Union Bank of India is one of the leading public-sector Indian banks providing education loans to study abroad or in India. You must fill out the Union Bank education loan application form to avail funds. Filling out the loan application form is a simple process. It may vary slightly depending on whether you are applying online or in-person. Let’s explore how to fill out the Union Bank Education Loan form step by step.
Table of contents
Filling Union Bank Education Loan Form Offline
The Union Bank Education Loan form is a document that needs to be filled out by students seeking financial assistance for their higher education. All information related to personal details, academic qualifications, financial situation, and collateral securities must be provided authentically. The bank will release an education loan sanction letter after verifying all details.
For offline form filling, you can simply visit the nearest Union Bank of India branch and request the education loan application form. The steps are as follows-
Step #1: Fill Personal Details
- Fill in your name, date of birth, gender, marital status, and contact information.
- Provide the details of co-applicants (your parents or guardians), including their names, occupations, and contact information.
Step #2: Provide Educational Details
- EDUCATIONAL QUALIFICATIONS: Provide details about your academic qualifications, including your marks and percentages.
- DETAILS OF THE COURSE PROPOSED: Mention the details of the course you plan to take by providing the course name, duration, and address of the university, and prospects.
- DETAILS OF ESTIMATED EXPENDITURE PER ANNUM: Mention details like the fee structure of the university, accommodation expenses, travel, insurance, and other expenses related to higher studies.
Step #3: Provide Financial Requirements
- In this section, you have to provide the loan details.
- Indicate the loan amount required.
- Choose the repayment tenure (usually 5 to 15 years).
- Specify the collateral security (if applicable).
Step #4: Mention the Income Details
- Provide details of your parent’s or guardians’ income, including their annual income and occupation.
- Attach relevant documents to support their income.
Step #5: Declaration
- Read the declaration carefully and sign it.
- Ensure that all the information provided is accurate and complete.
Step #6: Submit the Form
- Once you have filled out the form, submit it along with the required documents to the nearest Union Bank branch.
Important Guidelines
- You will be required to enter all the details in BLOCK LETTER.
- Put a tick mark against the appropriate for the details asked using a tick box.
- You need to write N/A for the details that are not applicable to you. For example, if you have taken a Union Bank education loan to study abroad of less than INR 7.5 lakhs, you need to write N/A under the DETAILS OF COLLATERAL SECURITIES OFFERED.
Also Read: Check out all the details on the SBI personal loan application process. Know the major details and how to apply for it.
Filling Union Bank Education Loan Form Online
You can also apply for a Union Bank education loan online via the bank’s official website or through the Vidya Lakshmi Portal. The process is quick and easy due to the dedicated online application portal. Let’s see how you can fill out the application form online-
Through Official Website
- Visit the Union Bank of India’s official website.
- Locate the Education Loan section.
- Click on the ‘Apply Online’ button or link within the education loan section.
- Choose your preferred loan type. Union Bank offers various education loan options. Select the one that best suits your needs, such as a domestic or international education loan.
- Start the Application by clicking on the ‘Apply Now’ button for your chosen loan type.
- Fill in personal details including your name, date of birth, contact details, Aadhaar number, and PAN card number.
- Provide education details and financial information as asked.
- Upload documents and submit.
Carefully review all the information you’ve entered to ensure accuracy. Once you’re satisfied, submit the application form. You may be able to track the status of your application online after submission using the ‘Track Status’ option on the website.
Through Vidya Lakshmi Portal
Vidya Lakshmi Portal is a government of India portal. All education loan applications from more than 44 Indian banks can be applied through it, including the Vidya Lakshmi Portal Union Bank of India.
Step #1: Register on Vidya Lakshmi Portal
- Visit the Vidya Lakshmi portal.
- Click on “Student Login” and then “New User? Register Now.”
- Fill in the required details, including your name, mobile number, and email ID.
- Create a password and agree to the terms and conditions.
Step #2: Login to Your Account
- Use your registered credentials to log in to the portal.
Step #3: Search for Loan Schemes
- On the dashboard, look for the “Loan Search” option.
- Click on it and search for “Union Bank” in the bank filter.
- You’ll see a list of available education loan schemes offered by Union Bank.
Step #4: Fill Up the Common Education Loan Application Form
- Select the Union Bank education loan scheme that suits your requirements.
- Fill out the common education loan application form. This form typically includes:
- Personal Details: Name, date of birth, address, etc.
- Educational Details: Course details, institution name, fee structure, etc.
- Financial Details: Family income, existing loans, etc.
- Co-applicant Details: If applicable (usually parents or guardians)
- Document Upload: Upload necessary documents like academic certificates, admission letters, income proof, etc.
Step #5: Submit the Application
- Review your application carefully to ensure accuracy.
- Once satisfied, apply.
Step #6: Track Your Application
- After applying, you can track its status on the Vidya Lakshmi portal.
- The portal will provide updates on the application’s progress.
Step #7: Visit the Union Bank Branch
- Once your application is approved by Union Bank, you’ll need to visit a nearby branch to complete the loan formalities.
- This may involve submitting additional documents, signing loan agreements, and finalising the disbursement process.
Vidya Lakshmi Portal Union Bank of India
Also Read: Know all about the Common Education Loan Application Form (CELAF) on the Vidya Lakshmi Portal.
Through the Mobile Banking App- Vyom
Union Bank of India’s Vyom app offers a convenient way to apply for an education loan. Here’s a step-by-step guide:
- Download and Install the Vyom App
- If you already have a Union Bank account, log in using your credentials. If you’re new to Union Bank, register for an account.
- Once logged in, look for the “Loans” section. Tap on “Education Loan” to start the application process.
- Provide your personal information, including your name, date of birth, contact details, and Aadhaar number.
- Enter information about the course you’re pursuing, including the name of the institution, location, and course duration.
- Provide details about your annual income, your parents’ or guardians’ income, and any existing loans or credit cards.
- Specify the loan amount you require and the preferred repayment tenure.
- Upload the required documents. Review and Submit. Once satisfied, submit the loan application.
- After applying, you’ll receive a reference number. The bank will review your application and notify you of the approval status.
Vyom Union Bank of India
Documents Required for Union Bank Education Loan Form
Before filling out the form, make sure you have the following documents ready:
- Identity proof (Aadhaar card, passport, driving license)
- Address proof (utility bill, passport, driving license)
- Income proof of parents or guardians (salary slips, income tax returns, bank statements)
- Academic certificates (mark sheets, degree certificates)
- Admission letter from the chosen institution
- Course fee structure
- Photographs (passport-sized)
This was all about the steps in filling out the education loan application form of the Union Bank of India. Make sure to go through the instructions carefully and then proceed with the process. The processing time for Union Bank education loan applications is around 15 to 20 weeks. Competing the UBI education loan form can fasten the process.
To know 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.
FAQs
Most education loan applications are made through the Vidya Lakshmi Portal. You can also fill out an education loan application form by visiting the nearest bank branch. You can also head to their official website and apply online.
To fill out the application form for Union Bank for an education loan, you can apply through its official website or Vidya Lakshmi Portal. Existing customers can apply via their mobile application called Vyom.
Once you fill in the Union Bank education loan application form and attach the required documents, the bank will take 2-3 weeks to process. The loan can be sanctioned within 7 working days after submitting all required documents.
You need proof of admission, academic records, KYC documents, income proof of the co-applicant, and collateral documents.
No, it is not mandatory to have an account with Union Bank to apply for an education loan.
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