Key takeaways
- Union Bank of India and Edvoy make studying abroad easier by offering flexible, affordable, and quick-to-approve education loans for Indian students.
- Union Bank provides non-collateral loan options for eligible students pursuing higher education abroad.
- You can get your loan approved in as little as 7 working days once all documents are submitted.
- These loans can cover tuition fees, accommodation, living costs, travel, and study materials.
If you're looking for education loans, check out Funds to get pre-approved loans in just 3 days!
Studying abroad is an exciting dream, but making it happen comes with its own set of challenges, especially when it comes to finances. But here’s the good news: Edvoy and Union Bank of India have teamed up to make your study abroad journey easier, especially on the financial side.
Union Bank of India is one of the top student loan providers offering loans for international students. They’ve got everything you need: competitive interest rates, flexible repayment options, and the best part: no collateral required!
On the other hand, Edvoy is here to guide you through every step of the study abroad process. From helping you pick the right university and assisting with applications to offering financial advice, we’ve got your back.
Table of Contents
- How Edvoy and Union Bank of India simplify your student loans
- Features of the Union Bank education loan
- How to apply for the Union Bank education loan through Edvoy
- Union Bank of India education loan: Eligibility criteria
- Documents required for the loan application
- Frequently asked questions
How Edvoy and Union Bank of India simplify your student loans
Streamlined application process
With Edvoy and Union Bank of India alongside, you’ll have guidance on which loan scheme fits you best, help in filling out your application, checking your eligibility, and tracking your application. Simply head to the Edvoy app, select the Funds section, and everything else is just a streamlined process that saves you time and energy.
Flexible loan amounts and coverage
Union Bank offers collateral and non-collateral loan options, with competitive interest rates ranging from 9.25% to 10.85%, depending on the loan type and borrower profile. We can help you evaluate these rates and repayment terms to ensure you choose an affordable option.
No collateral needed
A big benefit of choosing Union Bank is that they provide student loans without collateral, making it a great option for your financial support.
Note: Loan options are available for Indian resident students & co-signers only. A co-applicant/co-signer is typically a parent or guardian who supports the student’s education loan application.
Quick processing and approval
Union Bank ensures a quick loan processing time. On average, you’ll get your UBI education loan approved in just 7 working days, with the disbursements happening soon after. Once approved, you’ll have access to flexible repayment terms, making it easier to manage your finances after your studies are complete.
Repayment options
With Union Bank, you get flexible repayment options that suit your needs. Union Bank offers various loan repayment terms, with options of up to 18 years. While repaying, you can choose between paying EMI during the course or after a moratorium period. However, the interest may accrue, depending on the loan terms.
Note: Moratorium period is the time duration during which you’re not required to make payments toward your education loan.
Features of the Union Bank education loan
| Feature | Description |
|---|---|
| Loan amount | INR 1.5 crore is available only with collateral (under the Premier Institutes scheme). Loan amounts up to INR 40 lakh can be availed without collateral for listed universities; higher amounts up to INR 1.5 crore require collateral. |
| Rate of interest | 9.25% - 10.85% |
| Co-applicant’s minimum income | INR 20,000 to INR 25,000, but it is indicative and not a fixed UBI requirement. |
| Processing fees | UBI charges a fixed processing fee:
|
| Processing time | 10 working days for an unsecured loan, more time for a collateral loan |
| Moratorium period | Course duration + 6 to 12 months (standard; may vary by case). |
| Repayment tenure | 15 years |
| Monthly instalments during the course | Simple interest |
How to apply for the Union Bank education loan through Edvoy
To apply for an education loan through Edvoy, follow these steps:
- Head to the Edvoy app and select Funds under the Explore page.
- Select the Get Started button and fill in your requirements.
- Add the loan amount (you can include both tuition fees and living expenses), the type of loan required and your details.
- Once you submit your details, they’ll be shared instantly with Union Bank. You can expect a callback within 24 hours regarding further steps and document submission.
- You can check your application status in the Status tab.
- Get your loan approved within 7 working days (subject to document completion).
Also read: What is Edvoy Funds? What are the types of funds provided?
Union Bank of India education loan: Eligibility criteria
- You must be aged 18+
- You must have a strong academic background and confirmed admission to the university before the loan disbursement
- You should be an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year programme
- You must meet Union Bank’s credit and underwriting norms as applicable from time to time
- The Abroad Loan scheme mainly covers full-time UG/PG programmes at recognised foreign universities, especially premier institutes.
Note: Conditions apply. All education loans from Union Bank are credited at the sole discretion of Union Bank.
Check out 'Funds' on our app for a pre-approved student loan!
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Documents required for the loan application
From you (the student applicant)
- University admission letter and University fees structure
- Passport, PAN card, and Aadhar card
- 10th and 12th class mark sheets
- Provisional certificate, consolidated mark sheet/transcripts and degree certificate
- IELTS or TOEFL, and GRE scores
- Passport-sized photographs
If you are employed:
- The latest month's pay slip
If the co-borrower is salaried:
- PAN card and Aadhar card
- Latest 3 months pay slips
- Latest 6 months' salary credited to the bank A/C statement
- Latest 1-year Form-16 or office ID card
- Passport-sized photographs
If the co-borrower is self-employed:
- Pan card and Aadhar card
- Latest 6 months current A/C bank statements (current + savings account)
- The latest 2 years ITR with the Sacral, Balance Sheet, Computation of Total Income and Profit & Loss
- Registration Certificate
- Passport-sized photographs
If the co-borrower is a pensioner:
- Pan card and Aadhar card
- Latest 6 months' pension credited bank statements
- Pension Book or pension details
- Passport-sized photographs
For collateral (For house, flat & non-agricultural land)
- Sale Deed
- Parent Document
- Construction Agreement (For flats)
- Patta, Chitta, and Adan-gal
- Approved Building Plan or Approved Layout
- EB Card, Property Tax Receipt, and EC
Want to get financial support and study abroad? Connect with us and begin your journey. Right from your university selection, till loan application and disbursement, Edvoy helps you achieve your study-abroad dreams.
Additionally, we also offer end-to-end assistance throughout the study-abroad process, including university selection assistance, application guidance, visa application support, and more.
Get started with your journey and talk to one of our counsellors today!
Frequently asked questions
What if my visa application gets rejected after my loan is approved?
If your visa is unfortunately rejected, don’t worry. Union Bank allows for a loan cancellation process. You’ll just need to share the official visa rejection proof, and any disbursed amount (if applicable) will be handled as per their refund policy.
Can I use the Union Bank education loan for both living expenses and tuition fees?
Yes! Union Bank student loans cover not just your tuition fees but also your living expenses, accommodation, travel, and even study materials. This means you can focus entirely on your studies without worrying about day-to-day finances while abroad.
Is there a penalty for early repayment of the Union Bank education loan?
No. Union Bank usually doesn’t charge any prepayment penalty, so if you want to pay off your loan earlier, you can do so freely and save on interest.
