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Union Bank of India Education Rate of Interest

Along with the loan, UBI offers a lot of subsidy schemes too.

  • No processing fee
  • The maximum loan limit is INR 30 Lacs.
  • A margin of 15% is charged for a loan above INR 4 Lacs.

The bank offers attractive interest rates as per the guidelines of the RBI.

  • The RoI for a loan up to INR 4 Lacs is 11.85%
  • The RoI for a loan from INR 4-7.5 Lacs is 11.60%.
  • The RoI for loan above INR 7.5 Lacs is 10.70%.
  • Girls are given a concession of 0.5%.

CALCULATE YOUR EDUCATION LOAN EMI

Fill the Loan Amount
Fill the Interest Rate
Fill the Loan Tenure
EMI Payable

188 per month

Total Interest

1,280

Payable Amount

11,280

Total Interest
Principal Loan Amount

Looking for admission for India and Abroad?

Know Fees

Union Bank of India Education Loan Eligibility

loan eligibility image
  • Indian National. The applicant should be a citizen of India or should have the passport of India.
  • 10+2. The candidate should have cleared 10+2 with essential grades.
  • Eligible Course. Graduate/Postgraduate/Diploma courses.
  • Eligible Institute. The candidate should have got admission in a recognized foreign university.
  • Admission Basis. The admission should have been on the basis of an entrance exam or on merit basis.

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Applicable Rate of Interest Up to INR 4 Lacs:11.85%.
From INR 4-7.5 Lacs:11.60%
Above INR 7.5 Lacs: 10.70%.
1.70% above the base rate
up to INR 7.5 Lacs: MCLR + 2.00%
above INR 7.5 Lacs: 2.60%
Upto 4 Lacs- 16.50%
Upto 7.5 Lacs- 17.50%
Above 7.5 Lacs- 15.50%
Max Loan with Collateral INR 30 Lacs
For Abroad: 30 Lacs
For Abroad: 20 Lacs
For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement
Max loan without collateral INR 30 Lacs
For Abroad: 30 Lacs
For Abroad: 20 Lacs
For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement
Processing Fee Nil
INR 10,000
Nil
Nil
Repayment Period 15 years
15 years
15 years
7 years
Loan for top institutions No
Yes, SBI Scholar Loan Scheme
Yes, PNB Pratibha
No
Margin Up to INR 4 Lacs: Nil
Above INR 4 lacs: 5%
15%
Up to INR 4 Lacs - NIL
Above INR 4 Lacs - 15%
Upto loan 4 Lacs: No margin
Above 4 Lacs: for India: 5%
for Abroad: 15%
Age Limit No age criteria
no age limit
No age limit
No
Loan Security Up to INR 4 Lacs: No Collateral required
From INR 4 to 7.5 Lacs: Guarantee of a bank approved third party
Above INR 7.5 Lacs: Collateral Security equal to the amount of loan
Tangible collateral security is required
Collateral security by third party are also accepted
Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank.
Third party guarantee
Collateral security
Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount
Assignment of Future salaries in favor of Axis Bank
Eligibility concession for SC/ST No
No
50% for SC/ST, and;60% for General category.
No
Processing Time N.A.
20 days
15 days
14 Days
Prepayment charges Nil
Nil
Nil
Nil
Penal charges Nil
Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period
Nil
@ 2% per month on the overdue installment/s
Mandatory insurance cover Not mandatory
Yes
yes
yes
Travel expeneses yes
yes
yes
yes
Bank transfter allowance Available (2% on the average loan outstanding for the past 12 months will be levied.
available
available
No such clause mentioned
Top up loan availability Available
yes
available
unavailable
Interest Subsidy Schemes CSIS
Skill Loan Scheme
CGFSEL
Padho Pardesh
Padho Pardesh
CSIS
Skill Loan Scheme
Padho Pardesh
CSIS
Skill Loan Scheme
CSIS
Tax benifit yes
yes
yes
yes
Concession/benefits No margin required for loan upto INR 4 Lacs
No security required for loan upto INR 4 Lacs
0.50% concession to girl students
No processing fee
Concession to girl students
1% concession if interest is serviced during moratorium period including course period
0.5% concession to girl students
0.5% concession if interest is serviced during moratorium period including course period
Online application
There is no processing fee charged
No pre- payment charges are applied
No pre- closure charges are applied
Loan Disbursal period is 15 working days from the date of final submission of documents
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How to apply for Union Bank of India Education Loan ?

