Union Bank Of India Education Loan Interest Rate
| INTEREST RATE | 8.10% to 12% |
| LOAN TENURE | In 10 to 15 years after the Holiday | Moratorium Period |
| PROCESSING FEE | As decided by the bank from time to time |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | As decided by the bank from time to time |
About Union Bank Of India
Union Bank Of India is a public sector bank in india with total assets 6136 crore. It has headquarter in Mumbai. Union Bank Of India was founded on Nov. 11, 1919. It has 4078 branches and total assets 61367020 ATMs across India.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Union Bank Of India which includes Union Bank Of India Official Website, Union Bank Of India ATMs accross the India, Union Bank Of India Branches accross the India, Union Bank Of India Contact Numbers, Union Bank Of India official EmailID, Union Bank Of India Headquarter and Union Bank Of India Headquarter Address. Find Union Bank Of India Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.
Other Products of Union Bank Of India:
| Home Loan | Personal Loan |
| Education Loan | Business Loan |
| Car Loan | Two Wheeler Loan |
| Gold Loan | FD Interest Rates |
| Union Bank Of India RD Interest Rates | Union Bank Of India ATMs Location |
| PPF Account |
Union Bank Of India Education Loan Purpose
Union Bank Of India Eligible Courses for Education Loan
Education Loan can be availed under following cases-
- Graduate, Post graduate, Diploma and Professional courses recognized by University Grant Commission, All India Council for Technical Education (AICTE) and the Indian Council for Medical Research, Government of India.
- Job oriented Professional or Technical courses of reputed education institutes abroad, etc.
- Government recognized or approved vocational or skill development courses.
- Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc
- Courses offered in India by reputed foreign Universities.
- Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.
Union Bank Of India Education Loan Document Required
For salaried individuals
- Duly filled up and signed education loan application form along with photographs
- KYC (Know Your Customer)documents
- Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
- Latest salary slip showing all deductions or Form 16 along with recent salary certificate
- Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
- Bank Statement or Bank Pass Book of having entries of last 6 months
- Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- Detailed break-up of the costs of the course (Optional)
For all individuals except salaried
- Duly filled up and signed education loan application form along with photographs
- KYC (Know Your Customer)documents
- IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
- Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
- Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
- Bank Statement or Bank Pass Book of having entries of last 6 months
- Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- Detailed break-up of the costs of the course (Optional)
Union Bank Of India Education Loan Amount
a) For studies in India, maximum Rs. 10 Lakhs.b) For studies abroad, maximum Rs. 20 Lakhs.
Margin
a) Up to Rs.4 lakhs-Nil.b) Above Rs. 4 lakhs- Studies in India 5% Studies Abroad 15%
Union Bank Of India Education Loan Repayment
Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.Security
Upto Rs.4.00 Lakhs - No Security.Above Rs.4.00 Lakhs upto Rs.7.50 Lakhs - Collateral in the form of satisfactory third party guarantee.
Above Rs.7.50 Lakhs: Tangible collateral security which is equal to the loan amount + interest combined, payable for the duration of the course and moratorium period, which is acceptable to the bank.
Mode of Repayment of Education Loan
Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.
Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.
National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.
Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.
Contact details of Union Bank Of India, Union Bank Of India SMS balance check number SMS banking, Union Bank Of India mobile banking, Union Bank Of India toll free number,Union Bank Of India toll free number 24*7, Union Bank Of India miss call number.
- MISSED CALL NUMBERS - 9223008586
- CUSTOMER CARE NUMBERS - 1800222244, 1800222243, 18002082244, 18004251515
- CONTACT NUMBERS - 1800222244, 1800222243, 18002082244, 18004251515, 080-61817110
Union Bank Of India Contact Details
- BANK OFFICIAL WEBSITE - https://www.unionbankofindia.co.in, www.unionbankonline.co.in
- CONTACT NUMBERS - 1800222244, 1800222243, 18002082244, 18004251515, 080-61817110
- EMAIL ID - [email protected]
- MISSED CALL NO. - 9223008586
- CUSTOMER CARE NO. - 1800222244, 1800222243, 18002082244, 18004251515
- TOTAL BRANCHES - 4078
- TOTAL ATMS - 7020
- HEADQUARTER - Mumbai
- BANK ADDRESS - Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
Union Bank Of India Education Loan FAQs Education Loan Document Required
