{"id":7476,"date":"2023-10-06T15:15:54","date_gmt":"2023-10-06T09:45:54","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=7476"},"modified":"2023-10-06T15:15:55","modified_gmt":"2023-10-06T09:45:55","slug":"vidya-lakshmi-portal-union-bank-of-india","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/","title":{"rendered":"Vidya Lakshmi Portal Union Bank of India: Eligibility Criteria, Interest Rate &#038; More"},"content":{"rendered":"\n<p>Education loans are a major factor which you need to consider while planning your study abroad. On August 15, 2015, the Government of India launched the Vidya Lakshmi Portal to provide a single platform to students who want an education loan. Vidya Lakshmi Portal Union Bank of India offers education loans to students at an interest rate as prescribed by the Indian Banks Association. On the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-education-loan\/\"><strong>Vidya Lakshmi portal<\/strong><\/a>, students get access to information about <a href=\"https:\/\/leverageedu.com\/blog\/loans-to-study-abroad\/\"><strong>education loans to study abroad<\/strong><\/a> or in India by logging in to their accounts. Check out all the major highlights of Vidya Lakshmi Portal Union Bank of India<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-vidya-lakshmi-education-loan-from-union-bank-of-india\" data-level=\"2\">Vidya Lakshmi Education Loan from Union Bank of India<\/a><\/li><li><a href=\"#h-how-to-apply-for-vidya-lakshmi-education-loan-from-union-bank-of-india\" data-level=\"2\">How to Apply for Vidya Lakshmi Education Loan from Union Bank of India?<\/a><\/li><li><a href=\"#h-vidya-lakshmi-union-bank-education-loan-eligibility-criteria\" data-level=\"2\">Vidya Lakshmi Union Bank Education loan: Eligibility Criteria<\/a><\/li><li><a href=\"#h-vidya-lakshmi-union-bank-education-loan-interest-rate\" data-level=\"2\">Vidya Lakshmi Union Bank Education Loan Interest Rate<\/a><\/li><li><a href=\"#h-expenses-covered-under-union-bank-education-loan-from-vidya-lakshmi\" data-level=\"2\">Expenses Covered under Union Bank Education Loan from Vidya Lakshmi\u00a0<\/a><\/li><li><a href=\"#h-vidya-lakshmi-union-bank-education-loan-repayment-period\" data-level=\"2\">Vidya Lakshmi Union Bank Education Loan Repayment Period<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-education-loan-from-union-bank-of-india\"><span id=\"vidya-lakshmi-education-loan-from-union-bank-of-india\">Vidya Lakshmi Education Loan from Union Bank of India<\/span><\/h2>\n\n\n\n<p>Union Bank is one of India&#8217;s most preferred public sector banks, especially for education loans to study abroad. It offers affordable interest rates and easy repayment schemes to students taking an education loan. Vidya Lakshmi portal, developed by Portean, has a huge network of 44 banks as their partners and they all provide education loans with terms and conditions as prescribed by the IBA. Check out some important features of education loans from Union Bank of India through the Vidya Lakshmi portal:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Union Bank of India provides education loans to students under their \u2018Union Education\u2019 scheme.&nbsp;<\/li>\n\n\n\n<li>Under this scheme, the bank provides education loans to pursue basic education to the poor and needy and to the meritorious students who want to pursue higher \/ professional\/ technical education, after passing 10+2 or equivalent.<\/li>\n\n\n\n<li>The students can apply for a maximum of INR 20 lakhs for a study abroad education loan under the Union education scheme.<\/li>\n\n\n\n<li>You can apply for a study abroad education loan from Union Bank of India through the Vidya Lakshmi portal for admission in professional, technical graduate &amp; postgraduate courses.<\/li>\n\n\n\n<li>The courses must be offered by reputed universities situated in a foreign country like Oxford, Cambridge etc.&nbsp;<\/li>\n\n\n\n<li>Any degree\/diploma courses like aeronautical, pilot training, shipping etc. are eligible for education loans provided that the courses are being conducted by reputed universities.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-apply-for-education-loan-through-vidya-lakshmi-portal\/\"><strong>How to Apply for Education Loan through Vidya Lakshmi Portal<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-apply-for-vidya-lakshmi-education-loan-from-union-bank-of-india\"><span id=\"how-to-apply-for-vidya-lakshmi-education-loan-from-union-bank-of-india\">How to Apply for Vidya Lakshmi Education Loan from Union Bank of India?<\/span><\/h2>\n\n\n\n<p>Vidya Lakshmi portal allows all students to apply for an education loan through its official website. Students can apply for loans choosing a maximum of three banks at a time. You need to register and create a profile on the Vidya Lakshmi portal. Check the step-by-step process to apply for Vidya Lakshmi Education Loan from Union Bank:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Login to the Vidya Lakshmi portal by entering your username and password&nbsp;<\/li>\n\n\n\n<li>If you are a new user, click on \u2018New User? Register Now\u2019<\/li>\n\n\n\n<li>Fill in all the required information and click on submit<\/li>\n\n\n\n<li>A new home page will appear showing options like Loan Application Form, Application Status, Schemes etc.&nbsp;<\/li>\n\n\n\n<li>Click on \u2018Loan Application Form\u2019 and fill in all the details carefully.