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Get Free Education Loan Assistance From Siksha Udaan Capital
9.25%-9.75%
INR 5000
Nil
The Union Bank of India (UBI) was founded in 1919 as a limited company and later nationalized in 1969. The bank offers a variety of financial and banking services, including corporate and personal banking, international banking, and education loans for study abroad and in India. After merging with Andhra Bank and Corporation Bank in 2020, Union Bank of India emerged to become the country’s fifth-largest public sector bank.
Union Bank of India provides a range of secured and unsecured loan options to its customers.
| Features | Description |
|---|---|
|
Loan amount |
Secured loan - Upto INR 1.5 Cr (This amount can be increased depend on the student's profile) Unsecured loan- INR 40 Lakh |
|
Rate of interest |
9.25%- 9.75% |
|
Processing fees |
INR 5000(Refundable if disbursement within 3 months of sanction) |
|
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 |
To apply, the candidate should be a citizen of India and must be 18 years old or above at the time of applying.
The applicant must have been secured into a reputable university or institution for a program leading to the desired degree or diploma to be eligible for an education loan.
To be considered, the applicant must maintain a consistently impressive academic record and satisfy the lending institution’s minimum academic standards. Moreover, the student is required to complete any prerequisite tests such as GRE, IELTS, or TOEFL.
A parent or legal guardian with a steady source of income and a good credit history may be the co-applicant.
Foreign institutes/universities in the UK, Canada, USA, Australia, Japan, Singapore, Hong Kong, New Zealand, and Europe [Belgium, Austria, Denmark, France, Finland, Germany, Greece, Italy, Ireland, Netherlands, Switzerland, Sweden, United Kingdom] will be covered under the scheme.
Regular graduate degrees, post-graduate degrees, diplomas, certificates, and doctoral courses, including bachelor’s, master’s, MCA, MBA, MS, and so on, are covered under this plan. In addition, UBI provides financing for the following courses:
Courses conducted by CIMA- London and CPA in the USA
Degree or diploma courses like pilot training, aeronautical, and shipping.
The resources that can be used as collateral by Union Bank of India include:
Immovable property such as a house, flat, and open plots as collateral if the property is sanctioned by the legal authorities.
Fixed deposits.
To apply for an education loan from UBI, you will need to provide certain documents. These include information about your educational and work background, details about the financial status and credit history of your co-applicant, and the specific location of the property or asset that you plan to use as collateral.
Copy of Form 16 of the last 2 years or a copy
Salary slips for the last 3 months
Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
Bank account statement for the last 6 months (Salary account)
The documents needed for collateral vary based on different factors such as property type, purchase history, and location.
Common documents:
There are several ways to get in touch with UBI for an education loan for studying abroad.
Please send a comprehensive email to customercare@unionbankofindia.com, providing detailed information about your profile. Their team will carefully review your email and provide a suitable response.
Online application form
Visit the UBI website and search the “Contact Us” section. Within this section, you will have the opportunity to fill out an online application form. Once submitted, your profile will undergo a comprehensive evaluation, and the subsequent steps of the process will be initiated.
Branch visit
Go to the branch that is nearest to you in your town or city. The branch staff is available to offer guidance on education loans, including the application process, necessary documents, and additional relevant information.
If you are looking for a loan to finance your education abroad, but want to skip the hassle of visiting physical branches and dealing with complicated application forms, you have the option to apply for a study abroad loan through Shiksha Udaan Capital.
Shiksha Udaan Capital is an education financing platform that specializes in helping students secure funding for their higher education abroad. Once you meet the eligibility conditions, one of our committed counselors will carefully review your profile and suggest the lenders who would best fit your unique loan needs. Our counselors will help and assist you along the loan procedure, and they are always accessible to answer any questions or deal with any difficulties you could run into.
Short Waiting Period
Shiksha Udaan Capital collaborates with different departments at UBI to ensure loan approval within a short span of 15-20 days. This is why numerous students rely on us for their loan requests annually. In contrast, if a student directly applies to the bank, the typical loan processing time at UBI takes approximately 30-45 days.
Guaranteed Best Loan
Shiksha Udaan Capital is dedicated to providing you with the most suitable education loan available. For you, we bring the finest possible offer. We will pay the difference in interest rates for the whole duration of the education loan if you find a better offer.
Services Provided at Absolutely No Cost
Shiksha Udaan Capital offers free services to applicants without any charges or commissions.
Lender Comparison
Shiksha Udaan Capital’s knowledgeable education loan advisers evaluate several lenders’ loan options to determine which one best meets your needs. This involves comparing various lenders’ interest rates, loan amounts, periods of repayment, processing costs, and other aspects.
Increased Chance of Being Approved
If any documents are missing, property issues, or any other problems, we will quickly reach out to the UBI officials to find solutions. This will make sure that any issues are resolved quickly and improve your chances of getting approved. If there are any obstacles along the way, Shiksha Udaan Capital will always be there to support you!
If you’re looking to obtain an education loan from UBI, the process is quite simple. All you need to do is visit the UBI website and apply online.
If you prefer a more convenient option, there’s an alternative available. Shiksha Udaan Capital, an online platform designed to assist Indian students in financing their education abroad, offers a hassle-free way to apply for an education loan. By choosing Shiksha Udaan Capital, you can skip the complex steps of visiting a UBI branch and instead complete the entire loan application process online.
Applicants don’t need to have an account in the Union Bank of India.
When both parents are no longer alive, it is possible to include a close relative or guardian as a co-applicant.
Individuals who have taken education loans from the Union Bank of India are not subjected to any prepayment penalty. After 6 months of receiving the loan, borrowers are free to repay the loan without incurring any additional fees.
The EMI calculator on Shiksha Udaan Capital’s website offers a convenient way for applicants to determine the EMI for an education loan from Union Bank of India. By simply inputting the loan amount, loan tenure, and applicable interest rate into the calculator, individuals can quickly obtain the EMI amount. This online tool provides a simpler and more user-friendly alternative for calculating EMIs.
An education loan is granted by the Union Bank under the student’s name.
Shiksha Udaan Capital aims to support your dream of attaining a high-quality education and provide students with easy access to personalized educational finance alternatives.
