Union Bank of India Education loan- 2022

Union Bank of India Education loan- 2022

Union Bank of India Education loan

In this guide, we will see the Union Bank of India educational loan. The students who want to take higher education from the best education institute but due to lack of funds/money can choose the educational loan option, here we will discuss the detailed process for the UBI bank education loan.

Like other banks, the Union Bank of India provides many loans and financial support to their customers, the loan line Car loan, home loan, business loan, personal loan, and the education loan at an affordable interest rate. There are four main Union Bank of India education loan schemes for the students.

firstly we will discuss the required documents, eligibility criteria, and then the process for an educational loan.

Also read: DOP Bank

Union Bank of India Education Loan Eligibility:

There are eligibility criteria for the Union Bank of India education loan we are going to discuss in the following section:

  • The student should be Indian National
  • The student must have secured admission in India or abroad to pursue his or her higher medical, technical or professional education through the appropriate selection process with by clearing the qualification exam
  • NRI students should hold an Indian Passport & also must secured admission to India

Union Bank of India Education Loan Document Required:

There a wide range of documents are required for the Union Bank of India education loan, make sure you must have all the documents:

  • ID proof: PAN Card, Passport
  • Address proof: Telephone or electricity bill, Ration Card
  • Last 12 months bank statement
  • Admission document, Admission Letter, or Admit Card
  • Fee structure of a college or university with a schedule of expenses
  • 10th, 12th, or College last year mark-sheet
  • 3 Passport size photograph
  • Proof of any out-goes
  • Proof of income: for the salaried person, they have to give the last 6 months’ salary slips or last year’s ITR, for business owners they have to provide the last three-year ITR, and if you are an agriculturist then you have to provide the income certificate from Tahsildar.
  • If you have any LIC policy then you have to provide the documents to the bank.

Union Bank of India Education loan application form:

There are two methods to apply for the Union Bank of India education loan there are online and offline methods, by using the internet you can visit the online portal to fill out the application form for the UBI bank education loan.

Go to Union Education Application Form, on this link you can see the three-page application form just download the form or directly take the printout of the application form, fill out the application carefully and submit the application form to your nearest UBI Bank branch along with the above mention required documents.

Union Bank of India Educational Loan Subsidy:

These three education loan subsidy schemes can reduce the liability of interest rates. Let’s see the subsidy scheme for education loan

  1. Credit Guarantee Fund Scheme for Education Loans (CGFSEL): The Central Government of India sponsored this scheme to provide help for those students who come in economically weaker sections and who wants to take higher studies from better institutes.
  2. Central Scheme for Interest Subsidy: The Government of India tries make to provide a good quality of education available to students who belong to economically weaker sections, where the max annual family income is Rs. 4.5 lakhs. The Central scheme for interest subsidy reduced the rate of interest on education loans.
  3. Padho Pradesh: The Padho Pradesh scheme is introduced for the students who want to take higher education abroad, this subsidy reduced the interest liability from the deserving students who belong to the economically weaker sections of minority communities.

Union Bank of India Education loan interest rate 2021

The rate of interest for the Union Bank of India changes every year as per the bank or Government of India’s education policy which affects their education loan interest rate. The current rate of interest you can check on the link which we provide in the below section which helps you guide the education loan.

Please click here to know our latest interest rates, if interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for an interest rebate.

Union Bank of India Educational loan processing fee:

As per the instruction of the RBI and Indian government the Union Bank of India does not charge any processing fee on the UBI bank educational loan.

Union Bank of India Educational Loan EMI Calculator

The maximum repayment tenure for an education loan is 15 years, the accused interest during the moratorium period (if not serviced) will be added to the principal amount while calculating Equated Monthly Installments (EMI) for repayment.

To calculate the EMI you first know what rate of interest you have to repay the education loan then use this EMI Calculator to know the Union Bank of India education loan.

Union Bank of India Education loan expenses considered:

  • Tuition fee payable to college/ school/ university
  • Hostel/mess charges
  • Examination/ Library/ Laboratory fee
  • Insurance premium for the student borrower
  • Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts
  • Purchase of books/ equipment’s/ instruments/ uniforms
  • Purchase of computer/laptop at a reasonable cost, if required for completion of the course
  • Travel expenses/ passage money for studies abroad
  • Admission acceptance fee
  • Any other expense required to complete the course – like study tours, project work, thesis, etc.

People also ask:

How can I get education loan from Union Bank of India?

In the above section, we already mention the eligibility criteria and the list of required documents that you have to submit with your application form.

What is rate of interest for education loan in Union Bank of India?

As we already mention the rate of interest for the Union Bank of India could change every year as the RBI or Government of India education policy so that is why we mention the current rate of interest for the UBI bank

Which bank is best for education loan?

There are many banks that provide educational loans to eligible students, so we can’t say that which bank is good and which bank is bad.

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Conclusion:

In this guide, we discussed the Union Bank of India Education loan, we also mentioned the eligibility criteria, required documents, rate of interest, and application form, the bank executive will help you to understand the education loan process.

By using the above methods you check the eligibility for the Union Bank of India Education loan, please let us know if you have any queries regarding the article.

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