How to Apply for Union Bank Education Loan?

Here is complete information about Instant Education Loans for students by Union Bank Loan? | How to apply for Union Bank Education Loan?

Union Bank of India is a public sector bank that provides education loans to meritorious students to fulfill their dream of higher education in recognized institutions in India and abroad.

Eligibility for Union Bank of India Education Loan

Student should be an Indian citizen.
Applicant or student must have secured admission in recognized institutes of India or outside of India through proper selection process and cleared the qualifying examination.
Non residents of India (NRI) have secured admission for studying in India to a recognized institute. He also should have Indian passport.

Which courses are eligible for the Union Bank of India Education Loan?

Eligible courses covered in India.

Diploma / Graduation / post – graduation / courses from recognized universities
Phd courses
Technical / medical / professional / management courses

Eligible courses covered Outside India

Certified degree courses conducted by CIMA, London, CPA, USA and such other institutes.
Diploma courses are not covered in abroad.

How much Margin Money is required for the Union Bank of India Education Loan?

Amount of Loan	Margin money
Up to Rs. 4 lakh	NIL
Above Rs. 4 lakh for studying in India	5%
Above Rs. 4 lakh for studying in abroad	15%
For NRI students irrespective of the loan amount	15%

How much EDUCATION LOAN SECURITY is required for the Union Bank of India Education Loan?

Amount of Loan	Security
Up to Rs. 4 lakh	No security is required
Above Rs. 4 lakh and up to Rs. 7.50 lakh	A third-party guarantee is needed or a loan to be covered under CGFSEL
Above Rs. 7.50 lakh	Tangible collateral security of minimum value equivalent to the loan amount and interest accumulation during the course and moratorium period.

What kind of insurance is a must for the Union Bank of India Education Loan amount?

Life insurance for the student is a must for the loan amount.

Some important points to know about Education Loan:-

Amount of loan would be disbursed directly to the institute.
The loan amount will be sanctioned/disbursed from the nearest branch that to the place of student.

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