Education loan comes in handy when it comes to pursuing higher education and acquiring the required skills in your desired field.
As Union Bank understand how education helps you achieve better career prospects, and therefore, we strive to make your academic experience more fruitful with our education loan offerings.
Here are the steps you need to follow to apply for an education loan from Union Bank Online using your PC or mobile phone
Eligibility for an Education Loan in Union Bank
There are a few eligibility criteria that you must meet in order to be approved for an education loan from Union Bank.
- You must be a full-time student at an eligible institution, and the school you are attending must be included on the Union Bank list of approved schools.
- You must also be a citizen or permanent resident of India, and no age restriction
- The student’s parent(s) is required to participate as a co-applicant.
- Co-applicant might be parent(s)/spouse/parent(s)-in-law in the event of a married individual.
- In the event that both parents are deceased, a close family or guardian will be considered a co-applicant.
Documentation Required for Applying for an Education Loan in Union Bank
– Completed application form and credit details
– KYC documentation for the applicant and co-applicant/guarantor (if applicable):
- Identity evidence (Pan Card/Voter ID/Passport/Aadhaar Card, for example)
- Proof of residency (driver’s licence, passport, utility bill, etc.)
- newest passport-sized picture
- Borrower/Co-borrower/ITR Guarantor’s or Income Proof, if any.
– Borrower/Co-borrower/most Guarantor’s recent 12 month bank statement (with us or another bank / financial institution)
– Caste certificates are solely necessary for statistical purposes only.
– Documents for academic use:
- Admissions documentation (admission letter)
- Mark reports and certificates for all exams completed
- Expense schedule for the course
- Letter awarding a scholarship, freeship, or studentship, for example.
Please keep in mind that this is only a sample list; any other document may be obtained based on the specific case’s needs.
Processing of applying for education loan in Union Bank online
Union Bank of India offers an online facility for processing education loans. The process is simple and easy to understand. The following are the steps involved in the online process:
1. The applicant has to Visit the Union Bank Loan Apply Page.
2. Fill in all the required details such as Name, Contact Information Select Personal Loan on Scheme Type (*) – important to fill and click Submit.
3. The bank will evaluate the application and contact you if found eligible.
4. The applicant can check the loan status of the application online at any time.
For ISB Student
For Skill Development
For Special Education Loan
What is education loan security?
|Quantum of loan||Security|
|Up to Rs.4 Lakh||There is no need for security. However, the loan must be mandatorily covered by CGFSEL.|
|Above Rs.4 Lakh & up to Rs.7.50 Lakh||The bank must accept a suitable third-party guarantee OR the loan must be insured by CGFSEL.|
|Above Rs.7.50 Lakh||Acceptable to the bank, tangible collateral security of at least the loan amount plus interest accrued throughout the course and moratorium period.|
Benefits of availing of an education loan in Union Bank online
There are several benefits of availing of an education loan in Union Bank online. Some of the key benefits are as follows:
- You can get a loan up to Rs. 20 lakh, to fund your higher education.
- The interest rates on education loans are very competitive and start from just 10.5%.
- You can get a loan for both undergraduate and postgraduate courses, as well as for professional courses such as engineering, medical, etc.
- You can apply for a loan online, in just a few minutes.
- The loan processing is quick, and you can get the loan disbursed in just 10 days.
- You can also get a waiver of processing fees if you opt for an auto pay facility.
- The Union Bank education loan comes with a host of other benefits, such as no prepayment or foreclosure charges, and easy repayment options.
You should always apply for education loans after your admission has been confirmed. There are many banks and other financial institutions that provide educational loan facilities. One of these is Union Bank, which you can apply online for a student or staff education loan facility.
With such facilities available, you can choose your preferred financial services provider and enjoy benefits such as convenient online applications and payment options, flexible repayment schedules and more.
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