Union Bank of India Education Loan

Up to Rs.7.50 lakh: 10.25% (male and female)

Courses Not Covered under CGFSEL

Up to Rs.4.00 lakh:

1. Male: 11.50%
2. Female: 11.00%

Rs.4.00 lakh  to Rs.7.50 lakh:

1. Male: 11.25%
2. Female: 10.75%

Above Rs.7.50 lakh:

1. Male: 10.35%
2. Female: 9.85%

Union Education Premier Abroad Scheme

1. Up to Rs.40 lakh: 8.75%
2. Up to Rs150 lakh: 8.25% to 8.50%

Union Education Premier Abroad – For Category ‘B’ Institutes

Up to Rs.30 lakh: 9.00% 

Up to Rs.150 lakh:8.255 to 8.75% 

Union Education Special Scheme for Premier Medical Institutes (MEDICOS)

1. Up to Rs.40 lakh: 9.25%

1. Up to Rs.200 lakh: 8.75% to 9.00%

1. Union Education PM Vidyalaxmi Scheme for Tier I Premier Institutes: 7.10%

1. Union Education PM Vidyalaxmi scheme for students of Tier-II Institutes: 7.35%

1. Union Education-PM Vidyalaxmi scheme for students of (AA/A) Institutes: 7.55%

1. Union Education-PM Vidyalaxmi loan scheme for students of (BBB) Institutes: 8.25%

1. Union Education PM Vidyalaxmi loan scheme for students of (BB) Institutes: 8.75%
2. For students at Indian Institutes of Management (IIM): 7.00% 

Union Education Skill Development Loan

1. Male: 9.75% to 11.50%

1. Female: 9.755 to 11.00%

Purpose of Union Bank of India Education Loan

The main purpose of Union Bank of India education loan is to provide financial aid to the meritorious students to helps them pursue higher, professional or technical education in recognized institution either in India or abroad.

Eligibility Criteria for Union Bank of India Education Loan

The following is the list of eligibility criteria of Union Bank of India education loan:

1. Applicant should be Indian national

1. Applicant must pursue and clear the qualifying examination for higher, professional, or technical education, and must have secured admission in India or abroad

1. For studies in India only, NRI student should hold Indian passport

Courses Eligible Under Union Bank of India Education Loan

Here is the list of courses that are eligible under the education loan scheme offered by Union Bank of India:

Courses Covered in India under Union Bank Education Loan

1. Graduation

1. Post-graduation

1. Diploma courses from recognized universities

1. Technical, professional, or management courses

1. PhD courses

Courses Covered Abroad under Union Bank Education Loan

1. Graduation or post-graduation degrees offered by recognized universities

1. Certified degree courses conducted by London, CIMA, CPA, USA and other such institutes

1. PhD courses

Note: Diploma courses abroad are not covered

Expenses Covered under Union Bank of India Education Loan

The following are the expenses that are considered under Union Bank of India education loan:

1. Fees of hostel or mess

1. Tuition fee of school, college, or university

1. Fee for examination, library, or laboratory

1. Insurance premium for the student borrower

1. Admission fee

1. Fees related to caution deposit, fund building or refundable deposit

1. Purchase of book, equipment, instruments, or uniforms

1. For studies abroad, it also covers the travel expense

1. Covers the cost related to purchase of computer or laptop at reasonable cost, if required for completion of the course

1. Any other expense related to the course, such as study tours, project work, thesis, etc

Additional Details about Union Bank of India Education Loan

Details that you must know about Union Bank of India Education Loan are listed in the table below:

Note: while calculating Equated Monthly Installments (EMI) for repayment, the accrued interest during the moratorium period will be added to the principal amount. 

Union Bank Education Loan EMI Calculator

Using the Union Bank school loan EMI calculator, you may calculate the amount of your Equated Monthly Instalment once you begin repaying your loan. This may assist you in planning your finances and creating a workable budget.

This will allow you to pay your EMIs on time while still having money left over for savings and day-to-day costs. Simply enter the necessary information into the EMI calculator, such as your authorized loan amount, loan payback duration, and current interest rate.

Example: How Union Bank Education Loan Works

Let's say you have taken a Union Bank education loan for an amount of Rs.10 lakh at an interest rate of 8.30% p.a. with a loan repayment tenure of 15 years, then your EMI details will be:

1. Equated Monthly Instalment (EMI): Rs.10,024
2. Total interest due: Rs.7,51,492
3. Total amount payable: Rs.17,51,492

The amortisation table for the above-mentioned loan will be as follows:

How to Apply for Union Bank Education Loan Online/Offline?

You can apply for a Union Bank education loan in the following ways:

Offline: You can go to the bank's nearest branch or Union Loan Point (ULP), which is the bank's unique retail loan lending branch.

Online: You can also request a phone call from a bank representative by submitting your contact information on the bank's official website.

Union Bank of India Education Loan Documents Required

To apply for the Union Bank of India Education Loan, applicants need to furnish the following documents.

1. Proof of identity - Passport, PAN Card, Employee Identity card or any other valid proof
2. Proof of address - Electricity bill, Telephone bill, Ration card or any other valid proof
3. KYC documents of the co-applicant 
4. PAN Card
   
5. Admission documents, Admission Letter, Admit Card
6. Schedule of expenses including the fee structure and living expenses
7. Mark sheets for Class X or equivalent onwards
8. 3 photographs Latest passport-size photos of applicant and co-applicant Caste certificate (If needed)
   
9. Any other document asked for in the application form
10. Proof of Income: ITR (Income Tax return) or salary slip of borrower/co-borrower

For studies in India:

For studies abroad:

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