Union Bank of India Education Loan

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.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

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  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
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We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

Union Bank Education Loan Schemes and Interest Rates

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 
  • 10.90% p.a. to 12.55% p.a. (No maximum limit.
  • Need-based financing for NRI students: Up to Rs.30 lakh)
Union Education  Premier Abroad 
  • 9.30% p.a. to 9.55% (Up to Rs.40 lakh)
  • 10.80% p.a. (Above Rs.40 lakh) 
Union Education  Special scheme for premier medical institutes 
  • 10.30% p.a. (Up to Rs.40 lakh)
  • 9.30% to 10.05% (Up to Rs.200 lakh)
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 
  • 11.05% p.a. for male students.
  • 10.55% p.a. for female students/minority/SC/ST  
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 
  • 12.05% p.a. for female students/minority/SC/ST
  • 12.55% p.a. for male students. 

What are the Various Union Bank Education Loan Schemes for Students?

  1. Union Education Loan: Empowering Aspirations

    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

  2. Union Special Education Loan Scheme

    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

  3. Union Special Scheme for Tier II Management and Technical Institutes

    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

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₹10,000/Month
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₹1 Crore*
*Standard T & C Apply

How to Apply for Union Bank Education Loan Online/Offline

Union Bank provides convenient options for applying for an education loan, both online and offline. Follow these steps to apply: 

  1. Offline Application:

    • 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.

  2. Online Application:

    • 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.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

What are the Documents Required to Apply for the Loan at Union Bank of India?

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

What are the Minimum Marks Required to be Eligible for an Education Loan?

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%

FAQ's

  • Is a guarantor necessary when applying for a Union Bank Education Loan?

    Yes, the bank mandates that the parent or guardian of the student applicant must act as co-borrower for the loan.
  • How soon can I expect approval for my Union Bank education loan?

    Upon submission of the required documents to the bank, the loan is typically sanctioned within approximately 7 days.
  • Do I need to open a Union Bank account to apply for an education loan?

    No, it is not obligatory for an applicant to open an account to apply for the Union Bank Education Loan.
  • Are specific minimum marks required to qualify for a Union Bank education loan?

    Yes, the student must attain the minimum marks specified below in the qualifying exam.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^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 lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~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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