Education Loans from Union Bank of India
Union Bank of India (UBI) offers five education loans aimed at providing financial support to deserving students for pursuing higher education in India and abroad. The bank offers two special specialised education loans that are not offered by any other public sector bank.
The five education loans from Union Bank of India are:
- UBI Education Loan for Higher Studies in India and Abroad
- UBI Education Loan for Premier Institutes
- UBI Special Education Loan for ISB Students
- UBI Union Kisan Shiksha Suvidha (UKSS) Education Loan for Students from Agrarian Families
- UBI Skill Loan Scheme
In addition, the bank offers three Government of India Interest Subsidy Schemes on education loans.
We give you a brief intro to each below. In addition, you have the option to click further and read in detail about each loan on a specific page of its own. This specific page has been made specifically for you to get all the information you need on that loan in an uncluttered and easy-to-read format.
Union Bank of India Education Loan for Higher Studies in India and Abroad
This Union Bank of India study loan helps students finance their education and realise their dreams of pursuing higher education at recognised educational institutions in India or abroad. The maximum loan amount for this loan is Rs. 20 lakh for studying in India and Rs. 30 lakh for studying abroad. Let’s look at its different features:
Features of Union Bank of India IBA Model Education Loan
Why this Loan?
- The loan is meant to help students who have secured admission into a higher education course in a recognised institution in India or abroad through Entrance Test or Merit-based Selection Process
- This Union Bank of India Education Loan is disbursed as a series of payments over the required number of years and not as a lump sum
- The loan can be taken for all expenses directly related to the course including for fees, purchase of books, laptops, hostel fees, lab fees, examination fees, etc.
- Can be taken in later years of the course also if not taken at the start of the course and no other education loan has been taken from other banks or financial institutions
Union Bank of India Education Loan for Premier Educational Institutes
This loan helps students who have gained admission into premier educational institutions in India to pay for their course fees. The maximum loan amount that you can apply for is Rs. 40 lakh. The maximum loan you can get depends on Union Bank of India’s categorisation of the institute.
Features of Education Loan for Premier Institutes
Why this Loan?
- The loan is meant for you if you have gained admission into a Bachelors, Masters, Doctorate (PhD) or a professional studies programme at a premier institute in the country
- The Union Bank of India Education Loan for Premier Institutes is disbursed to the institution as required to pay the fees or other approved charges
Union Bank of India Education Loan for ISB Students
This loan is meant for students pursuing Post Graduate Programme in Management (PGPM), Post Graduate Programme in Management for Working Professionals (PGP-PRO) and Post Graduate Programme in Management for Senior Executives (PGP-MAX) from ISB Hyderabad, Mohali and the proposed campus in Mumbai. The maximum loan cap depends on the course you are pursuing.
Features of Education Loan for ISB Students
Why this Loan?
- The loan is meant for you if you have gained admission into a Indian School of Business (ISB) for Post Graduate Programme in Management (PGPM), Post Graduate Programme in Management for Working Professionals (PGP-PRO) and Post Graduate Programme in Management for Senior Executives (PGP-MAX)
- The Union Bank of India Education Loan for ISB is disbursed to the institution as required to pay the fees or other approved charges
Union Bank of India Union Kisan Shiksha Suvidha (UKSS) Education Loan for Students from Agrarian Family
This Union Bank of India study loan helps students from agricultural families finance and pursue their graduate or postgraduate degrees from recognised educational institutions in India or abroad. The loan is available for medical, engineering or management courses. The maximum loan amount is Rs. 15 lakh for courses in India and Rs. 30 lakh for foreign studies.
Features of Union Kisan Shiksha Suvidha (UKSS)
Why this Loan?
- The loan is meant to help students who have secured admission into a higher education course in a recognised institution in India or abroad offering medical, engineering or management programmes
- This Union Bank of India Education Loan is disbursed as a series of payments over the required number of years and not as a lump sum
- The loan can be taken for all expenses directly related to the course including for fees, purchase of books, laptops, hostel fees, lab fees, examination fees, etc.
- The loan can be taken in later years of the course also if not taken at the start of the course and no other education loan has been taken from other banks or financial institutions
Union Bank of India Skill Loan Scheme
This loan helps students who have gained admission into technical courses offered by ITIs, polytechnics, schools, colleges, etc. to pay for their course fees. The loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course.
Features of Skill Loan Scheme for Technical Courses from Union Bank of India
Why this Loan?
- The loan is meant for you if you have gained admission into a technical course offered by a polytechnic, Industrial Training Institutes (ITIs), etc. in India
- The Union Bank of India Skill Loan is disbursed as a series of payments over the required number of terms or years to pay the course fees or other approved charges
- There is no minimum duration of course required to apply for this loan
In addition, the bank offers three Government of India Interest Subsidy Schemes on education loans for meritorious and deserving students. These schemes are:
- Central Sector Subsidy Scheme
- Padho Pardesh Scheme on Education Loan
- Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans
Reference Facts:
- Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 2222 44, 1800 208 2244