Union Bank Of India


  1. Must be an Indian citizen
  2. Applicant must have gained admission to a recognized institute in India or abroad through an appropriate standardized selection process or by clearing the concerned qualifying examination.
  1. Proof of identity – Passport, PAN Card, Employee Identity card or any other valid proof
  2. Proof of address - Electricity bill, Telephone bill, Ration card or any other valid proof.
  3. PAN Card
  4. Bank statement for the last 12 months
  5. Admission documents, Admission Letter, Admit Card.
  6. Schedule of expenses including the fee structure and living expenses.
  7. Mark sheets for Class X or equivalent onwards.
  8. 3 photographs
  9. Proof of any out-goes
  10. Loan repayment statement (If any)
  11. LIC Policies (If any)
  12. Any other document asked for in the application form

Proof of Income:-

Salaried Individuals - Last one year’s Income Tax Returns, Form-16 / letter from employer, salary slips for the last 6 months.

Business Owners – Income Tax Returns for the last 3 years, Profit & Loss Balance Sheet.

Agriculturists – Income Certificate from concerned revenue officer (Tahsildar) or/and proof of land holding.

Graduation/Post Graduation/Diploma courses offered by recognized universities/colleges.
Technical/management/professional courses

Maximum quantum of loan which can be obtained is Rs 10 lakhs

Quantum of Loan

Interest Rate (Male students)

Interest Rate (Female students)

Up to Rs 7.50 lakh

12.25% (fixed)

11.75% (fixed)

Above Rs 7.50 lakh

12.00% (fixed)

11.50% (fixed)                                            

For Vocational Education & Training

Male students

11.75% (fixed)

Female students

11.25% (fixed)


Up to Rs 7.50 lakh

10 years

Above Rs 7.50 lakh

15 years                                                                        

The moratorium period allowed with this loan can either be for the duration of the course period + 1 year or 6 months after getting a job, whichever occurs earlier.

For loans up to Rs 4 lakhs, no margin is required. However, for loans above Rs 4 lakhs taken for studies in India, a margin of 5% is required, while a margin of 15% is applicable if loan is taken for studies abroad. Any assistantship/scholarship secured will be included in the margin.

Up to Rs 4 lakh

No security required

Above Rs 4 lakh & up to Rs 7.50 lakh

Suitable third party guarantee which is acceptable to the bank

Above Rs 7.50 lakh

Tangible collateral security which is equal to the loan amount + interest combined, payable for the duration of the course and moratorium period, which is acceptable to the bank.

The Central Scheme for Interest Subsidy (CSIS) has been introduced by the Government of India in order to make quality education available to students belonging to the economically weaker sections of the society. The purpose of this scheme is to decrease the interest liability of individuals who have taken an education loan from any scheduled bank/regional rural bank (RRB) in order to pursue an approved technical/professional course from any recognized institution in India. Only students belonging to weaker sections of the economy, where the maximum annual family income is Rs 4.5 lakhs, at the time of availing the loan, are eligible to apply for this scheme.

Padho Pardesh:

The Padho Pardesh Scheme too has been introduced with the purpose of providing subsidy on interest for education loans for pursuing studies abroad. This subsidy scheme is designed especially for meritorious and deserving students belonging to the economically weaker sections of minority communities.

In order to be eligible for this scheme, students must fulfill the following criteria:-

They must have secured admission to approved courses at the Masters, M.Phil and Phd level.

Applicant must have taken a loan from a scheduled bank under the education loan scheme of the Indian Banks’ Association (IBA).

The income ceiling of the applicant’s parents/guardians in this case must not exceed Rs 6 lakhs per annum and proof for the same must be submitted in form of an Income Certificate issued from the concerned authority of the state/Union Territory.

Special Education Loan Scheme:-

This loan scheme has been introduced for students who wish to pursue higher education at prestigious B-schools in India like IIMs, XLRI, SPJIMR and MDI.

This scheme offers the following special features:-

  1. Floating rate of interest with a Base Rate of 10.25%.
  2. No margin applicable on loan amount with this scheme.
  3. Applicants have the option to avail the loan either from their city of residence or the city where their educational institute is located.
  4. Avail a loan for up to Rs 20 lakh.
  5. No collateral security required.
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