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

The Union Bank of India provides education loans to students intending to study for a Master's in the USA. They charge a fixed processing fee between Rs 10,000 and Rs 20,000, which is non-refundable regardless of whether you proceed with disbursement. The Union Bank is the only Government Bank that provides an UnSecured Education Loan of up to Rs 40 lacs, compared to other public banks, whose maximum limit is Rs 7.5 Lacs. The Union Bank interest rate for an Unsecured Education Loan starts at 9.25%, which includes a 0.5% concession for female students. Like other lenders, the moratorium period of Union Bank for Education Loans is Course Duration, with an additional one year as a grace period.

Your University and Course must be on Union Bank's approved list to be eligible for an UnSecured Education Loan up to ₹40 Lacs; otherwise, the maximum limit is ₹7.5 Lacs. Connect with Abroad Cube today to check your eligibility and apply for the Education Loan at no additional costs. The other benefits of a Union Bank Education Loan include savings in Income Tax under Section 80E, Zero processing Fees, and minimal Life Insurance charges.

UnSecured Amount	up to Rs 40 Lacs
Secured Amount	up to Rs 150 Lacs
Interest Rate	9.75%
Margin	15%
Processing Fees	Rs 10,000 - Rs 20,000
Moratorium Period	Course Years + 1 year
Repayment Period	Moratorium Period + 15 years

Eligibility Criteria for Union Bank Education Loans

To be eligible for an Unsecured Education Loan for USA Universities by Union Bank. You must have

Indian citizenship and residing in India
an admission letter from the pre-approved university
the program level as Master and eligible program major
a CIBIL Score of 650 and above
a Co-Borrower such as a Father, Mother or Spouse with a minimum CIBIL score of 650 and above

Top USA Universities Eligible for Union Bank Education Loans

The Eligible Universities are divided into two categories. Category A has an Unsecured Limit of Rs 40 Lacs, and up to Rs 30 Lacs for Category B. They have a common upper limit of Rs 1.5 Crore for a Secured Education Loan. Here is the List of Universities in USA, which are eligible for Unsecured Education Loan by Union Bank.

CATEGORY A

S. No	University	Courses
1	Harvard University	Medical, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM, Management Courses and Public Policy.
2	Stanford University	Management Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Medical.
3	Massachusetts Institute of Technology	STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management Courses, and Medical.
4	University of California Berkeley	Management Courses, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM and Medical Courses.
5	University of Michigan	Management, Law, Economics & Econometrics, Art, Performing, Arts, Design, STEM and Medical Courses
6	University of Washington	Medical Courses, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
7	Cornell University	Management, Law, Economics & Econometrics, Art, Performing Arts, Design, STEM and Medical Courses
8	Columbia University New York	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
9	Johns Hopkins University	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
10	University of Pennsylvania	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
11	University of California Los Angeles (UCLA)	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
12	Yale University	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
13	University of California San Diego	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
14	University of Minnesota System	Medical, STEM and Management
15	Pennsylvania State University	Management and STEM
16	University of Wisconsin Madison	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Affairs.
17	Duke University	STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management, Medical, and Public Affairs.
18	Northwestern University	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
19	New York University	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Service.
20	University of Texas Austin	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
21	Princeton University	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Affairs.
22	University of North Carolina Chapel Hill	Medical, STEM, Management, Law and Medical
23	University of Chicago	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Public Studies
24	University of Southern California	Medical, STEM and Management
25	University of Illinois Urbana Champaign	STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and Medical.
26	University of Florida	Medical, STEM Management and Law
27	Ohio State University	Medical, STEM and Management
28	University of California Davis	Medical, STEM Management and Law
29	University of California Irvine	Medical, STEM and Management
30	University of California San Francisco	STEM
31	Washington University Saint Louis	Medical, STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
32	University of Maryland College Park	STEM and Management
33	Purdue University	STEM, Management and Medical
34	University of Pittsburgh	Medical, STEM, and Management
35	Michigan State University	STEM and Management
36	Carnegie Mellon University	STEM, Law, Economics & Econometrics, Art, Performing, Arts, Design and Management.
37	Rutgers The State University of New Jersey	STEM and Management
38	Texas A&M University	STEM and Management
39	University of Arizona	Management and STEM
40	Arizona State University	STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
41	Boston University	Medical, STEM, Management and Law
42	Vanderbilt University	Medical, STEM and Management
43	California Institute of Technology Caltech	STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
44	Georgia Institute of Technology	STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
45	University of Utah	STEM
46	University of Virginia	Management, STEM, Law and Medical
47	Emory University	Management, STEM, Law and Medical
48	University of California Santa Barbara	STEM, Law, Economics & Econometrics, Art, Performing Arts, Design, and Management
49	North Carolina State University	STEM and Management
50	Brown University	Medical, Law, Economics & Econometrics, Art, Performing Arts, Design, Management and STEM
51	University of Lowa	STEM
52	Virginia Polytechnic Institute and State University	STEM
53	Indiana University Bloomington	STEM and Management
54	University of Massachusetts Amherst	STEM and Management
55	University of Illinois Chicago	Medical, STEM, Law, Art, Performing Arts, Design and Management
56	Lowa State University	STEM, Management, Law and Medical
57	Colorado State University STEM and Management	STEM and Management
58	University of Maryland Baltimore	STEM, Management, Law and Medical
59	University of Rochester	STEM and Management
60	Tufts University	Medical, STEM and Management
61	City University of New York	Medical, STEM and Management
62	Oregon State University	Medical, STEM and Management
63	University of Georgia	STEM, Management and Medical
64	University of South Florida	STEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management
65	University of Hawaii System	STEM, Management and Medical
66	University of Miami	STEM, Management and Medical
67	University at Buffalo	STEM, Law, Design, Economics & Econometrics, Art, Performing Arts, Medical and Management.
68	University of Tennessee - Knoxville	STEM, Management and Law
69	Florida State University	STEM, Management and Medical
70	George Washington University	STEM and Management
71	Case Western Reserve University	STEM, Management and Law
72	Rice university	STEM and Management
73	Dartmouth College	STEM, Management and Medical
74	Northeastern University	STEM, Management and Law
75	Temple University	STEM, Management and Law
76	George Mason University	STEM and Management
77	Georgia State University	STEM and Management

