Fund Your UG Studies Abroad With Union Bank of India
Discover tailored education loan solutions for international undergraduate programs through Union Bank of India’s flexible financing plans.
Overview of Union Bank of India Education Loan
Union Bank of India’s education loans offer support to Indian students traveling abroad for higher education. Get education loans for various undergraduate courses at highly affordable rates.
What Makes Union Bank of India a Reliable Choice?
Competitive rates make your education loan affordable
Flexible repayment plans let you choose your EMI
Loans cover tuition, living, and other study expenses
Get collateral-free loans up to ₹40 lakh
Backed by a seamless online process for application
Features of Union Bank of India Education Loans
Maximum Amount
Up to ₹1.5 crore
Processing Fee
₹10,000 + GST for loans up to ₹40 lakhs
₹20,000 + GST for loans above ₹40 lakhs
Interest Rate
9.30% to 9.5% for loans up to ₹40 lakhs
10.80% for loans above ₹40 lakhs
Pre-visa Disbursement
Yes
Collateral
Required for loans exceeding ₹7.5 lakhs
Eligibility Criteria & Documents Required
Union Bank of India requires undergraduate loan applicants to a few eligibility rules and submit necessary documentation.
- Applicant must hold Indian citizenship
- Admission in a recognized foreign university
- The program should be undergraduate, postgraduate, or technical/professional in nature
- Academic performance must demonstrate good score
- University admission letter
- Academic mark sheets
- Identity proof (Aadhaar, Passport)
- Address verification documents
- Co-applicant’s income documentation
- Estimated Cost of Attendance
- Property documents or FD (for secured loans)
Explore Union Bank of India Education Loan
Union Bank of India education loans for undergraduate courses are a popular choice due to competitive interest rates and flexible repayment options.
Undergraduate Union Bank of India Education Loan
Join the countless students who got affordable government-backed Union Bank loans through GradRight, and benefited from subsidies and low-interest rates for UG education.
200,000+
students assisted
₹16,300 crore
loan requests processed
₹2,000 crore
disbursed in loans
Frequently Asked Questions
What expenses do Union Bank of India education loans after 12th cover?
Union Bank of India education loans for undergraduate programs pays for:
- Tuition Fees
- Living Costs
- Essential Deposits
- Study Materials
- Laptop Purchase
- Travel for Overseas Study
- Admission Fees
- Course-related Expenses
What is the repayment period for Union Bank of India education loans for studies abroad?
The Union Bank of India education loan for UG studies abroad has a repayment period of up to 15 years. This starts after the completion of the course and the moratorium period. The moratorium period typically includes the course duration plus 6 to 12 months.
Can I avail tax benefits on Union Bank of India education loans for undergraduate courses abroad?
Yes, borrowers can receive significant tax benefits on Union Bank of India education loans. The full interest paid on these loans is eligible for deduction under Section 80E of the Income Tax Act. This helps save tax and provides a valuable financial advantage.
What are the documents required for Union Bank of India education loans?
To apply for an Union Bank of India education loan for studying abroad, you’ll need to submit the following documents:
- Academic – 10th, 12th, graduation mark sheets
- Admission – Offer letter and expense details
- Financial – IT returns, 6-month bank statements, asset proof (if applicable)
- ID Proof – Passport, Aadhaar
- Others – Collateral documents (if applicable) and insurance proof
Why do I need life insurance for my Union Bank of India education loan?
Life insurance is required for Union Bank of India education loans. It is to protect the bank’s interests in case of the borrower’s untimely death. The insurance company steps in and pays back the outstanding loan amount to the bank. This also acts in favour of the co-applicant.
Who can be a co-applicant for a Union Bank of India education loan for undergraduate courses?
For Union Bank of India education loans, the co-applicant requirements are specific:
- If the student is single and parent(s) are alive they must compulsorily join as co-applicants.
- If both parents are deceased, a close relative or legal guardian has to be the co-applicant.
- If the student is married, their spouse or parent(s)-in-law can be the co-applicant.
What is the margin amount required for Union Bank of India education loans?
For Union Bank of India education loans, the required margin amount varies based on the study destination. For education loans for study abroad the margin is 15%.
Can I prepay my Union Bank of India education loan, and are there any charges?
Yes, Union Bank of India allows for the prepayment or foreclosure of their education loans. There are no prepayment penalties for education loans.