<\/li>\n\n\n\n<li>Select Union Bank of India and the related scheme from the options<\/li>\n\n\n\n<li>As soon as you complete the application process the bank contact you within 30 days for further steps.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong><em>Note: Students are not required to pay any pre-payment charges while availing the education loan from Union Bank of India through the Vidya Lakshmi Portal.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-union-bank-education-loan-eligibility-criteria\"><span id=\"vidya-lakshmi-union-bank-education-loan-eligibility-criteria\">Vidya Lakshmi Union Bank Education loan: Eligibility Criteria<\/span><\/h2>\n\n\n\n<p>There are certain eligibility criteria prescribed by the bank as well as IBA in order to approve the education loan. Any student applying for an education loan through the Vidya Lakshmi portal must fulfil the eligibility criteria. Check all the details below:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The student should be an Indian national holding an Indian passport.<\/li>\n\n\n\n<li>If you are taking an education loan to study abroad you need to show a letter of acceptance from the university.<\/li>\n\n\n\n<li>The selection criteria for admission to foreign universities shall include a merit-based selection process.<\/li>\n\n\n\n<li>If there is no entrance examination then the admission shall be secured based on the marks obtained in the last qualifying examination.<\/li>\n\n\n\n<li>The minimum marks in the last qualifying exam should be 60% for general categories, 50% for OBC\/SC and 45% for ST category students.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/canara-bank-vidya-lakshmi-education-loan\/\"><strong>Canara Bank Vidya Lakshmi Education Loan<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-union-bank-education-loan-interest-rate\"><span id=\"vidya-lakshmi-union-bank-education-loan-interest-rate\">Vidya Lakshmi Union Bank Education Loan Interest Rate<\/span><\/h2>\n\n\n\n<p>The interest rate for any education loan through the Vidya Lakshmi portal is charged as per the IBA regulation. The interest rate may vary depending upon the period of course and the loan amount. Check the details below:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Loan Amount<\/strong><\/td><td><strong>Rate of Interest (Under Union Education Scheme)<\/strong><\/td><\/tr><tr><td><strong>For Male Candidates<\/strong><\/td><\/tr><tr><td>Up to INR 7.50 Lakh<\/td><td>12.25% (fixed)<\/td><\/tr><tr><td>Above INR 7.50 Lakh<\/td><td>12.00% (fixed)<\/td><\/tr><tr><td><strong>For Female Candidates<\/strong><\/td><\/tr><tr><td>Up to INR 7.50 Lakh&nbsp;<\/td><td>11.75% (fixed)<\/td><\/tr><tr><td>Above INR 7.50 Lakh<\/td><td>11.50% (fixed)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-expenses-covered-under-union-bank-education-loan-from-vidya-lakshmi\"><span id=\"expenses-covered-under-union-bank-education-loan-from-vidya-lakshmi\">Expenses Covered under Union Bank Education Loan from Vidya Lakshmi&nbsp;<\/span><\/h2>\n\n\n\n<p>Union Bank Vidya Lakshmi education loan provides a maximum of INR 20 lakhs for study abroad as per the union education scheme. In this amount, all your expenses for tuition fee and accommodation cost is covered. You can even pay the security deposit amount for your accommodation outside the university campus. Check all the expenses covered under Vidya Lakshmi education loan from Union Bank of India below:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Entire tuition and accommodation fees are charged by the university.&nbsp;<\/li>\n\n\n\n<li>Expenses for travel to the concerned country.<\/li>\n\n\n\n<li>Hostel\/mess charges<\/li>\n\n\n\n<li>Payment of Insurance premium for the student.<\/li>\n\n\n\n<li>Purchase of books\/instruments\/uniforms<\/li>\n\n\n\n<li>Purchase of desktop\/laptop at a reasonable cost, if required for completion of the course<\/li>\n\n\n\n<li>Admission acceptance fee<\/li>\n\n\n\n<li>All other expenses required to complete the course.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-union-bank-education-loan-repayment-period\"><span id=\"vidya-lakshmi-union-bank-education-loan-repayment-period\">Vidya Lakshmi Union Bank Education Loan Repayment Period<\/span><\/h2>\n\n\n\n<p>It is very important to plan the entire loan repayment process while applying for an education loan to study abroad. After the completion of the course, it\u2019s not necessary that you will get a job immediately. Hence, you need to figure out the sources through which you will start the repayment process. Check the repayment structure specified by Union Bank of India for an education loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The students will get a moratorium of the course period + 1 year from the date of completion of the course.<\/li>\n\n\n\n<li>If you get a job immediately after completing the course then your moratorium period will be course period + 6 months after commencement of job.&nbsp;<\/li>\n\n\n\n<li>Among both the conditions whichever is earlier will be considered.<\/li>\n\n\n\n<li>The maximum loan repayment period for a study abroad education loan will be 15 years.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1696569050793\"><strong class=\"schema-faq-question\">What is the maximum amount of education loan provided by Union Bank of India through the Vidya Lakshmi portal?<\/strong> <p class=\"schema-faq-answer\">If you are applying for an education loan to study abroad the maximum amount of loan you can get from Union Bank through the Vidya Lakshmi portal is INR 20 Lakh as per the Union Education Scheme of UBI. However, the amount may increase subject to the requirements, category of the university and the decision of higher authorities.