Union Bank Balance Transfer for Education Loan: Features, Benefits, Documents

Union Bank Balance Transfer for Education Loan
Home » Education Loan » Union Bank Balance Transfer for Education Loan: Features, Benefits, Documents

Union Bank is one of the best public sector banks in India and is quite popular for providing education loans to study abroad. However, if you have taken an education loan from another bank or financial institution then also Union Bank is there to provide you with the best offers. Union Bank balance transfer on education loans is provided by the bank at a competitive interest rate and a flexible repayment period. Let’s check all the major features, benefits and application processes of Union Bank balance transfer on education loans.

Union Bank Balance Transfer: Major Highlights

Union Bank Balance Transfer for education loans allows you to move your existing education loan from another bank to Union Bank and make your loan cheaper. This means you can enjoy the benefits of Union Bank’s services such as lower interest rates and flexible repayment options. It simplifies financial responsibilities by making the loan cheaper. Union Bank education loan disbursement will be made directly to the existing lender to foreclose the loan. Check some of the major highlights of Union Bank balance transfer for education loans:

ParticularsDetails
Loan AmountNo restriction on the maximum amount
Repayment PeriodUp to 15 years
Interest RateFor Union Education Premier Abroad: 10.80%For Union Education – Study In India And Abroad: 9.30% to 10.45%
Margin MoneyAbove INR 4 lakh to INR 40 lakh: 15%
Eligibility CriteriaThe student should have secured admission abroad to pursue higher / professional/ technical education

Also Read: Check here all the major details about Union Bank SUD Life Suraksha education loan insurance

Benefits of Union Bank Balance Transfer

There are a lot of benefits of Union Bank balance transfer on education loans. One of the most important benefits is that if you have taken a secured loan from another bank then you can get your collateral freed by availing balance transfer loan from Union Bank. This is because Union Bank offers collateral-free loans up to INR 50 lakh. Union Bank education loan interest rate is also lower as compared to other lenders. Check some of the major benefits of Union Bank balance transfer on education loan below:

  • Union Bank doesn’t put any restrictions concerning the minimum and maximum age of the student
  • The bank has no restriction on the maximum amount of loans that can be sanctioned under the Union Bank education loan scheme
  • Union Bank education loan interest rate starts from 8.55% for education loans without collateral
  • Union Bank Education loan processing time is much less so you can get the loan refinanced quickly within 72 hours

Union Bank Balance Transfer: Eligibility Criteria

The eligibility criteria for Union Bank balance transfer must be fulfilled to avail the service. Students who have an ongoing education loan from any private or government bank or financial institution can apply for education loan refinance through Union Bank. Check some of the major eligibility criteria for Union Bank loan transfer below:

  • The loan refinance must be a first-time takeover and the existing loan shall not have been transferred to any other bank or financial institution earlier
  • There is no restriction on the age limit of the student but the bank may demand that the student shall not be a minor (below 18 years of age) at the time of applying for the refinance
  • There shall be no amount pending with the existing bank or financial institution. The entire loan amount shall have been disbursed before applying for a loan transfer
  • The existing education loan repayment shall have started and the payment of EMIs shall be regular in the books of the previous lender

How to Apply for Loan Refinance from Union Bank

Applying for an education loan transfer is very easy especially if you are applying online. However, the banks allow both online and offline applications as per the convenience of the students. Check the application process for Union Bank balance transfer on education loan:

  • Visit the official website of Union Bank
  • Go to the personal banking portal and visit the education loan section
  • Fill out the loan application form and upload the relevant documents
  • Submit the application and wait for the bank to contact you

Note: If you want to apply offline, visit the nearest branch of Union Bank and apply for an education loan refinance or balance transfer.

Documents Required for Union Bank of India Balance Transfer

Documentation is one of the most important steps involved in getting a loan transfer to Union Bank. All the documents must be self-attested (or attested as per the instruction of the bank) and shall be clearly visible. Check the list of the documents required for the Union Bank education loan refinance below:

  • Completed loan application form
  • Two passport-size photographs
  • PAN Card of both the student and co-applicant
  • Aadhaar Card of both the student and co-applicant
  • Any government-issued photo ID as proof of identity (e.g., Driving Licence, Passport, Aadhaar)
  • Proof of residence (e.g., Driving Licence, Passport, Electricity bill)
  • Last six months’ bank account statements of the student and/or co-applicant
  • The last two years’ income tax returns of the co-applicant (if applicable)
  • Statement of the co-applicants assets and liabilities
  • Proof of income of the co-applicant

Also Read: Want to apply for an education loan to study abroad? Check here all about Vidya Lakshmi Union Bank education loan

This was all the major details about the Union Bank balance transfer for the education loan. Always compare the terms and conditions and the overall cost of the loan before applying the refinance. Check some of the common frequently asked questions on Union Bank loan transfers below.

FAQs

What is Union Bank Balance Transfer for Education Loan?

Union Bank Balance Transfer for Education Loan allows students to move their existing education loan from another bank to Union Bank to take advantage of low interest rates and flexible repayment options.

What are the benefits of transferring my education loan to Union Bank?

There are several benefits to transferring your education loan to Union Bank. One of the most important advantages is the possibility of freeing your collateral if you have taken a secured loan from another bank as Union Bank offers collateral-free loans up to INR 50 lakh.

Who is eligible for a Union Bank Balance Transfer on Education Loans?

To be eligible for Union Bank Balance Transfer on Education Loans, students must have secured admission abroad for higher, professional, or technical education.

What is the application process for Union Bank Balance Transfer on Education Loans?

To apply online, visit the official website of Union Bank, visit the personal banking portal, and fill out the loan application form. You can also visit the nearest branch of Union Bank to apply offline.

What documents are required for transferring my education loan to Union Bank?

Some of the basic documents required for a UBI loan transfer are a completed loan application form, two passport-size photographs, a PAN Card and an Aadhaar Card of both the student and co-applicant, proof of identity and residence, last six months’ bank account statement etc.

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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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