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.
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 | ₹10,945.00 crore (US$ 1.5 billion) (2019) |
| Processing Fees |
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| Other Subsidiaries |
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| 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
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- Visit official Web Site of United Bank of India (Click Here)
- Find the Educational Loan Section Apply Now Button
- Fill the 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 Loan: Click 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 the 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 education loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.
Best of Luck..!!
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