One of the most popular options to fund your education abroad when you lack funds is education loans. However, choosing an apt bank for an education loan can be tricky. Are you looking for a bank for an education loan? If yes, then City Union Bank is one of the best options available. It is well known across India for offering education loans for students seeking to pursue higher education in India or abroad. If you want to know more about City Union Bank education loan, interest rates, the loan application process, required documents and much more. Then Keep Reading!
Benefits of CUB Education Loan
There are ample benefits to taking an education loan from City Union Bank. The major ones are listed below:
- No margin money for loans upto Rs.4 Lakhs
- Low margin upto Rs. 7 Lakhs
- Customized repayment options
- Tax Benefit under the 80E Section
- Pre-Admission Loan Sanction
- Flexibility in Collateral security
- Attractive rates on Interest
Eligibility Requirements
To become eligible for a City Union Bank education loan, you are required to fulfil the eligibility requirements given below;
- You are required to be a citizen of India.
- You must also secure admission to an officially recognized college/university/institution in India or abroad.
- Having a co-borrower, either a parent or guardian, would be required.
- Good grades
- Steady source of income
NRI Students
Non-resident Indian or NRI students are eligible for City Union Bank Education Loan. However, you are first required to fulfil the following criteria:
- You must have secured admission to a college/university/institution in India.
- It would help if you had a co-borrower, either a parent or guardian.
- You must have a steady source of income.
Must Read: Education Loan for NRI Students to Study Abroad in 2023
Eligible Courses
The courses eligible for City Union Bank education loan are as follows;
- Graduate/postgraduate courses offered by recognized universities and colleges in India and abroad
- Professional courses
- Technical and vocational courses
- Certificate courses
- PhD courses
- Executive management courses
- Diploma courses
Loan Interest Rates for International Students
One of the major reasons for the popularity of City Union Bank education loans is its competitive interest rates. It offers competitive interest rates for international students starting from 11.50% annually. The loan amount and repayment tenure will determine the interest rate.
However, you are suggested to first check the official website of City Union Bank for the latest updates and notifications related to education loans.
Loan Amount
The loan amount offered by City Union Bank can range from Rs. 10 Lakhs to Rs. 20 Lakhs. The loan amount will depend on the course and the university the student is applying to.
Documents Required
As a part of the application process, you are also required to submit a list of important documents that you need to submit along with the application form. Some of the essential documents include;
- Proof of identity
- Proof of address
- Passport size photographs
- Offer letter from the institute
- Statement of cost of study
- Last three months’ bank statement
- Income proof of co-borrower
- Co-borrower’s identity and address proof
- Security documents
Must Read: Documents Required for Education Loan
How to Apply?
The application process for a City Union Bank education loan is quite simple, and all you are required to do is to follow the official website of City Union Bank for the latest updates and notifications.
- First, you must visit the official website and download the application form, followed by filling out the application form accurately and completely.
- Then you are required to submit the documents and the filled application form.
- The bank will verify the documents and the education loan sanction will happen post which the loan amount will be disbursed to the student’s account (your account).
Must Read: Loan Sanction Letter: Meaning, Sample, Format, Validity, Process, Importance
FAQs
Ans. City Union Bank offers a maximum loan of Rs. 20 Lakhs.
Ans. City Union Bank Education Loan can be availed for graduate/postgraduate courses, professional courses, technical and vocational courses, certificate courses, PhD courses, executive management courses and diploma courses.
Ans. The student and the co-borrower must provide proof of identity, proof of address, passport-size photographs, admission letter from the institute, statement of cost of study, last three months’ bank statement, income proof of co-borrower, co-borrower identity and address proof and security documents
Ready to apply for education loans? Compare different banks to find the best option for you. Contact Fly Finance today to get the best deal on your education loan! Call us immediately at 1800 57 2126 and get all your queries regarding education loans, international money transfers, Forex and Bank Accounts sorted out quickly.