CATEGORY B

Sr No	University	Courses
1	University of Colorado Boulder	STEM, Management, Law
2	University of Nebraska Lincoln	STEM, Management, Law
3	University of Connecticut	STEM, Medical, Economics
4	Georgetown University	Management, STEM
5	University of Kentucky	STEM, Management
6	University of California Santa Cruz	STEM, Management
7	University of California Riverside	STEM, Management
8	University of Kansas	STEM, Management, Law
9	M D Anderson Cancer Center University of Texas	STEM, Medical
10	Washington State University Pullman	STEM, Law
11	University of Cincinnati	Management, Law, Medical
12	University of Alabama Birmingham	STEM, Management, Law
13	University of Delaware	STEM, Management
14	University of Notre Dame	STEM, Management
15	University of Houston	STEM, Medical, Management
16	University of Missouri Columbia	STEM, Management, Medical
17	University of New Mexico	STEM
18	Stony Brook University	STEM, Management
19	Virginia Commonwealth University	STEM, Medical
20	University of Central Florida	Management, STEM, Medical
21	University of South Carolina	STEM, Management
22	Baylor College of Medicine	Medical
23	University of Oregon	STEM
24	Southeast University	Management
25	University of Oklahoma	Management, STEM
26	Wayne State University	Management, STEM
27	Oregon Health & Science University	Medical
28	Louisiana State University	Management, STEM
29	Florida International University	STEM, Medical
30	Clemson University	Management, STEM

Interest Rate of Union Bank for USA Education Loan

The Union Bank provides the minimum Interest Rate for Study Abroad Education Loans. Their Interest rate starts at 9.75% for up to Rs 40 Lacs and 9.25% - 9.50% for up to Rs 1.5 Crore based on collateral value and requested loan amount.

Quantum of Loan	Collateral Value	Effective ROI
Up to ₹40 Lacs	Optional	9.75%
Up to ₹150 Lacs	More than 50% and up to 100%	9.50%
Up to ₹150 Lacs	100% and above	9.25%

Application Process for Education Loans

Check Eligibility
Start by checking your eligibility on Abroad Cube's website or reach out to us via WhatsApp or phone. The Eligibility criteria include Country acceptance, University and course ranking, Academics, Credit Score and history, co-applicant and Collateral requirements, etc.

Document Submission
Once you pass the basic Eligibility Criteria, the next step will be Documentation. Our Education Loan Expert will send you a personalized Document Checklist of Union Bank and help you arrange, sort and suggest alternatives, if any. Before sending documents to the Union Bank, we ensure that all documents are in order according to the required Checklist to expedite the application login process.

Application Processing
Our Education Loan Expert will choose the best lenders from the pool of 12+ options to get you the best-suited deal. They will follow up with concerned Lender Relationship Managers for Application Login and further processing. The lender process will include getting consent, address verification, and a small telephonic interview with the Credit Manager before the final decision.

Loan Sanction & Disbursal
The sanction letter will be released within 24 hours once you pay the processing fee to the Bank via acceptable payment methods. Afterwards, you may proceed with the Study Visa process or request Pre-Visa disbursement. You can also ask for reimbursement if you have already paid the Tuition Fees or Living Expenses via other means. Once you complete the banking formalities, the loan amount will be disbursed into the Bank Account

Apply for Union Bank Education Loan

Documents required for Union Bank Education Loan

Student

Passport, Aadhar and PAN Card
Class 10th, Class 12th Marksheet
Bachelors Marksheets & Provisional/Final Degree
University Offer Letter
IELTS/PTE/TOEFL/Duolingo (if applicable)
GRE/GMAT (if applicable)
Experience Letter / Resume (optional)
Email address & Phone Number

Co-Borrower

Aadhar and PAN Card
Bank Statement (Last 6 months)
Income Tax Returns / Salary Slips / Income Certificate
Address Proof (Electricity Bill / Property Tax Receipt / Water Bill)
Email address & Phone

Download Education Loan Document Checklist

Disbursement & Moratorium Period: What to Expect

The Union Bank disburses the Loan amount to existing or new Union Bank savings accounts opened in favour of the Student and Co-Borrower. So, if you do not hold any savings account in Union Bank, you must open a new one at the time of agreement signing and disbursement. Once disbursed, the tuition fee will be transferred to the university, and living expenses will be paid in an Indian savings account, Forex card, or foreign bank account. You can request reimbursement if you have already paid the tuition fees and other expenses through other means.

To ease the stress, the Union Bank provides a complete moratorium period during the study period and an additional grace period of 1 year. You can pay Simple Interest during the moratorium, but it's optional. The full EMI, as mentioned in your Sanction Letter, starts after the completion of the Moratorium period.

Term life insurance policy to be obtained & assigned in favour of the bank. The policy should be in the student's name for an amount not less than the loan amount and the tenure covering the course, moratorium and repayment period. The insurance premium can be included in the loan amount if requested by the student.