United Bank of India Education Loan for Abroad Studies

In the blog, we will explore the eligibility criteria, features, documents required, etc. for the United Bank education loan. So let’s start...

Eligibility Criteria for Abroad Education Loans at the United Bank of India

1. The applicant must be between the age of 18-35 years. 
2. The applicant must be an Indian resident
3. The applicant must be pursuing either PG Diploma, Graduation, or Post Graduation
4. The applicant must have secured (confirmed) admission in any college or university recognized in India or abroad. 

Eligible Courses for Abroad Education Loans at the United Bank of India

Students interested in pursuing the below-mentioned courses can avail of education loans for their overseas education -

1. Undergraduate degrees/diplomas
2. Postgraduate degrees/diplomas
3. PhDs and Doctoral Programmes
4. Certificate courses and some special courses 

Expenses Covered Under Abroad Education Loans from the United Bank of India

1. College and hostel/accommodation fee
2. Library/Laboratory/Examination fee
3. Flight tickets/travel expenses for travelling abroad
4. Expenses of books/education-related instruments and equipments/uniforms/stationery
5. Laptop/tablet (if applicable)
6. Other education-related expenses (thesis, project works, study tours, etc.

Read more about: Expenses Covered Under Education Loan

Max Loan Amount for Overseas Education – United Bank of India

For education loans up to INR 4L, the applicant has to provide co-borrower’s security which could be the applicant’s parent’s/husband’s. No third-party guarantee/ tangible security is required for the same.

 

For education loans above INR 7.5L, the applicant has to submit co-borrower’s security as well as a tangible security equivalent to 100-133% of the loan to be pitched in as collateral. The collateral can be in the form of property/FDs/shares etc.

 

Maximum Loan Amount Provided by the Bank:

• Up to INR 10L for studies in India
• Up to INR 20L for overseas education
• Up to INR 15L for education at IITs/IIMs/ISBs

However, the above-mentioned amounts are subjective to margin requirements.

 

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Application Process of Abroad Education Loan from the United Bank of India

Interest rates on education loans at the United Bank of India range between 10.65% - 11.40%

What is the Process of Applying for an Abroad Education Loan from the United Bank of India?

An application for an education loan from the United Bank of India can be submitted both online as well as offline. The interested student can visit the nearest bank branch office to fill the application and submit the required documents or he/she can also visit the bank’s official website to apply online.

What are the Documents Required While Applying For An Abroad Education Loan from the United Bank of India?

Documents to be submitted by the applicant (student):

• 2 passport size photos
• Previous academic records/certificates
• Report cards of exams such as GMAT/GRE/IELTS/TOEFL etc (whichever is applicable)
• Residence Proof (Aadhar card/Voter ID etc)
• Identity Proof (Driving license, PAN card, etc.)
• Admit letter from the college overseas
• A copy of college/university ranking 
• Copy of passport
• Loan application form

Documents to be submitted by the co-applicant:

• 2 passport size photos 
• Residence Proof (Aadhar card/Voter ID etc.)
• Identity Proof (Driving license, PAN card, etc.)
• Salary slips of the last three months
• Income Tax receipts of the past 2 years
• Form 16 of the last two years
• Employer’s ID card (if employed)
• Past 3 year’s balance sheet and P & L statement (if self-employed)
• Proof of business address (if self-employed)

Read more about: Documents Required for Education Loan

What is the Margin Money in Abroad Education Loans from the United Bank of India?

The margin requirement on abroad education loans for students at the Union Bank of India is 0% for loans up to INR 4L and 15% for loans above INR 4L. Click here for more details.

What Type of Collateral is Accepted by the United Bank of India for Secured Abroad Education Loans?

The following two types of collateral are accepted at the Union Bank of India - 

• Immovable assets such as property, plot, flat, house, etc.
• Liquid securities such as FDs, government bonds, LICs, etc.

Read more about: Types of Collateral Security Acceptable for an Education Loan

What Collateral Documents are Required to Acquire Abroad Education Loans from the United Bank of India? 

• Registered sale agreement and property title deed
• Original registration receipt for the sale agreement
• Allotment letter by the municipal corporation or any government authority such as MHADA, CIDCO, HUDA, etc. (if applicable)
• Encumbrance certificate (EC), commonly known as link document of the last 30 years
• Copy of municipality-approved plot layout or building plan
• Latest property tax bill bearing the same address
• For liquid securities, the documents required are fewer

Repayment Policy of Abroad Education Loans from the United Bank of India

The loan interest repayment at the Union Bank of India starts immediately after the disbursement of the first loan installment. UBI offers quarterly or monthly rests for repayment. The repayment of education loans typically starts after the 1 year moratorium period which starts post-course completion or 6 months after securing a job (whichever is easier). The maximum repayment tenure for abroad education is 15 years after the commencement of repayment.

How Does GyanDhan Help in Acquiring Abroad Education Loans?

GyanDhan is a one-stop solution to all the issues that revolve around acquiring education loans for abroad education. With so many banks willing to extend support to students interested in studying overseas, it can be overwhelmingly difficult to choose a bank/loan lending institution that sits well with your future plans. GyanDhan helps put things in line with its collaboration with various loan lending institutions ranging from public banks, private banks to NBFCs and other lenders. It extends additional support by analyzing each student’s background and financial situation and providing him/her with a loan (secured/unsecured) from an institution best suited for him/her. You may check your eligibility for education loans and reach out to GyanDhan to get in touch with a counselor.

The services provided to students at GyanDhan are free of cost. Absolutely no charge is applicable for any of the amenities. In fact, each student is given a personal counselor who remains in constant contact with the student throughout the complete process of the loan application. The counselor works closely with the student in pacing all the required documents and ensuring they are adequate for loan approval. The counselor also remains in constant contact with the lender, to keep a track of the loan approval status as well as resolve any issue that may arise. From providing a customized document checklist to offering loan options, picking up documents, and securing an abroad education loan, GyanDhan has it sorted for you once you approach them. With GyanDhan you are just a missed call away from securing an education loan to study abroad.