University of Manchester
United Kingdom
Get Free Education Loan Assistance with Abroad Cube
Our Expert will reach you shortly for further process!
| Interest Rate | Starts at 8.75% |
| Loan Amount (Collateral) | Upto ₹150 Lac |
| Loan Amount (Without Collateral) | Upto ₹40 Lac |
| Processing Fees | starts ₹10,000 |
| Processing Time | 7 working days |
| Loan Tenure | up to 15 years |
| Margin | 85% Funding |
| Prepayment Charges | Zero |
| Moratorium Period | Course + 1 year |
| Admit Letter | Required |
| Tax Benefits | Yes |
| Type | Bank |
The Union Bank of India provides education loans to students intending to study in India and abroad.
The Union Bank is one of the major 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 8.75%. 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 get your Eligiblity checked 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.
They charge a fixed processing fee between Rs 10,000 to Rs 20,000 plus GST, which is non-refundable. Like other lenders, the moratorium period of Union Bank for Education Loans is Course Duration, with an additional one year as a grace period.
Abroad Cube is an Official partner of UBISL, a wholly owned subsidary of Union Bank for Education, Home, Vehicle and MSME Loans. Our partner code is P4190 and our legal name is McCarthy AI Private Limited.
The Union Bank of India provides Secured and UnSecured Education loans Study Abroad under Special Union Education Loan Schemes for Premier Institute Abroad Studies.
The Union Bank is a first-of-its-kind government bank in India that started providing unsecured loans to aspirants who were studying abroad for up to Rs 40 Lacs. The product is in line with multiple NBFCs and Private Banks offering Unsecured Education Loans for higher amounts. There are more than 150+ top-rank universities in the USA, UK, Australia, Canada, Germany, Singapore, Denmark, Netherlands, etc., in the Pre-Approved List of Eligible Universities.
Download List of Eligible Universities
| Courses | Masters only |
|---|---|
| Interest Rate | starts at 8.75% |
| UnSecured Loan | Category A - max ₹40 Lacs Category B - max ₹30 Lacs |
| Secured Loan | up to ₹1.5 Crore |
| Processing Fees | ₹10,000 - up to ₹40 Lacs ₹20,000 - more than ₹40 Lacs |
| Margin | 100% Funding |
| Total Tenure | 15 years + Course Duration + 12 months |
| Moratorium Period | Course Duration + 12 months |
| Insurance | Mandatory |
Here is the list of expenses covered by Union Bank for a Study Abroad Education Loan
Here is the basic Eligiblity Criteria for Study Abroad Education Loan by Union Bank.
Here is the list of basic charges involved in Union Bank Study Abroad Education Loan
| Description | Charges & Fees |
|---|---|
| Processing Fees | Rs 10,000 - Rs 20,000 + GST |
| Life Insurance | Mandatory |
| Collateral Valuation (if applicable) | Based on Branch |
*Charges may vary
The Union Bank has the lowest interest rate for unsecured Loans among all banks and NBFCs available in India. Their interest rate for an unsecured loan starts at 8.75%. The interest rate varies based on the University category between Category A, Category B and Uncategorized. The spread will remain fixed for 3 years for the borrower. The first reset will be 3 years from the date of sanction, and subsequent resets will be every 3 years from the last reset date. The premium component will remain fixed till the maturity of the loan.
| Amount | Collateral | Category A | Category B |
|---|---|---|---|
| Up to Rs 40 Lacs / Rs 30 Lacs | No-Collateral | 8.75% | 9.00% |
| Up to Rs 150 Lacs | 50% up to less than 100% Collateral | 8.50% | 8.75% |
| 100% or more Collateral | 8.25% | 8.25% |
* Interest Rate is subject to Change
The Union Bank of India charges a processing fees of Rs 10,000 + GST for Education Loans up to Rs 40 Lacs and Rs 20,000 + GST for more than Rs 40 Lacs. The processing fees is Non-Refundable and will be collected upfront before providing the Sanction Letter.
| Type | Amount | Processing Fees |
|---|---|---|
| Study Abroad | up to Rs 40 Lacs | Rs 10,000 + GST |
| more than Rs 40 Lacs | Rs 20,000 + GST |
The Union Bank of India has a straightway process of Repayment where Bachelor programs are required to pay full EMI during the study period with zero grace period. However, Master's programs have a choice between zero-EMI and Simple-Interest EMI during the Moratorium period. No further concession for servicing interest during course & moratorium period.
| Type | During Moratorium | After Moratorium |
|---|---|---|
| Masters / PG-programs | Zero-EMI, Simple-Interest EMI |
Full EMI |
| Bachelors / UG-programs | Full EMI | Full EMI |
Connect with our Education Loan Expert and get your application processed within 3-4 working days*
Check Eligibility For FreeWhen applying for an education loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.
Using the latest technology and years of experience, we expedite the application process by 65%, reducing overall processing time. Applying using the exact required documents with the eligible lender is the key to getting an application processed in record processing time.
Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.
We will help you get Comparable, Negotiated and best-suited Education Loan deals, saving you up to Rs 3 Lakhs. The major negotiable components are Interest Rate and Processing Fees.
We are not charging any service fees for helping with the Study Abroad Education Loan. Also, there are no hidden fees involved, which is guaranteed. For each approval, we get paid a referral fee by Union Bank without any additional charge to students.
Here is the standard document checklist for getting an education loan from Union Bank or other lenders. The bank or NBFC might ask for additional documents or information based on the application to ease the process.
The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!
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.
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.
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.
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
You may apply for Union Bank Education Loan by visiting their local bank branch or contacting their customer support team. But Abroad Cube will help you get a hassle-free Education Loan from your comfort at the best Interest Rate and record processing time at Zero Service Charges.
Abroad Cube is an Online Study Abroad Marketplace that has onboarded 12+ Banks and NBFCs to ease the process of getting the best deal for an Education Loan in minimal processing time. To get started, Check your Eligibility and share your Documents by Email or WhatsApp to expedite your application process.
Get your Education Loan Eligibility checked within 5 minutes
Sorting, Verifying and Submitting Documents as per Checklist
Submission of application to top lenders from a pool of 12+ options
Get Sanction Letter in record time and proceed for Disbursement
Are you worried about your Eligibility for Study Abroad Consultancy? Enter your basic details and check your eligibility within minutes in more than 10 Banks and NBFCs.
Get Education Loan EMI Repayment analysis, monthly EMI and Amortization Schedule in a single click without worrying about complex formulas and calculations.
Testimonials
University of Manchester
United Kingdom
University of British Columbia
Canada
Monash University
Australia
New York University
United States of America
University of Melbourne
Australia
King’s College London
United Kingdom
Technical University of Munich
Germany
National University of Singapore
Singapore
Partners
Multiple Lenders
You can contact us anytime to apply for an Education Loan or to resolve your doubts
