Union Bank is one of the most popular public sector banks for study abroad education loans. The bank provides education loans without collateral up to INR 40 lakhs and secured loans up to INR 1.5 crore or more based upon the requirement of the student. Union Bank education loan interest rate is also low and easily affordable.
Documentation is one of the major parts of loan processing as the bank verifies all the details based on the documents submitted by the student. You need to submit various documents like KYC documents, academic documents, financial documents etc. Let’s check all the details on the documents required for the Union Bank education loan.
Table of contents
What are the Documents Required for a Union Bank Education Loan?
There are a lot of documents required to process and disburse the Union Bank education loan. Students shall submit all the documents to the bank within the stipulated time. The documents are required to be submitted usually in two stages- before the loan sanction and before the loan disbursement. Check the various types of documents required for a Union Bank education loan to study abroad.
Also Read: Did you know you can apply for an education loan through the app? Check all about YONO SBI Education Loan to Study Abroad
Academic Documents
Academic documents are required to be submitted as the bank checks the academic history of the student and determines how strong his academic performance is. Also, you need to submit the letter of admission before the loan disbursement. Check the complete list of documents below:
- Scorecard of secondary and higher secondary exam
- Copy of result of entrance exam (GRE, GMAT, IELTS etc as applicable)
- Letter of admission (if the bank asks for it before loan sanction)
- Copy of scholarship or any other grants (if available)
KYC Documents
KYC (Know Your Customer) documents are submitted so that the bank can verify the age, address and credit history of the applicant and co-applicant and the guarantor (if applicable). Some of the common KYC documents required for Union Bank education loans are as follows:
- Aadhaar Card
- PAN Card
- Driving License
- Voter ID Card
- Passport
- Utility Bills (water or electricity)
Financial Documents
Financial documents are required to check the financial background and status of the applicant and co-applicant so that the bank can determine the right loan amount as per the repayment capacity. The income documents include the following:
- 3 months’ salary slip
- Last 2 years’ tax returns
- 6 months’ bank statement
- Asset and liability statement
- A/c payee cheque
- Copy of sale deed of the property mortgaged (in case of a secured loan)
Also Read: Looking for an education loan at an affordable interest rate? Check here all about IOB Education Loan Interest Rate
Union Bank Education Loan: Documents Required After Loan Sanction
Usually, the banks approve the loan and issue the education loan sanction letter before confirmation of admission to a foreign university. However, the loan will not be disbursed until the bank receives and verifies the documents that show the confirmation of moving abroad for studies. Hence, the students are required to submit the following documents post-loan sanction to initiate the Union Bank education loan disbursement process:
- Letter of Admission to the University
- Visa approval letter
- Air tickets
- Details of travel and health insurance
Important Guidelines
It is very important to submit all the necessary documents on time to the bank so that the bank gets enough time to verify the same. Every single procedure involved in the approval of an education loan is supported by an authentic document. Check some of the major guidelines below:
- Always submit a clear copy of the document so that the details can be properly visible
- Submit authentic documents only and never forge them
- The documents must be self-attested
- If the bank demands documents attested by a gazetted officer, then you need to submit the same
- Never delay in submitting documents as it may lead to the cancellation of the loan
- Always keep all the documents handy
FAQs
To apply for a Union Bank education loan, you will need to submit the following documents:
– Completed loan application form
– Proof of admission to the educational institution
– Mark sheets and certificates of the qualifying examination
– Proof of identity (such as Aadhar card, passport, or voter ID)
– Proof of residence (such as utility bills or rental agreement)
– Income proof of co-borrower, if any
Yes, Union Bank accepts digital copies of documents for the education loan application. You can scan or take clear photographs of the required documents and upload them through the bank’s online application portal.
In many cases, a co-borrower is required for Union Bank education loans. The co-borrower can be a parent, guardian, or spouse. The co-borrower needs to provide proof of identity, residence, and income along with their photograph.
Union Bank accepts various income documents for the co-borrower, including:
– Salary slips for the last three months
– Income tax returns for the last two years
– Bank statements for the last six months
– Form 16 or certificate from the employer
If the loan amount exceeds a certain limit, Union Bank may require collateral. The collateral documents typically include property documents of the collateral (title deed, sale deed, etc.), valuation certificate, NOC from the local authority confirming the marketability of the property etc.
Documents required for Union Bank education loans are required to be submitted on time. Always keep the entire document handy so that the loan processing becomes smooth and on time.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
| Related Blogs |
| How to apply for Vidya Lakshmi Education Loan |
| Understanding the Impact of Inflation on Currency Exchange Rate |
| Federal Bank Education Loan Interest Rate |
Follow Us on Social Media
