Union Bank Education Loan for Australia: Eligible Universities, Criteria, and Documents

The Union Bank provides an UnSecured Education Loan of up to Rs 40 Lacs and a Secured Education Loan of up to Rs 1.5 Crore to Study for a Master's degree at premier universities in Australia. Regarding Credibility, Interest Rates, and Education Loan policy for Australian Education Loans, the Union Bank topped the list. The essential eligibility criteria and higher presence across India make them the Best Bank for Education Loan. 

 

Eligibility Criteria of Union Bank Education Loan for Australian Universities

To be eligible, the student must be an Indian citizen and secured admission to eligible courses at one of the listed universities. Also, the CIBIL score must be more than 650, preferably 700.

 

Co-Applicant for Australian Universities by Union Bank

In Union Bank, the Co-Applicant can be either a parent or a spouse. Their CIBIL score should be more than 650 or -1. It should be noted that Union Bank does not consider the co-applicants income when making the decision. So, it's a significant relief for students with low family incomes.

 

Expenses covered by the Union Bank Education Loan for Australian Universities

The Union Bank of India intends to cover most of the expenses incurred, up to 85% of the costs. Yes, there is a 15% margin for a Non-Collateral Union Bank Education Loan. They will cover your

• University fees
• Living expenses
• OSHC insurance
• Purchase of laptop/device and
• Travel expenses such as flight tickets.

It should be noted that Visa fees are usually not covered by Education Loans. Suppose the student has already paid the University Deposit or Tuition Fees for 1st year through other means. In that case, they can optionally obtain reimbursement in a Savings account upon submitting proof of payment.

The University Fees will be transferred directly to Australian University by their Forex Department and Living Expenses will be given in a Forex Card or transferred to Foreign account.

 

Union Bank Processing Charges for Australian Universities

The Union Bank of India used to charge only Rs 5000 as Processing Fee, which was refundable on the first disbursement within six months. However, due to an increase in Sanction Letter abuse, they started charging a Non-Refundable Processing Fee of Rs 11,800 for Loans up to ₹40 Lacs and Rs 23,600 for Loans above ₹40 Lacs. The processing fee is payable upfront before obtaining the Sanction Letter and receiving approval. It is non-refundable whether the student avails of the Loan or not. 

Up to Rs 40 Lacs	Rs 11,800
More than Rs 40 Lacs	Rs 23,600

 

Union Bank Interest Rate & Moratorium Period for Australian Universities

The Union Bank of India has the best-in-industry Interest Rate for Premier Australian Universities, starting at just 9.75% with an additional concession of 0.50% for female students. The Interest Rate depends on the University Category, where Category A has an ROI of 9.75% and Category B has 10.00% for Unsecured Loans. The students have an optional choice to pay interest during the moratorium period, but there will be no additional concession based on that.

Category A

Category B

 

Up to ₹40 Lacs	UnSecured	EBLR + 0.75%	10.00%
Up to ₹1.5 Crore	50% up to <100% collateral	EBLR + 0.50%	9.75%
	100% and above collateral	EBLR	9.25%

The Education Loan duration is 180 months or 15 years after the moratorium period of course duration + 1 year. For example, the duration of a Master's degree is two years, the moratorium period will be three years, and the total loan duration will be 18 years. However, you can make a prepayment or foreclose an Education Loan anytime after six months. There are no additional prepayment or foreclosure charges. 

 

Union Bank Document Checklist for Education Loan

The documents required by Union Bank for Education Loan for Australian Premier Universities are short and summarized.

Student

• Passport, Aadhar Card, PAN Card
• Resume, Work Experience Letters (if any)
• Class 10th, Class 12th Marksheets
• Bachelors Marksheets & Degree
• University Admission Letter
• IELTS/PTE/TOEFL Scorecard
• GRE/GMAT Scorecard (if available)

Co-Applicant

• Aadhar Card, PAN Card
• Income Proof (if any)
• Relationship Proof (if applicable)

The branch Manager might ask for additional documents based on your profile and discretion.
 

How to apply for Union Bank Education Loan

To apply for an education loan, you may approach your nearest Union Bank branch and initiate the process OR apply online via Abroad Cube for speedy processing and a guided process. As an Official partner of UBISL, we do not charge any service fee to help students who need an Education Loan. 

 

List of Eligible Universities & Courses

Category	University	Eligible Degrees	Amount
A	University of Melbourne	All Degrees	Rs 40 Lacs
A	University of New South Wales	Medical, STEM, Management and Law	Rs 40 Lacs
A	University of Sydney	Medical, STEM and Management	Rs 40 Lacs
A	University of Queensland	Medical, STEM and Management	Rs 40 Lacs
A	Monash University	Medical, STEM and Management	Rs 40 Lacs
A	Australian National University	Medical, STEM, Management and Law	Rs 40 Lacs
A	University of Adelaide	STEM, Management and Medical	Rs 40 Lacs
A	University of Western Australia	STEM, Management and Medical	Rs 40 Lacs
A	Deakin University	STEM and Management	Rs 40 Lacs
A	Macquarie University	STEM and Management	Rs 40 Lacs
A	RMIT University	STEM and Management	Rs 40 Lacs
B	University of Technology Sydney	STEM, Management, LAW	Rs 30 Lacs
B	Curtin University of Technology	STEM	Rs 30 Lacs
B	Queensland University of Technology	STEM, Medical, LAW, Management	Rs 30 Lacs
B	Griffith University	Management, STEM, LAW and Medical	Rs 30 Lacs
B	University of Wollongong	STEM, Medical	Rs 30 Lacs