Union Bank of India Education loan application form can be available online or offline at Bank branches.

Visit the official website for Union Bank of India Education Loan.

Click on Apply Now.

Fill out the form with essential details.

Upload the mandatory documents required.

Submit the form and take out a print out of the application.

Visit the bank branch for further formalities.

Applicants can directly visit the nearest branch and ask for an application form. The bank representative will then guide them with all the necessary information regarding eligibility, documents required and also which loan is best suitable.

Union Bank of India Education Loan Details

Loan Limit
INR 30 Lacs
Margin
Up to INR 4 Lacs: Nil
Above INR 4 lacs: 15%
Processing Fee
Nil
Loan Security
Up to INR 4 Lacs: No Collateral required
From INR 4 to 7.5 Lacs: Guarantee of a bank approved third party
Above INR 7.5 Lacs: Collateral Security equal to the amount of loan
Assignment of students future salary towards the bank
Loan Repayment
15 years

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Expenses covered under Union Bank of India Student Loan Scheme

  • Tuition Fee
  • Examination Fee
  • Library/ Laboratory Fee
  • Hostel Fee
  • Cost of Books, equipment, instrument or uniforms
  • Miscellaneous expenses- study tours, project work, thesis, etc.
  • A reasonable cost of computer or laptop (if required).
  • Travel Expense

Education Loan Documents Required ?

Admission letter with all essential details.

Attested copies of age proof, residence proof and birth date.

Self-attested passport size photograph.

Copies of qualifying courses.

Salary proof such as Latest salary slip, Form 16 and recent salary certificate.

Details of collateral security along with government approved valuation certificate (if any).

Schedule of Expenses of the course.

Copy of passport and visa for abroad courses.

Interest Subsidy Schemes

Padho Pardesh

Formulated under the Prime Minister's 15 point programme, this subsidy scheme benefits the students of the minority community who want to study abroad. Such students are provided 100% interest subsidy.

Padho Pardesh

Procedure for availing Padho Pradesh

  • Students are supposed to inform their lending banks about the recently launched scheme of Padho Pardesh by Ministry of Minority Affairs.
  • Then the students have to submit the proof of their eligibility for the particular scheme
  • If a student is eligible, the lending bank will feed the students information into a portal of Padho Pardesh.
  • The portal will remain open for the period of two months in every quarter.

Courses covered under Padho Pardesh Scheme

Courses that are covered by Government of India under this scheme are as follows:

Arts/ Humanities/ Social SciencesCommerce
Pure ScienceEngineering
Bio- technology/ Genetic EngineeringIndustrial Environmental Engineering
Nano- technologyMarine Engineering
Petro-chemical EngineeringPlastic Technology
Cryogenic EngineeringMechatronics
Automation Robotics including artificial intelligenceLaser Technology
Low Temperature Thermal DynamicsArt Restoration Technology
OptometryDock and Harbour Engineering
Imaging System TechnologyComposite Materials Engineering including Decentralized power
Packaging Engineering/ TechnologyNuclear Engineering
Information Technology including Computer Engineering, Software, Software Quality assurance, etc.Industrial Safety Engineering
MedicalAgriculture & Agro Technology
AgronomyFloriculture & Landscaping
Forestry & Natural ResourcesFood Sciences & Technology
Plant PathologyHorticulture
Energy StudiesFarm Power & Machinery
Veterinary SciencesSoils & Water Management
Plant Breeding & GeneticsSmall- scale Rural Technology
Ocean & Atmospheric SciencesMB/MCA
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