Union Bank Education Loans: Know the Facts Before You Apply
Union Bank of India (UBI) offers five education loans including two specialised education loans that are not offered by any other public sector bank.
The five Union Bank education loans are:
- UBI Education Loan for Higher Studies in India and Abroad
- UBI Education Loan for Premier Institutes
- UBI Special Education Loan for ISB Students
- UBI Union Kisan Shiksha Suvidha (UKSS) Education Loan
- UBI Skill Loan Scheme
Union Bank of India Education Loan for Higher Studies in India and Abroad
This is Union Bank’s IBA Model Education Loan. It helps students finance their education at recognised educational institutions in India or abroad. Maximum loan amount is Rs. 20 lakh for India and Rs. 30 lakh for abroad.
The loan is given to students who have secured admission into a higher education course in a recognised institution in India or abroad through an entrance test or a merit-based selection process. The education loan can be taken for all expenses directly related to the course including fees, books, laptop, hostel fees, lab fees, exam fees, etc.
Union Bank of India Education Loan for Premier Educational Institutes
As the name suggests, this loan helps students who have gained admission into premier educational institutions in India pay their course fees and related expenses. Maximum loan amount that you can apply for is Rs. 40 lakh but the amount you are actually eligible for depends on Union Bank of India’s categorisation of the institute.
Union Bank of India Education Loan for ISB Students
This is a special loan and not given by any other public sector bank. It is meant for students pursuing Post Graduate Programme in Management (PGPM), Post Graduate Programme in Management for Working Professionals (PGP-PRO) and Post Graduate Programme in Management for Senior Executives (PGP-MAX) from ISB Hyderabad, Mohali and the proposed campus in Mumbai. The maximum loan cap depends on the course you are pursuing.
Union Bank of India Union Kisan Shiksha Suvidha (UKSS) Education Loan
This is the second special loan given by Union Bank. It is meant for students coming from agrarian families. It helps them finance and pursue their graduate or postgraduate degrees from recognised educational institutions in India or abroad.
There is a caveat though. The loan is available for only medical, engineering or management courses. The maximum loan amount is Rs. 15 lakh for courses in India and Rs. 30 lakh for foreign studies.
It can be taken for all expenses directly related to the course including for payment of all fees, books, laptop, etc. It can be taken in later years of the course also if not taken at the start of the course, provided no other education loan has been taken from other banks or financial institutions.
Union Bank of India Skill Loan Scheme
This is the standard skill loan and helps students who have gained admission into technical courses offered by ITIs, polytechnics, schools, colleges, etc. to pay their course fees. The loan amount starts from Rs 5,000 and can go up to Rs 1.5 lakh depending on course duration.
We will repeat what we have said before. Due to the advancement in online courses, there are quite a few other options if you are looking for technical courses in management, software, IT, etc. that do not need practical lab-based training with special instruments. We have covered some here: These Programmes Help You Double and Even Triple Your Salary in Less Than a Year