Union Bank Students Personal loan

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Students can obtain education loans to pursue higher education in India or abroad. Repayment for these loans begins after the student completes their education, with a grace period of 6 months provided for them to find employment. People are willing to invest significant money in education for a successful future. Union Bank of India, as a leading provider of education loans, understands the needs of students and offers highly competitive loans with favourable interest rates. Each year, several students secure admission to top universities and colleges in India and abroad with the help of education loans from the Union Bank of India. Whether you are planning to pursue undergraduate or postgraduate studies, Union Bank is dedicated to supporting students and offers customised loan options. Take the first step towards shaping your future by using Union Bank's education-focused financial solutions.

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Table of Content

1. Union Bank Personal Loan for Students Highlights

2. Compare Union Bank Students Personal Loan from other Banks

3. Union Bank Personal Loan for Students Fees and Charges

4. Union Bank Personal Loan for Students Documents Required

5. Union Bank Personal Loan for Students Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Union Bank Personal Loan for Students – Highlights

Here’s a structured table highlighting the key features of the Union Bank student instant loan:

Feature	Description
Loan Purpose	To the meritorious students to pursue higher / professional/ technical education in recognised institutions in India & Abroad.
Eligibility	Should have secured admission in India or abroad to pursue higher / professional/ technical education through the appropriate selection process and cleared the qualifying examination, if any.
Repayment Period	15 years (after course & moratorium period)
Interest Rate	10.65% p.a. to 12.30% p.a.

Compare Union Bank Students Personal Loan from other Banks

Here is a comparison between Union Bank student instant loans and other leading banks and NBFCs.

Bank’s Name	Rate of Interest (p.a.)	Loan Tenure
Punjab National Bank	10.40% onwards	Up to 10 years
Bank of Baroda	9.70% to 11.15% p.a.	Up to 15 years
State Bank of India	11.15% onwards	Up to 15 years
HDFC Bank	9.50% onwards	Up to 15 years

Union Bank Personal Loan for Students – Fees and Charges

The Union Bank education personal loan fees and charges are as follows:

Fee/ Charge Type	Amount Charged
Interest Rate	10.65% p.a. to 12.30% p.a.
Processing Fee	Nil
Pre-Payment Fee	Nil
Overdue Interest	Nil

Union Bank Personal Loan for Students – Documents Required

The following are the documents required for a Union education personal loan:

Proof of identity: (Passport/ PAN Card/ Aadhar Card)
Proof of address: (electricity/ telephone bill)
Other required documents include a bank statement for the last year, admission documents, and a schedule of expenses.
Additionally, applicants must submit mark sheets, three photographs, proof of any outgoings, a loan repayment statement, applicable LIC policies, and any other documents specified in the application form.
Lastly, salaried individuals must provide their income tax returns for the past year, Form-16 or a letter from their employer, and salary slips for the last six months, while business owners must provide their income tax returns for the past three years and a profit and loss balance sheet.

Union Bank Personal Loan for Students – Eligibility Criteria

Union Bank student personal loan eligibility criteria are as follows:

The loan applicant must be an Indian resident and have confirmed admission to recognised educational institutions in India or abroad.
The candidate must be between 18 and 35 when applying for the loan.
They should be pursuing a graduate/postgraduate degree or a PG diploma.
Additionally, the applicant must have gained admission to a college or university affiliated with UGC/AICTE/Govt. etc. If the student is enrolled in a full-time course, they must have a co-applicant who can be a parent/guardian or spouse/parent-in-law (if married).
The co-applicant must have a regular source of income. Having a strong academic record will help expedite the loan approval process.