateral:
Loans up to Rs.7.5 lakh: No collateral
Loans above Rs.7.5 lakh: Tangible collateral
Loan Tenure: 15 years after the moratorium period
Eligibility: Indian nationals who have secured admission in tier II management and technical educational institutions in the country
Union Bank provides convenient options for applying for an education loan, both online and offline. Follow these steps to apply:Â
Visit the nearest Union Bank branch or Union Loan Point (ULP).
Collect and fill out the application form.
Submit the form along with the required documents to the bank representative.
Visit the official Union Bank website.
Request a callback by providing your contact details.
Prepare digital copies of necessary documents.
Receive a call from the bank representative.
Follow their guidance, submit documents online, and complete the application.
To apply for the Union Bank of India Education Loan, the following documents are required:
PAN Card
Proof of outgoings (If any)
Admission documents, admission letter, and admit card
Proof of address - Electricity bill, Telephone bill, Ration card, or other valid proof.
Proof of identity - Passport, PAN Card, Employee Identity card, or any other valid proof
Schedule of expenses, including the fee structure and living expenses
LIC Policies (If any)
Mark sheets for Class X or equivalent onwards.
Bank statement for the last 12 months
Any other document asked for in the application form
Loan repayment statement (If any)
3 photographs
Proof of Income:
Salaried Individuals - Last year's Income Tax Returns, Form-16/letter from the employer, salary slips for the last 6 months
Agriculturists - Income Certificate from the concerned revenue officer (Tahsildar) or/and proof of landholding
Business Owners - Income Tax Returns for the last 3 years, Profit & Loss Balance Sheet
For studies abroad:
Category | Minimum marks |
OBC | 50% |
SC\ST | 50% |
General | 60% |
For studies in India:
Category | Minimum Marks |
OBC | 55% |
SC\ST | 50% |
General | 60% |
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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