United Bank of India Education Loan for Abroad: Colleges List, Documents Required, Calculator, Benefits  

United Bank of India Education Loan for Abroad

Many students dream to study overseas to get international exposure and experience new cultures and learnings there. Many students from India as well aspire to study abroad. However, financing their study-abroad expenses is a common worry among all students. A simple solution to this problem is education loans. An education loan is the amount of money a student borrows from a bank or a financial organization to cover the cost associated with their higher education. United Bank of India Education Loan is quite popular among students and if you want to know more about it, continue reading the blog.

Features of United Bank of India Education Loan

The following are the important features of this loan scheme:

  • The objective of the loan is to provide a term loan to students from India to pursue their higher education Abroad or from India provided that they have secured admission at an institute. 
  • Loan Amount 

To study in India – Max. INR 10 Lakh

To study abroad –  Max. INR 20 Lakh

  • Margin – There is no margin required for loan amounts up to INR 4 Lakh, a 5% margin on the loan above INR 4 Lakh to study in India and to study abroad 15% margin on the loan above INR 4 Lakh.
  • Security Required

Upto INR 7.50 Lakh – It required co-obligation of parents without providing any collateral security for the loan and third-party guarantee

Above INR 7.50 Lakh – It required co-obligation of parents with tangible security worth sufficient value to cover the loan amount along with the future income of the student for the payment of instalments 

  • Repayment Period – 15 Years
  • It does not charge any loan processing fees

Also Read: The Best Education Loan in India for Study Abroad Purposes

Eligibility Criteria for United Bank of India Education Loan

The following are the details of the eligibility criteria for the loan:

  • To apply for the loan, the applicant must be between the age of 18 – 35 years
  • The applicant must be a resident of India
  • The applicant must be pursuing either a Postgraduate, Graduate or a PG diploma course
  • The applicant is required to have secured admission to a recognized university in India or Abroad

Courses Covered

Given below is the list of courses that an applicant must be pursuing to avail of this loan scheme:

  • Undergraduate degrees/diplomas
  • Postgraduate degrees/diplomas
  • PhDs and Doctoral Programmes
  • Certificate courses and some special courses 

Also Read: Types of Education Loan for Indian Students

Expenses Covered Under United Bank of India Education Loan

An applicant can cover the cost of the following things through this education loan:

  • Accommodation fees or the cost of living including hostel etc.
  • It also covers the examination fees and science and technology fees for library and laboratory facilities
  • It also covers the cost of airfare
  • Cost of books and other school supplies including equipment, uniforms, stationery etc
  • Tablet or Laptop 
  • Other education-related expenses such as resources project work, thesis, study tours 

Documents Required

You are required to provide a list of documents for identity and verification purposes:

For Applicant 

  • Two Passport size photographs
  • Copy of Passport
  • Loan Application form
  • Academic Transcripts or certificates
  • Scorecard of English language proficiency tests like IELTS, TOEFL 
  • Scorecard of aptitude tests like GMAT or GRE
  • Aadhar card or Voter ID card for residence proof 
  • Driving license, PAN card for identity proof 
  • Letter of Acceptance from a recognised university

For Co-Applicant 

  • Two Passport size photographs
  • Aadhar card or Voter ID card for residence proof 
  • Driving license, PAN card for identity proof 
  • Salary slips for three months 
  • Income tax receipts for the past two years
  • ID card of Employer (if applicable)
  • Form of 16 of the past two years
  • Balance sheet and P and L statement of the past three years (in case of self-employment)
  • If you are self-employed you are also required to provide proof of business address

Also Read: Education Loan by Using Agricultural Land as a Collateral

Benefits of United Bank of India Education Loan

The following are the benefits of the United Bank of India Education Loan:

  • It offers low-interest rates on the loan
  • It does not have any hidden costs or administrative charges
  • Saves time and requires less paperwork 
  • The bank  does not charge any processing fees
  • You are not required to provide any security for the loan amount up to INR 4 Lakh
  • Additionally, the bank provides a 0.50% concession for girl students 

FAQs

What is the interest rate of United Bank of India education loan?

The bank charges an interest rate between the range of 8.55% p.a – 9.50% p.a

What are the requirements for United Bank of India education loan?

As an applicant, you are required to provide a list of documents for identity and verification purposes:
Two Passport size photographs
Copy of Passport
Loan Application form
Academic Transcripts or certificates
Scorecard of English language proficiency tests like IELTS, TOEFL 
Scorecard of aptitude tests like GMAT or GRE
Aadhar card or Voter ID card for residence proof 
Driving license, PAN card for identity proof 
Letter of Acceptance from a recognised university

What all expenses can be covered with United Bank of India education loan?

An applicant can cover the cost of the following things through this education loan:
Accommodation fees or the cost of living including hostel etc.
It also covers the examination fees and science and technology fees for library and laboratory facilities
It also covers the cost of airfare
Cost of books and other school supplies including equipment, uniforms, stationery etc
Tablet or Laptop 
Other education-related expenses such as resources project work, thesis, study tours 

This was all about United Bank of India education loan Visit Fly. Finance to know more about such topics. 

About Charvi Khaneja

Charvi Khaneja is a proficient writer with a passion for simplifying complex financial concepts and empowering individuals to make informed decisions about their money. She writes about the finace perspective with relation to study abroad.

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