Union Bank Abroad Education Loan

Bank

Upto 7-10 days Loan Processing Time

Margin

15%

Processing Fees

NIL

Collateral

Upto ₹1 crore

Non-Collateral

Upto ₹40 lakhs

Repayment Tenure

Upto 15 years

Cosigner Needed

Yes

Interest Rate

Starting from 9.25%*

Countries covered

USA, UK, Australia, Canada, and many more

Features of Union Bank
Education Loan Abroad

Union Bank of India provides affordable education loans with a range of features, helping Indian students to be able to pursue higher education abroad. They help students enrol in the best institutes all over the globe without worrying about their financial conditions.

Union Bank abroad education loans also offer interest subsidy programs supported by the Government of India. These schemes are specially designed to help students who can’t afford to travel abroad for their higher studies.

Features	Education Loan Details
Loan amount	Upto ₹1 crore (Collateral) Upto ₹40 lakhs (Non-Collateral)
Margin money	15%
Interest rate	Starting from 9.25%*
Processing fees	NIL
Processing time	7-10 days
Loan tenure	Upto 15 years
Prepayment charges	NIL
Countries covered	Union Bank of India provides overseas education loans in numerous countries including USA, UK, Australia, Canada, Germany, Ireland, New Zealand , and many more.
Moratorium	Study period + 12 Months

Benefits of Union Bank Education Loan

Covers Additional Expenses
Union Bank's education loans cover expenses apart from tuition fees like accommodation charges, travel expenses, examination fees, library fees, laboratory fees, reading materials, and other course-related fees.
Low Interest Rates
Union Bank of India offers education loans with lower interest rates compared to other banks. This helps the students pursue their dream courses stress-free.
Grace Period
Union Bank of India offers an additional duration of up to 1 year after graduation to repay your loan. The bank also allows a repayment duration of up to 15 years which helps the students repay the loan without a sense of urgency.

How To Apply For Union Bank

Education Loan For Abroad Studies?

You can apply for a Union Bank Education Loan by connecting with our team of experts. Just fill out the form on our website, and we will schedule a callback and guide you through the process.
From helping you upload documents online to presenting them to the banks, Lorien Finance will help you throughout the application process.
Once all your documents are uploaded & KYC process is complete, you can expect your loan to get sanctioned within a few working days.

Why choose Lorien Finance to get an Education Loan from Union Bank of India?

Best loans at unbeatable interest rates: Lorien Finance strives to bring you the best possible deals for your study abroad loans. Our experts negotiate on your behalf to get education loans at the lowest possible interest rates.
Effortless Process: All you need to do is fill out the form on Lorien Finance’s website. Yes, it’s that simple! Our team will take it up from there, making it a hassle-free process for you.
100% Free Assistance: Lorien doesn’t charge any processing fee or commission for student loans for your study abroad journey!
Quicker Loans: With constant application tracking and status updates, our experts ensure that your education loan for studying abroad gets sanctioned as early as possible.
Higher chances of approval: In case of any missing documents or other issues, Lorien’s team promptly reaches out to the bank to find solutions to increase your chances of getting a study loan for your overseas education.

Helping you fulfil your study abroad dream!

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Eligibility Criteria For Union Bank of India Education Loan Abroad

Eligibility Criteria for Student:
1. Must be an Indian citizen.
2. Must have cleared the qualifying exam.
Eligibility Criteria for Co-applicant:
1. Must be the student's parents.
2. Must be an Indian citizen.
3. If the student is married, the co-applicant can be their spouse or parents-in-law.
4. If both the parents have deceased, a close relative or guardian must be taken as the co-applicant.
Eligible Courses For Union Bank Education Loan Abroad:
1. Graduation courses offered by recognised universities
2. Post-graduation courses offered by recognised universities
3. Certified degree courses conducted by CIMA, London, CPA, USA etc.
4. PhD courses

