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Union Bank of India Education Loan

Government Bank

A public sector bank offering education loans for study in India and abroad, with nominal processing charges and collateral-free options for eligible students.

Interest Rate
8.25%
High Loan Amount
Up to ₹1.5 Crore
Long Repayment Tenure
Up to 15 Years
Coverage
India & Study Abroad
Check Eligibility Apply Now
Loan Amount
Up to ₹1.5 Crore
Interest Rate
8.25%
Processing Time
Varies by branch
Repayment Tenure
Up to 15 Years
Moratorium
Course Duration + Grace Period
Collateral
Waived for select loan amounts
Overview Eligibility Documents Loan Process Expenses Covered University Coverage Calculator FAQs

Why Choose Union Bank of India Education Loan?

Attractive Interest Rates

Competitive, published interest rates with concessions available for female borrowers.

Collateral-Free Options

Loans without collateral are available up to a defined threshold, with higher unsecured limits for admissions to listed premier institutions.

Flexible Moratorium

Repayment begins after course completion plus a grace period, giving students time to secure employment.

Nominal Processing Charges

Processing charges are kept low compared to many private lenders.

Trusted PSU Bank

Formed from the 2020 merger of Union Bank, Andhra Bank and Corporation Bank, making it one of India's largest public sector banks.

Expenses Covered

Tuition Fees
Accommodation & Living Expenses
Travel Expenses
Laptop & Equipment
Insurance
Visa & SEVIS Fee
Books & Supplies
Exam & Other Study Tour Expenses

Union Bank Loan Highlights

  • High-value financing for studies in India & abroad
  • Nil margin on loans up to ₹4 Lakh; 15% margin above ₹4 Lakh
  • Nil overdue charges on amounts up to ₹2 Lakh
  • Repayment tenure of 5–15 years
  • Collateral-free borrowing available for eligible loan amounts
  • Tax benefits on interest paid under Section 80E
  • Special schemes for admissions to premier institutions abroad
  • Available across Union Bank's nationwide branch network

Eligibility Criteria

Indian Citizenship

Applicant must be an Indian citizen with a confirmed admission offer at a recognized university or institution.

Recognized Institution

Admission must be to a course recognized by the relevant regulatory or educational authority, in India or abroad.

Co-applicant Required

A parent, guardian, or spouse with a stable income must join as a co-applicant on the loan.

Collateral Above Certain Amounts

Secured collateral is generally required once the loan crosses the bank's collateral-free thresholds; smaller loans and select premier-institution admissions may qualify for unsecured financing.

Documents Required

Standard checklist for education loan applications — confirm the exact current list with your Union Bank of India branch before applying.

Student Documents

  • Passport
  • Admission Letter
  • Academic Marksheets
  • PAN Card
  • Aadhaar Card
  • Photographs

Co-applicant Documents

  • PAN Card
  • Aadhaar Card
  • Salary Slips / ITR
  • Bank Statements (6 months)
  • Employment Proof
  • Address Proof

Collateral Documents (if applicable)

  • Property Papers (Registry)
  • Latest Tax Receipt
  • Property Map
  • Chain Documents
  • NOC (If Applicable)
  • Valuation Report

How Union Bank of India Education Loan Works

1

Check Eligibility

2

Apply & Upload Documents

3

Application Login

4

Credit Evaluation

5

Sanction Letter

6

Visa Approval

7

Disbursement of Loan

University Coverage

Union Bank of India education loans are available for admission to recognized universities and institutions both in India and abroad, subject to the university/course being on Union Bank's approved list at the time of application. Higher unsecured limits are typically available for admissions to listed premier institutions abroad. Coverage for specific universities and countries can vary — confirm with your branch or our counsellors before applying.

EMI Calculator

Estimate your monthly EMI for a Union Bank of India education loan based on amount, tenure, and interest rate.

Open EMI Calculator

Frequently Asked Questions

Indian citizens with confirmed admission to a recognized institution in India or abroad, along with an eligible co-applicant, can apply.
Not always — loans up to a defined threshold can be collateral-free, and admissions to select premier institutions may qualify for higher unsecured limits. Larger amounts typically require secured collateral. Confirm current thresholds with your branch.
Yes, in addition to tuition, the loan can cover ancillary costs like accommodation, travel, and study materials, subject to bank approval.
Repayment typically ranges from 5 to 15 years, depending on the loan amount and scheme.
Yes, interest paid on an education loan is eligible for tax deduction under Section 80E of the Income Tax Act.
View All FAQs

Still not sure if Union Bank of India Education Loan is right for you?

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