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Union Bank Abroad Education Loan



7 days Loan Processing Time




Processing Fees

Processing Fees

Rs 5000



Upto Rs 1.5 Crore.

Non Collateral

Non Collateral

Upto Rs 40 lakhs

Repayment Tenure

Repayment Tenure

Upto 15 Years

Cosiger Needed

Cosiger Needed


Collateral Loans

Up to 1 cr

Non Collateral Loans

Up to 50 lakhs

Features of Union Bank
Education Loan Abroad

Union Bank of India provides affordable education loans with a range of features. This helps more Indian students to be able to pursue higher education abroad. They help students enroll in the best institutes all over the globe without worrying about their financial conditions.

Union Bank education loan abroad also offers interest subsidy programs supported by the Government of India. These schemes are specially designed to help students who can’t afford to travel abroad for their higher studies but dare to dream big.

Loan Margin: 15%

Processing Fees: Rs 5000

Union Bank education loans are a popular choice among Indian students because of many reasons. The education loan covers the tuition fees, accommodation, travel, and other related expenses.

The loan also has a flexible repayment period of up to 15 years, so that the students do not have to burden themselves with the thought of paying back immediately.

Union Bank's interest subsidy program provides loans with very low-interest rates.

FeaturesEducation Loan Details
Loan amount

Upto 1.5 Crore (Collateral)

Upto 40 lakhs (Non Collateral)

Margin money


Interest rate


Processing fee

Rs 5000

Processing time

10 Working Days

Loan tenure

Upto 15 Years

Prepayment charges


Countries covered

Union Bank of India offers abroad education loans to study in over 35+ different countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc


Course Duration + 12 months

Benefits of Union Bank Education Loan

  1. Covers Additional Expenses

    Union Bank's education loans cover many expenses apart from tuition fees like accommodation charges, examination fees, library fees, laboratory fees, reading materials, travel expenses and other course-related fees.

  2. Low Interest Rates

    Union Bank of India offers education loans with very low interest rates when compared with other banks.This helps the students pursue their dream courses stress-free.

  3. Grace Period

    Union Bank of India offers an extra time of up to 1 year after graduation to Start repaying their loans. The bank also allows a repayment duration of up to 15 years which helps the students repay the loan without a sense of urgency.

How To Apply For Union Bank of India

Education Loan For Abroad Studies?

  1. You can get in touch with our team of experts by filling out the form on our website. Lorien will schedule a callback with you and guide you through the process.

  2. From helping you upload documents online to presenting it to the banks, Lorien will help you throughout the application process.

  3. Once all your documents are uploaded & KYC is done, you can expect your loan to get sanctioned within a few working days.

Why Choose Lorien To Get Education Loan From Union Bank of India?

  1. Higher Chances Of Approval: Generally, banks dismiss education loan applications if they find any missing documents, property issues, or other issues. But with Lorien, you have access to experts who can reach out to the bank and help you resolve your queries on time

  2. Ease of Use: Students can easily contact us by filling out a form on the website and our most trusted experts will reach out to them to help them with any query. The process is simple and efficient to make your study abroad dreams a reality.

  3. 100% Free Assistance: Our services are free of cost and we do not charge our students for helping them apply for their education loans.

  4. Quicker Loans: Our experts make sure that your education loan is sanctioned as early as possible. We also keep track of the application and make sure that all the requirements from your end are fulfilled.

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Eligibility Criteria For Union Bank of India Education Loan Abroad

  1. Eligibility Criteria for Student:

    1. Must be a citizen of India.
    2. Must have cleared the qualifying exam.
  2. Eligibility Criteria for Co-applicant:

    1. The student's parent(s) must sign as a co-applicant.
    2. Must be an Indian citizen.
    3. If the student is married, the co-applicant can be their spouse, parent(s), or parent(s)-in-law.
    4. If both the parents have deceased, a close relative or guardian must be taken as the co-applicant.
  3. Eligible Courses For Union Bank Education Loan Abroad:

    1. Graduation courses offered by recognized universities
    2. Post-graduation courses offered by recognized universities
    3. Certified degree courses conducted by CIMA, London, CPA, USA etc.
    4. PhD courses
  4. Documents Required

