Union Bank of India Education Loan

What are the Offers for Education Loans provided at the Union Bank Of India? as I am taking loan for doing MBA so please tell me the Special features of the Special Education Loan for MBA students of the Union Bank Of India? What are the interest rates of the Education Loans in Union Bank Of India?

Hello sir,I want to take admission in engineering college but I am not able to submit the fee of the engineering college, would you please tell me about union bank of india education loan.

[Raman Vij]

Yes union bank provide a facility of education loan, here I provide you union bank of india education loan.

Union Bank of India offers Union Education which is essentially an education loan meant for all those who wish to borrow funds in order to pursue higher education in India or abroad.

Loan Feature
Loan Amount For studies in India - Up to Rs.10 Lac;
For studies abroad - Up to Rs. 20 Lac
Interest Rate: 12% to 12.50%; 0.50% relaxation for girl students

Course period + 1 year OR 6 months after job placement, whichever is earlier. The loan is to be repaid in 10-15 years after completion of course.
Pre Payment Charges No Pre-Payment penalty for self-closure. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/FIs


Union Bank Education Loan Eligibility:

In order to apply for the Union Bank education loan, the applicant must fulfill the following conditions:

Must be an Indian citizen
Applicant must have gained admission to a recognized institute in India or abroad through an appropriate standardized selection process or by clearing the concerned qualifying examination.

Union Bank Education Loan Course Eligibility:

Following is the broad category of courses which are eligible under the Union Bank education loan.

In India:

Graduation / Post Graduation / Diploma courses offered by recognized universities / colleges.
Technical / management / professional courses

Outside India:

Graduation / Post Graduation / Diploma courses offered by recognized universities / colleges.
Certified degree courses offered by recognized institutes like CIMA (London) and CPA (USA) and such others.
Diploma courses offered outside India are not eligible for this loan.

Documentation Required for Union Bank of India Education Loan:

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

Proof of identity – Passport, PAN Card, Employee Identity card or any other valid proof

Proof of address - Electricity bill, Telephone bill, Ration card or any other valid proof.

PAN Card
Bank statement for the last 12 months
Admission documents, Admission Letter, Admit Card.
Schedule of expenses including the fee structure and living expenses.
Mark sheets for Class X or equivalent onwards.
3 photographs
Proof of any out-goes
Loan repayment statement (If any)
LIC Policies (If any)
Any other document asked for in the application form
Proof of Income:

Salaried Individuals - Last one year’s Income Tax Returns, Form-16 / letter from employer, salary slips for the last 6 months.
Business Owners – Income Tax Returns for the last 3 years, Profit & Loss Balance Sheet.

Agriculturists – Income Certificate from concerned revenue officer (Tahsildar) or/and proof of land holding.