United Bank of India Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

UBI Education Loan
UBI Education Loan

The United Bank of India is a government-owned bank headquartered in Kolkata, India. The government of India has Nationalised the bank on 19 July 1969. It also provides the facility of  Education Loan. If you want Educational Loan to complete your education or pursue higher studies from India/Abroad, You are at the right place to collect every aspect of information related to Educational Loan in India.

UBI Logo

Read this full post on United Bank of India Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding the United Bank of India Educational Loan it’s Process to Apply and full detailed Information.


 United Bank of India Education Loan   


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  United Bank of India
Founded on 1950
Headquarter Kolkata
Type of Bank  Nationalised Bank
Number of Employees 15,191 (2018)
CEO Name Ashok Kumar Pradhan
Maximum Loan Amount  Rs 20 Lakhs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue 9,936.67 crores INR
Processing Fees
  • No Processing Fee will be charged for courses in India.
  • 0.20% of the loan amount is charged for  Abroad.
Other Subsidiaries
  • United Bank Of India, Hyderabad
  • United Bank of India Company, Employees Pension Fund
  • The United Health Solution
  • United Bank of India, Asset Management Arm
Category  Education Loan in India

Types of United Bank of India Education Loan

S.no. Scheme Description
1. United Education loan This Educational Loan scheme is for Indian National who has secured admission to any of the following academic/professional/ technical courses through Entrance Test/Selection process in a Board/ Institution/ University.
One can avail a loan of Rs. 10 Lacs to Rs. 20 Lacs for India and Abroad Respectively.

How to Apply

Online

  • Visit official Web Site of United Bank of India (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill online Application Form

Offline

  • Visit the nearest branch of United Bank of India to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The student of Indian national
  • Applicant must have secured admission in a professional/technical course through entrance test/merit based selection process either India or Abroad.

Documents Needed

  • Identity Proof
  • Residence Proof
  • Copies of highest educational qualification (degree/post-graduation, etc.)
  • Completed loan application form.
  • Address proof Document.
  • Documents for proof of age (Date of birth Certificate).
  • Proof of Income of Parents or Guardians.
  • passport size photographs.

Expenses Considered

  • Tuition and course fee
  • Hostel Fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses.
  • Expenses for study trips, projects and thesis.
  • Cost of laptop/computer and the same should be hypothecated to UBI.

Return Policy

  • In the case of United Bank of India Education loan, repayment will start after the completion of course period and moratorium period. Repayment will commence 6 months after completion of Course.
  • Repayment can be done up to a Maximum of 15 years.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for United Bank of India Educational LoanClick Here

Security

  • Up to Rs. 7.50 Lakh
    Co-obligation of parents without any collateral security and third party guarantee.
  • Above Rs. 7.50 Lakh
    Co-obligation of parents together with tangible collateral security of adequate value to cover the loan amount along with the assignment of future income of student for payment of instalments.

Contact Details

Head office  11 Hemant Basu Sarani
Kolkata – 700001
Official website www.unitedbankofindia.com
Apply for Loan  Click here
Contact Number Toll-Free Number – 1800-345-0345
Toll-Free Number for MSME Sector – 1800-345-3344

UBI Student Loan FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on a United Bank of India education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

 

Summary
Review Date
Reviewed Item
United Bank of India Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.
Author Rating
51star1star1star1star1star

LEAVE A REPLY

Please enter your comment!
Please enter your name here