  5. For Applicant:

    1. Identity proof (PAN Card or Employee Identity card)
    2. Proof of address (Electricity bill, Telephone bill, or Ration card)
    3. Bank statement for the last 12 months
    4. Admission Letter & Admit Card
    5. Schedule of expenses including fee structure and living expenses
    6. Mark sheets for 10th and 12th grade
    7. Photographs
    8. Proof of any outgoings
    9. Loan repayment statement (if any)
    10. LIC Policies (if any)
    11. Any other document requested in the application form
  6. For Salaried Individuals:

    1. Income Tax Returns for last year
    2. Form-16 / letter from employer
    3. Salary slips for the last 6 months.
  7. For Business Owners:

    1. Income Tax Returns for the last 3 years
    2. Profit & Loss Balance Sheet
  8. For Agriculturists:

    1. Income Certificate from concerned revenue officer/proof of land holding

Repaying the Loan

If you are sanctioned an education loan by the Union Bank of India, you need to repay it back in a maximum of 15 years, including the course and moratorium periods. This repayment time is mandatory no matter the amount of loan taken. If the interest increases during the moratorium period and is not serviced, it will be added to the principal amount when calculating the EMI for repayment. This ensures that interest doesn't become an additional burden for the borrower, and they can repay the loan timely.

Note: A timely repayment of loans will not only help borrowers avoid the burden of interest but also helps them get easier loans in the future.

Expenses Covered in Union Bank of India Education Loan

  1. Tuition fees
  2. Hostel and mess fees
  3. Examination, library, and laboratory fees
  4. Insurance premium
  5. Caution deposits, building funds, and refundable deposits
  6. Reading material and uniform
  7. Travel expenses
  8. Laptop
  9. Admission acceptance fees
  10. Other expenses


Bringing answers to your questions

  • What are the eligibility criteria for Union Bank's education loans for studying abroad?

    To be eligible for Union Bank's education loans for studying abroad, students must fulfill certain criteria. The student must be a citizen of India and have successfully cleared the qualifying exam. As for the co-applicant, the student's parent(s) is required to sign as a co-applicant, and they must also be Indian citizens. In the case of a married student, the co-applicant can be their spouse, parent(s), or parent(s)-in- law. If both parents are deceased, a close relative or guardian is considered eligible to be the co-applicant. These criteria ensure a comprehensive understanding of the eligibility requirements, allowing prospective applicants to prepare their documentation accordingly.

  • What is the interest rate on education loans for studying abroad, and how is it calculated?

    Union Bank of India offers education loans with very low-interest rates. The exact interest rate may vary, and it is advisable to contact the bank directly or visit their official website for the most up-to-date information. Generally, interest rates are calculated on a reducing balance method.

  • What is the process for applying for a Union Bank education loan for studying abroad?

    You can apply for a Union Bank education loan for studying abroad by getting in touch with Lorien. Fill out the form on our website, and our experts will schedule a callback with you. They will guide you through the application process, help you upload necessary documents online, and present the application to the bank. Once all documents are uploaded and KYC is done, the loan is expected to be sanctioned within a few working days.

  • Does Union Bank offer any special benefits or interest rate reductions for exceptional academic performance?

    Union Bank's education loans are known for their low-interest rates, providing financial support for students aspiring to study abroad. While Union Bank may not explicitly mention special benefits for exceptional academic performance, Lorien, as your trusted education loan partner, works diligently to ensure you access the most favorable terms. By leveraging our expertise and relationships with financial institutions, Lorien assists you in securing the best interest rates available. Our commitment is to make your study abroad journey financially viable, offering personalized support to enhance your overall experience.

  • Is there a co-applicant or guarantor required for the loan?

    Yes, a co-applicant is required for Union Bank's education loan, and it is typically the student's parent(s). In certain cases, if the parents are deceased, a close relative or guardian can act as the co-applicant.

  • What collateral or security is required for the loan?

    Collateral requirements may vary based on individual circumstances and the loan amount. Lorien, as your dedicated education loan partner, can facilitate this communication, ensuring you receive accurate and personalized information tailored to your specific needs. Contact us to navigate the intricacies of collateral or security for your Union Bank education loan, making your application process smoother and more transparent.

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