Union Bank of India
Education Loan for Studing Abroad
Get Free Education Loan Assistance From Collegepond
- Interest Rate Starting from 9.0%
- Loan Amount 1 CR
- Processing Fees up to 0.5% + GST
How it Works
Simple 5 Step Digital Process Obtain an Education Loan
Verify Your Education
Loan Eligibility
Use our free tool to check your eligibility and access conditional loan options instantly.
Connect with our
Education Loan Advisors
Consult our dedicated loan advisors for personalized guidance and process insights.
Share Documents and
Complete the Application
Submit your documents and fill out the required forms for bank verification and review.
Secure the Best
Education Loan Offer
Our experts negotiate on your behalf to ensure the lowest interest rates and the highest loan amount possible.
Education Loan Approval
and Fund Disbursement
Receive the sanction letter and enjoy hassle-free disbursement of funds from the lender.
Verify Your Education Loan Eligibility
Use our free tool to check your eligibility and access conditional loan options instantly.
Connect with Our Education Loan Advisors
Consult our dedicated loan advisors for personalized guidance and process insights.
Share Documents and Complete the Application
Submit your documents and fill out the required forms for bank verification and review.
Secure the Best
Education Loan Offer
Our experts negotiate on your behalf to ensure the lowest interest rates and the highest loan amount possible.
Education Loan Approval and Fund Disbursement
Receive the sanction letter and enjoy hassle-free disbursement of funds from the lender.
Union Bank of India Education Loan for studying abroad
All You Need to Know about SBI Bank Education Loans for Studying Abroad
Table of Contents
About the Lender
Union Bank of India (UBI) is a prominent public sector bank in India, recognized for its extensive experience in providing financial services, including education loans. UBI is committed to supporting students’ academic aspirations by offering tailored loan products for both domestic and international studies.
Key USPs
- High Loan Amounts: UBI offers education loans up to INR 1 crore for studies abroad, accommodating a wide range of educational expenses.
- Competitive Interest Rates: Interest rates start at 9.80% per annum, making education financing more affordable.
- Collateral-Free Loans: Students can avail collateral-free loans up to INR 40 lakh, reducing the financial burden on families.
- Zero Processing Fees: UBI waives processing fees, resulting in significant savings for applicants.
- Swift Processing: Loan approvals are processed in as little as 4 days, ensuring timely financial support.
Required Documents
Applicants and co-applicants need to provide the following documents:
- Identity Proof: Passport, PAN Card, or Employee Identity Card.
- Address Proof: Electricity bill, telephone bill, ration card, or other valid proof.
- Academic Records: Mark sheets from Class X onwards.
- Admission Proof: Admission letter or admit card from the educational institution.
- Financial Documents:
- Salaried Individuals: Latest salary slips, Form-16, and IT returns.
- Self-Employed Individuals: IT returns for the last 3 years and balance sheet.
- Agriculturists: Income certificate from the relevant authority.
- Bank Statements: Statements for the last 12 months.
- Photographs: Recent passport-sized photographs.
Application Process via Collegepond
To apply for a UBI education loan through Collegepond, follow these steps:
- Initial Consultation: Connect with a Collegepond counselor to discuss your educational plans and financial requirements.
- Document Preparation: Gather all necessary documents as advised by your counselor.
- Application Submission: Submit your loan application along with the required documents through Collegepond’s platform.
- Processing and Approval: UBI will review the application, and upon approval, you’ll receive a sanction letter detailing the loan terms.
- Disbursement: Funds are disbursed directly to the educational institution as per the fee schedule.
Eligibility Criteria
- Nationality: Applicant must be an Indian national.
- Admission Status: Confirmed admission to a recognized educational institution in India or abroad.
- Academic Performance: Minimum marks in the qualifying examination:
- For studies abroad:
- General Category: 60%
- OBC/SC/ST: 50%
- For studies abroad:
Interest Rate
UBI offers competitive interest rates starting at 9.80% per annum. Female students may be eligible for a 0.50% concession on the interest rate.
Loan Disbursement Process
Upon approval, the loan amount is disbursed directly to the educational institution in accordance with their fee schedule. This ensures timely payment of tuition and other fees.
Loan Processing Charges
UBI does not levy any processing fees for education loans, resulting in cost savings for applicants.
Income Tax Benefits under Section 80E
Borrowers can avail tax benefits on the interest paid towards the education loan under Section 80E of the Income Tax Act. This deduction is available for a maximum of 8 years or until the interest is fully repaid, whichever is earlier.
For personalized assistance and to initiate your loan application, it’s recommended to consult with a Collegepond counselor who can guide you through the process and help secure the most favorable loan terms.
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