Axis Education Loan
UBI Education Loan
Receive expert, personalized guidance at no cost from VITTIYA to navigate education financing, ensuring a smooth journey to securing the funding you need for your studies in India or abroad.
Interest Rate
Starting from 9.25%
Processing Fees
INR 5,000
Margin Money
NIL
How It Goes
Easy 5-Step Digital Journey to Secure Your Education Loan
Ensure Your Loan Eligibility
Check your eligibility & get conditional loan offers
instantly.
Speak with Loan Experts
Connect with our loan counselor to better understand the process.
Share Documents & Fill the Form
Complete required forms & submit documents for bank verification.
Settle Your Best Loan Offer
VITTIYA secures the best rates & maximum loan amount for you.
Get Loan Approval & Disbursement
Get fast loan approval & quick fund
disbursement.
UBI Bank Education Loan for Abroad Studies
Everything you need to know about UBI education loans for studying abroad.
Introduction of Union Bank Of India
Founded in 1919 and nationalized in 1969, Union Bank of India offers diverse banking services, including education loans for domestic and international studies. After merging with Andhra and Corporation Banks in 2020, it became India’s fifth-largest public sector bank, providing both secured and unsecured loans.
Union Bank of India Educational Loan Scheme
| 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 |
| Rate of Interest | 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 + GSTAbove 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 The loan repayment break before payments begin.
Margin Money The borrower's contribution to the loan, with the rest covered by the lender.
Union Bank Education Loan Without Collateral
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
Loan Amount: Up to INR 40 lakh without collateral for overseas education, covering essential expenses.
Eligibility: Admission to a recognized institution, good academics, and repayment ability.
Courses Covered: Supports approved PG & professional courses like engineering, medicine, and management.
Interest & Repayment: Starts at 9.75%, concessions for female students, repayment up to 15 years post-course.
Note:- The Union Bank of India education loan interest rate is subject to change.
Eligibility Criteria
Founded in 1919 and nationalized in 1969, Union Bank of India offers diverse banking services, including education loans for domestic and international studies. After merging with Andhra and Corporation Banks in 2020, it became India’s fifth-largest public sector bank, providing both secured and unsecured loans.
Age: Must be an Indian citizen, 18+ years.
Education Qualification: Admission to a reputed university for a degree/diploma.
Academics: Good academic record, meeting lender's criteria, and required tests (GRE, IELTS, TOEFL).
Co-Applicant: Parent/guardian with stable income & good credit.
Study Destinations: Covers universities in the USA, UK, Canada, Australia, Europe & more.
Courses: 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.
Courses conducted by CIMA- London, CPA in the USA.
Degree or diploma courses like aeronautical, pilot training, and shipping.
Courses conducted by CIMA- London, CPA in the USA.
Degree or diploma courses like aeronautical, pilot training, and shipping.
Types of Collateral Accepted
Union Bank of India accepts the following resources as collateral –
Immovable property such as a house, flat, and open plots as collateral if the property is sanctioned by the legal authorities.
Fixed deposits.
Education Loan Interest Rates
Union Bank of India offers competitive interest rates for education loans, making higher studies more accessible. Whether studying in India or abroad, tailored loan schemes cater to various educational needs, including specialized programs like ISB.
Below is a table detailing the various Union Bank education loan interest rates for different schemes:
Union Bank Education Loan Interest Rates
| 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% |
Documents Required
UBI education loan requires academic and professional records, co-applicant’s financial details, credit profile, and collateral property information.
Applicants Documents Required for Union Bank Education Loan Abroad
Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
Education loan application form.
Address Proof: Recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ driving license/ Aadhaar card.
Passport.
Past academic record.
10th standard mark sheet
12th standard mark sheet
Undergraduate result (semester-wise)
Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
Proof of admission: admission letter (A conditional admission letter is also applicable).
Statement of expenses.
2 passport-size photographs.
Loan A/C statement of one year (if applicable).
Bank account statement of the student (if applicable).
Co-Applicant’s Documents Required for Union Bank Abroad Education Loan
Identity Proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
Address: Recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of passport/ driving license/ Aadhaar card.
2 passport-size photographs.
If any previous loan is from other banks/ lenders, then the loan A/C statement of 1 year.
Legal documents of the collateral/ property documents.
Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
Income Proof for Salaried Co-applicant/Guarantor
Salary slips for the last 3 months
Copy of Form 16 of the last 2 years or copy
Bank account statement for the last 6 months (Salary account)
Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
Income proof for Self-employed Co-applicant/ Guarantor
Business address proof
Last 2 years IT returns (If IT Payee)
TDS certificate (Form 16A, if applicable)
Certificate of qualification (for C.A./ doctor and other professionals)
Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
Bank account statement for the last 6 months
Collateral Documents for Abroad Education Loan
The list of documents required for a Union Bank student loan, depends on several factors, primarily: property type, purchase history, and location.
Common documents:
Registered sale deed
Approved plan or map of the constructed property.
Chain documents.
Latest property tax receipt.
Occupancy proof.
Contact Details
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 customercare@unionbankofindia.comwith information about your profile. Their team will review your email and respond accordingly.
Online Application Form
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.
Branch Visit
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’re looking for an education loan to study abroad without the hassle of visiting bank branches and managing complex paperwork, our platform offers a seamless solution. Our financial experts assess your profile, match you with the best lenders, and provide complete guidance throughout the loan process. Get expert support at every step and secure the right funding for your education. Check your loan eligibility now!
Benefits of Abroad Education Loan through Vittiya
Guaranteed Best Loan
VITTIYA promises to offer you the most competitive education loan in the market. At VITTIYA, we bring you the best possible deal for your study abroad funding. If you find a better offer elsewhere, we’ll cover the difference in interest rates for the entire duration of your education loan. Secure your future with VITTIYA!
Fast Loan Processing
VITTIYA ensures a quick turnaround time by coordinating with various departments within UBI, securing loan approvals in just 15-20 days. That’s why thousands of students trust VITTIYA for their education loan needs every year. Applying directly to the bank may take 30-45 days, but with VITTIYA, you get a faster, hassle-free process.
100% Free Services
Our expert guidance and support come at no cost to you!
Lender Comparison Made Easy
The expert education loan counselors at VITTIYA analyze loan options from multiple lenders to find the best fit for your needs. We compare interest rates, loan amounts, repayment terms, processing fees, and other key features to ensure you get the most suitable financial solution for your education.
Higher Chances of Loan Approval
If there are missing documents, property-related concerns, or any other issues, VITTIYA works closely with bank officials to resolve them quickly. Our proactive approach ensures a smooth process and significantly boosts your chances of loan approval. No matter the challenge, VITTIYA is always by your side!
Apply Via Vittiya
To secure an education loan from UBI, you can apply online through their website. After completing the online application, you’ll need to visit the nearest UBI branch with your documents. To simplify the process, you can apply for your education loan through VITTIYA, an online platform that assists students in securing funding for their studies abroad with ease.
The Effect in UBI
| Feature | With Vittiya | Without Vittiya |
|---|---|---|
| Personalized document checklist according to profile & area | Yes | No |
| Branch Visits | 1-2 | 7-8 |
| Pre-visa disbursements | Easy | Difficult |
FAQs
No, applicants do not need to open an account with a specific bank to apply for a VITTIYA education loan. The process is streamlined to ensure easy access to funds for students.
Yes, if both parents are deceased, a close relative or legal guardian can act as a co-applicant to support the loan application.
Students can use the VITTIYA online EMI calculator by entering the loan amount, tenure, and interest rate to get an estimate of their monthly repayments.
No, there are no prepayment penalties, allowing borrowers to repay their education loan early without any additional charges.
The education loan is sanctioned in the student’s name, with a co-applicant (parent, guardian, or close relative) as financial support.
Frequently Asked Questions
Candidates can get a UBI education loan without an account, even if parents are deceased, with simple EMI calculations and no prepayment fees.
No, applicants are not required to open an account with the Union Bank of India.
If both parents are deceased, a close relative or guardian can act as a co-applicant.
To calculate your EMI for a VITTIYA foreign education loan, use our online EMI calculator by entering the loan amount, tenure, and interest rate for a quick and easy result.
The Union Bank of India does not impose any prepayment penalties on education loans, allowing borrowers to repay their loans six months after disbursement.
Education loans from the Union Bank are sanctioned in the student’s name.
Frequently Asked Questions
Candidates can get a UBI education loan without an account, even if parents are deceased, with simple EMI calculations and no prepayment fees.
No, applicants are not required to open an account with the Union Bank of India.
If both parents are deceased, a close relative or guardian can act as a co-applicant.
To calculate your EMI for a VITTIYA foreign education loan, use our online EMI calculator by entering the loan amount, tenure, and interest rate for a quick and easy result.
The Union Bank of India does not impose any prepayment penalties on education loans, allowing borrowers to repay their loans six months after disbursement.
Education loans from the Union Bank are sanctioned in the student’s name.