Documents Required

For Applicant:
1. Identity proof (PAN Card or Employee Identity card)
2. Proof of address (Electricity bill, Telephone bill, or Ration card)
3. Bank statement for the last 12 months
4. Admission Letter & Admit Card
5. Schedule of expenses including fee structure and living expenses
6. Mark sheets for 10th and 12th grade
7. Photographs
8. Proof of any outgoings
9. Loan repayment statement (if any)
10. LIC Policies (if any)
11. Any other document requested in the application form
For Salaried Individuals:
1. Income Tax Returns for last year
2. Form-16 / letter from employer
3. Salary slips for the last 6 months
For Business Owners:
1. Income Tax Returns for the last 3 years
2. Profit & Loss Balance Sheet
For Agriculturists:
1. Income Certificate from concerned revenue officer/Proof of land holding

Expenses Covered in Union Bank of India Education Loan

Tuition fees
Hostel and mess fees
Examination, library, and laboratory fees
Insurance premium
Caution deposits, building funds, and refundable deposits
Reading material and uniform
Travel expenses
Laptop
Admission acceptance fees
Other expenses

FAQs

Bringing answers to your questions

What are the eligibility criteria for Union Bank's education loans for studying abroad?
To be eligible for Union Bank's education loans for studying abroad, students must fulfil certain criteria. The student must be a citizen of India and have successfully cleared qualifying exams, if any. As for the co-applicant, the student's parents can sign as a co-applicant. In the case of a married student, the co-applicant can be their spouse, parents, or parents-in-law. If both parents are deceased, a close relative or guardian is considered eligible to be the co-applicant. These criteria ensure a comprehensive understanding of the eligibility requirements, allowing prospective applicants to prepare their documentation accordingly.
What is the interest rate on education loans for studying abroad?
Union Bank of India offers education loans with low interest rates. The exact interest rate may vary, and we recommend connecting with our experts for the most up-to-date information.
What is the process for applying for a Union Bank education loan for studying abroad?
One can apply for a Union Bank education loan for studying abroad by getting in touch with Lorien Finance. Fill out the form on our website, and our experts will schedule a callback with you. They will guide you through the application process, help you upload necessary documents online, and present the application to the bank. Once all the documents are uploaded and the KYC process is complete, the loan is expected to be sanctioned within a few working days.
Does Union Bank offer special benefits or interest rate reductions for exceptional academic performance?
Union Bank's education loans are known for their low interest rates, providing financial support for students aspiring to study abroad. While Union Bank may not explicitly mention benefits for exceptional academic performance, Lorien Finance, your trusted education loan partner, works diligently to ensure you access the most favourable terms. By leveraging our expertise and relationships with financial institutions, Lorien assists you in securing the best interest rates available. Our commitment is to make your study abroad journey financially viable, offering personalised support to enhance your overall experience.
Is there a co-applicant or guarantor required for the loan?
Union Bank’s education loans require a co-applicant, and it is typically the student's parents. In certain cases, a guardian, relative, or sibling can act as the co-applicant.
What collateral or security is required for the loan?
Collateral requirements may vary based on individual circumstances and the loan amount. Lorien Finance, as your dedicated education loan partner, can facilitate this communication, ensuring you receive accurate and personalised information tailored to your specific needs. Contact us to navigate the intricacies of collateral or security for your Union Bank education loan, making your application process smoother and more transparent.

Lorien’s Success Stories

Real Dreams: Real Achievements

I'm Sambhavi, currently working at Deloitte. Lorien Finance helped me secure an education loan for my Master's in Business Analytics at the University...

Sambhavi

I want to express my utmost satisfaction and gratitude to Lorien Finance for their exceptional services....

Rachna

Thanks to Lorien Finance, I was able to secure an education loan without any hassle. Their online application process made it convenient for me to app...

Sharikha

I'm Sambhavi, currently working at Deloitte. Lorien Finance helped me secure an education loan for my Master's in Business Analytics at the University...

Sambhavi

I want to express my utmost satisfaction and gratitude to Lorien Finance for their exceptional services....

Rachna

Thanks to Lorien Finance, I was able to secure an education loan without any hassle. Their online application process made it convenient for me to app...

Sharikha

Finding suitable accommodation in a foreign country can be challenging, but Lorien Finance made it a breeze. Their partnership with reliable housing p...

Sriram

It was a good experience with Lorien Finance throughout the process they helped me in every step and made the process hassle-free and helped me to g...

Rama

It was a good experience with Lorien Finance throughout the process they helped me in every step and made the process hassle-free and helped me to g...