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696569061645\"><strong class=\"schema-faq-question\">What will be the interest rate for education through the Vidya Lakshmi portal?<\/strong> <p class=\"schema-faq-answer\">The rate of interest will vary depending on the partner bank. Students are suggested to contact their bank and understand all the terms and conditions properly.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696569083500\"><strong class=\"schema-faq-question\">What is the process to apply for an education loan through the Vidya Lakshmi portal?<\/strong> <p class=\"schema-faq-answer\">Students are required to create a profile and fill out and submit the loan application form on the Vidya Lakshmi portal. The bank will contact the student after the successful submission of the loan application form.\u00a0<\/p> <\/div> <\/div>\n\n\n\n<p>Vidya Lakshmi Portal Union Bank education loan is available for all students who want to apply for an education loan to study abroad or in Indian universities. Visit the official website and apply for your loan.<\/p>\n\n\n\n<p>To know more about the loan application process, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your <a href=\"https:\/\/leverageedu.com\/\"><strong>study abroad<\/strong><\/a> experience. Follow our social media handles on <a href=\"https:\/\/twitter.com\/flydotfinance\"><strong>Twitter<\/strong><\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/flyfinance\/\"><strong>LinkedIn<\/strong><\/a> and <a href=\"https:\/\/instagram.com\/flydotfinance\"><strong>Instagram<\/strong><\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Education loans are a major factor which you need to consider while planning your study abroad. On August 15, 2015, the Government of India launched the Vidya Lakshmi Portal to provide a single platform to students who want an education loan. Vidya Lakshmi Portal Union Bank of India offers education loans to students at an &#8230; <a title=\"Vidya Lakshmi Portal Union Bank of India: Eligibility Criteria, Interest Rate &#038; More\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/\" aria-label=\"Read more about Vidya Lakshmi Portal Union Bank of India: Eligibility Criteria, Interest Rate &#038; More\">Read more<\/a><\/p>\n","protected":false},"author":24,"featured_media":7485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vidya Lakshmi Portal Union Bank of India: Eligibility Criteria, Interest Rate &amp; More<\/title>\n<meta name=\"description\" content=\"The blog is all about Vidya Lakshmi Portal Union Bank of India. 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For more detailed information read the blog.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/","og_locale":"en_US","og_type":"article","og_title":"Vidya Lakshmi Portal Union Bank of India: Eligibility Criteria, Interest Rate & More","og_description":"The blog is all about Vidya Lakshmi Portal Union Bank of India. 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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.","sameAs":["https:\/\/in.linkedin.com\/in\/thahankmoody","https:\/\/www.tumblr.com\/blog\/dhanlabh"],"url":"https:\/\/fly.finance\/blog\/author\/shekhar\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/#faq-question-1696569050793","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/#faq-question-1696569050793","name":"What is the maximum amount of education loan provided by Union Bank of India through the Vidya Lakshmi portal?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"If you are applying for an education loan to study abroad the maximum amount of loan you can get from Union Bank through the Vidya Lakshmi portal is INR 20 Lakh as per the Union Education Scheme of UBI. However, the amount may increase subject to the requirements, category of the university and the decision of higher authorities.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/#faq-question-1696569061645","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/#faq-question-1696569061645","name":"What will be the interest rate for education through the Vidya Lakshmi portal?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The rate of interest will vary depending on the partner bank. Students are suggested to contact their bank and understand all the terms and conditions properly.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/#faq-question-1696569083500","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/#faq-question-1696569083500","name":"What is the process to apply for an education loan through the Vidya Lakshmi portal?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Students are required to create a profile and fill out and submit the loan application form on the Vidya Lakshmi portal. The bank will contact the student after the successful submission of the loan application form.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=7476"}],"version-history":[{"count":3,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7476\/revisions"}],"predecessor-version":[{"id":7484,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7476\/revisions\/7484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/7485"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=7476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=7476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=7476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}