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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

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Easy 5-Step Digital Journey to Secure Your Education Loan

Study Abroad

UBI Bank Education Loan for Abroad Studies

Everything you need to know about UBI education loans for studying abroad.

Key Highlights

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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.

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Overview of 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 + GST
Above 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 is the time duration during which you are not required to make payments toward your education loan.

Margin Money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid 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:

Below are the top features of UBI’s unsecured loan options for students interested in applying for the Union Bank of India education loan abroad.
  • Loan Amount:
    • The education loan in Union Bank of India without collateral typically covers tuition fees, examination charges, accommodation, travel expenses, and other related costs up to a certain limit. The maximum loan amount without collateral is up to INR 40 Lakh for overseas education.

  • Eligibility Criteria:
    • To avail of the Union Bank of India abroad education loan without collateral, the applicant must meet specific eligibility criteria, such as securing admission to a recognized institution, maintaining a good academic record, and demonstrating the ability to repay the loan.

  • Courses Covered:
    • The Union Bank of India education loan abroad without collateral typically supports pre-approved courses, including postgraduate and professional courses in fields like engineering, medicine, management, and more.

  • Interest Rates and Repayment:
    • The interest rates for Union Bank of India abroad education loan without collateral are competitive starting at just 9.75%, with concessions available for female students. The repayment period usually begins after the completion of the course and offers flexible repayment terms, often extending up to 15 years, depending on the loan amount and the course duration.

    Note:-
    The Union Bank of India education loan interest rate is subject to change.
    Union Bank of India Educational Loan: Eligibility Criteria
    Age
    The applicant must be an Indian citizen and at least 18 years of age or older at the time of application.

    Education qualification
    To be eligible for an education loan, the applicant must have secured admission to a reputed university or institution for a program that leads to the degree or diploma they have chosen.

    Academic performance
    The applicant should have a consistently good academic record and must meet the minimum academic criteria set by the lending institution. Also, the student must fulfill any prerequisite tests such as GRE, IELTS, or TOEFL.

    Co-applicant
    The co-applicant could be a parent or a legal guardian, with a regular source of income and good credit history.

    Country of study
    Foreign institutes/universities in the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and Europe [Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Sweden, Switzerland, United Kingdom] will be covered under the scheme.

    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. UBI also offers loans for the following courses:
  • 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.

    • Union Bank Education Loan Interest Rates
    The Union Bank of India education loan interest rate is designed to be competitive, making higher education more accessible for students. Whether you’re pursuing studies in India or abroad, the Union Bank education loan rate of interest offers various schemes to suit different educational needs. From general education loans to specialized programs like the Union Education Loan for ISB Students, Union Bank provides tailored options to ensure that students can focus on their studies without financial stress. Below is a table detailing the various Union Bank education loan interest rates for different schemes:
    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%
    Union Bank Education Loan Documents Required
    The documents required for an education loan from UBI include your academic and professional history, your co-applicant financial and credit profile, and the location of the property or asset that you offer as collateral.

     
    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-Based Documents for Union Bank Education Loan Abroad
    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.
    • Union Bank Education Loan: 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:

    Email
    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.   Looking for a Union Bank student loan to study abroad? Skip the branch visits and complicated forms by applying through Vittiya. Our expert counselors will assess your eligibility, match you with the right lenders, and guide you throughout the loan process. Start your education loan journey today by checking your eligibility!
    Benefits of Union Bank Education Loan for Abroad through Vittiya
    Guaranteed Best Loan
    VITTIYA guarantees you the most competitive education loan in the market. If you find a better offer elsewhere, we’ll match it by covering the difference in interest rates for the entire loan term.

    Low Turnaround Time
    VITTIYA works closely with UBI to ensure loan approvals within just 15-20 days, far quicker than the usual 30-45 days processing time when applying directly through the bank.

    100% Free of Cost Services
    VITTIYA offers its services completely free of charge. No fees or commissions are ever charged to applicants.

    Lender Comparison
    Our expert education loan counselors compare loan options from various lenders, evaluating interest rates, loan amounts, repayment terms, and processing fees, to find the best fit for you.

    Higher Chances of Approval
    VITTIYA ensures faster resolution of any issues like missing documents or property concerns by liaising directly with UBI. We are always by your side to boost your chances of approval.
    How to apply for a UBI abroad education loan 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 Vittiya 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
    yOUR ANSWER

    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.

    Is it necessary for a candidate to open an account in UBI in order to process their education loan?

    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.