Education Loan For Abroad Studies
Union Bank Education Loan Documents Required
Education Loan

Union Bank Education Loan Documents Required

Union Bank Education Loan Documents Required

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Find out the essential documents required for UBI education loans. Get detailed information on eligibility, application process, and documentation.

Education loan Banks
GyanDhan
Ananya Ghai
Updated on:  04 Sep 2024  | Reviewed By:  Aman  | 1.83K | 13  min read

Established in 1919 as a limited company, the Union Bank of India (UBI) later became a nationalized bank in 1969. The bank provides a range of banking and financial services, including personal banking, corporate banking, international banking, and education loans for studies in India and abroad. In 2020, the Union Bank of India merged with Andhra Bank and Corporation Bank, becoming the fifth-largest public sector bank in India.

 

When it comes to education loans, the Union Bank of India distinguishes itself by offering both secured and unsecured loans to cater to the financial needs of students. The banks offer up to INR 1.5 cr as education loans with collateral. The Union Bank education loan without collateral extends up to INR 40 Lakh. Moreover, to streamline the education loan process, UBI has categorized courses and universities, providing specific loan options based on these classifications.

 

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Overview of Union Bank Education Loan

Feature Description

Loan amount

Up to INR 1.5 cr (secured loan)
Up to INR 40 Lakh (unsecured loan)

Rate of Interest

Secured loans:

  • list items
    For listed universities - 9.25%
  • list items
    For non-listed universities - 10.5%

Unsecured loans - 9.75%

Margin money

Secured loans - 10% (Listed universities)

Secured loans - 15% (Non - listed universities)

Unsecured loans - 15%

Moratorium period

1 year after completing the course.

Repayment tenure

Up to 15 years

Processing time

 Up to INR 40 Lakh - INR 10,000 + GST
Above INR 40 Lakh - INR 20,000 + GST

Processing fees

INR 5000 + GST (refundable if disbursement within 3 months of sanction)

Co-applicant

Parents/spouse/parents-in-law (in case of married)

 

Read More About: Understanding External Benchmark Rate (EBR) in Education Loan

 

 

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Union Bank Education Loan Documents Required

The Union Bank education loan documents required depend on several factors, such as the applicant's academic and professional history, the co-applicant's financial and credit profile, and the location of the property or asset, which you offer as collateral.

  • list items Filled & signed common retail loan application form for each of the applicants and guarantors.
  • list items Filled & signed credit information forms of the applicants and co-applicants with documentary proof.
  • list items Fee structure
  • list items Pre-sanction letter & due diligence report of borrower and co-applicants, consisting of verification of residence & office/business and existing banking/borrowing details. (Please note which should also include 3 references of neighbours and office/business along with name, address & mobile number).
  • list items Enhance the due diligence of the borrower in case CIBIL is -1.
  • list items Due diligence of property (if applicable) - Including verification of property (including 3 references of neighbours/property dealers along with name, address & mobile Number).

Applicants KYC documents:

  • list items PAN card
  • list items Aadhaar card
  • list items Current address proof (if current address not present in Aadhaar) driving license/voter ID/ passport/ recent utility bill (water/ electricity/ gas) / registered rent agreement
  • list items Permanent address proof: needed, if your current address is not self-owned

Applicants academic documents:

  • list items 10th marksheet
  • list items 12th marksheet
  • list items Undergraduate (UG) marksheet - latest - needed if you’re in or have completed your UG
  • list items English language proficiency test scorecards - GRE/ GMAT/ TOEFL/ IELTS/ Duolingo/ SAT/ ACT or any other
  • list items Proof of admission/offer letter

Co-applicant(s) KYC documents:

  • list items PAN card
  • list items Aadhaar card 
  • list items Current address proof (if current address not present in Aadhaar card): Driving license/Voter ID/ Passport/ recent utility bill (water/ electricity/ gas) / registered rent agreement
  • list items Permanent address proof: needed, if your current address is not self-owned

 

Salaried co-applicants documents:

  • list items Salary slips of the last 3 months.
  • list items Form 16 for IT returns for the last 2 years
  • list items Bank account statement for the last 6 months (Salary Account).
  • list items Resignation letter from present employer.
  • list items Employee ID card & Offer Letter 

 

Self-employed co-applicants documents:

  • list items Business address proof (GST certificate/ MSME certificate/ Utility bill)
  • list items TDS certificate (Form 16A, if applicable)
  • list items IT returns for the last 2 years
  • list items Certificate of qualification (for C.A./ Doctor/ Lawyer and other professionals).
  • list items Current bank account statement for the last 6 months
  • list items Savings bank account statement for the last 6 months

 

Suggested Read: Disbursement provess of UBI education loan

 

 

Documents required for UBI’s secured education loan:

Please note that the collateral-based documents vary by location hence for a seamless documentation process consult with GyanDhan for a customized checklist.

  • list items Title deed & sales deed
  • list items Registration receipt
  • list items Allotment letter (where applicable)
  • list items Chain documents for 30 years
  • list items Property tax receipt or recent electricity bill
  • list items Government-approved building plan
  • list items Occupancy certificate and completion certificate (where applicable)

 

The Union Bank of India offers education loans for abroad studies up to INR 1.5 Cr with collateral and INR 40 Lakh without collateral however, navigating the documentation process for an education loan can be a complex step. To ease the challenges associated with this process, GyanDhan emerges as a reliable ally, providing a customized document checklist and ensuring a seamless experience for loan applicants.

 

With GyanDhan, applicants can benefit from a customized document checklist, facilitating a hassle-free submission process. The commitment to prompt resolution of issues, related to missing documents, sets us apart in ensuring a swift and efficient application process. To begin your student loan journey with confidence, check your loan eligibility today.

 

Read Also:

 

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Frequently Asked Questions

What documents are required for an education loan in Union Bank of India?
 

The necessary documents include proof of admission, academic records, KYC documents, income proof of the co-applicant, collateral documents, and a detailed cost estimate of the course.

Does the applicant require to open an account with Union Bank to apply for an education loan?
 

No, it is not mandatory for the applicant to open an account in Union Bank or apply for an education loan.

Which documents qualify as proof of admission?
 

Proof of admission includes the offer letter from the foreign university or institution where you have secured admission for the course. This document should clearly state the course name, duration, and other relevant details.

What academic records are required for the loan application?
 

Academic records such as mark sheets and certificates from the last qualifying examination (e.g., 10th and 12th marksheet or undergraduate degree) are needed. Additionally, provide proof of any standardized tests required for admission, like GRE, GMAT, or TOEFL.

What KYC documents are mandatory for the loan application?
 

KYC documents include proof of identity, such as a passport or Aadhar card, and proof of address, like a utility bill or rental agreement.

What income proof is required for the co-applicant?
 

The co-applicant needs to submit income proof documents, such as salary slips, income tax returns, and offer letters from the employer. This ensures the financial stability and repayment capacity of the co-applicant.

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