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  • FAQ: Union Education: Education Loan Subsidy Schemes

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    Hari Prakash
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    Union Bank of India offers several options for education loans, including reimbursement for initial fees, quick loan sanctioning within 7 days, and various subsidy schemes. The bank provides a 0.5% interest rate concession for female students and covers tuition and other education-related expenses. Minimum academic eligibility criteria apply depending on the course of study and location. Students have the option to pay interest during their studies for a 1% rebate or defer payments until after graduation.

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    Education Loan FAq

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    Union Bank of India offers several options for education loans, including reimbursement for initial fees, quick loan sanctioning within 7 days, and various subsidy schemes. The bank provides a 0.5% interest rate concession for female students and covers tuition and other education-related expenses. Minimum academic eligibility criteria apply depending on the course of study and location. Students have the option to pay interest during their studies for a 1% rebate or defer payments until after graduation.

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    21 views2 pages

    FAQ: Union Education: Education Loan Subsidy Schemes

    Uploaded by

    Hari Prakash
    Union Bank of India offers several options for education loans, including reimbursement for initial fees, quick loan sanctioning within 7 days, and various subsidy schemes. The bank provides a 0.5% interest rate concession for female students and covers tuition and other education-related expenses. Minimum academic eligibility criteria apply depending on the course of study and location. Students have the option to pay interest during their studies for a 1% rebate or defer payments until after graduation.

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    of 2

    FAQ: Union Education

    • Can I get reimbursement of cost already incurred for the course?


    Answer: Yes, reimbursement is permissible for initial year /semester fees for loan sanctioned
    within 6 Month from the date of letter of admission. For further information please visit
    Branch/office.

    • What is the Normal time required for disbursement of Education loan


    Answer: It takes only 7 working days to get the Loan sanctioned from Union Bank of India after
    submission of requisite documents and papers.

    • How do I know if I am eligible for any Subsidy Scheme?


    Answer: In order to make education loan affordable for each student, many tax benefits and
    government sponsored subsidy schemes are available in India. You can check the brief of
    Education Loan Subsidy schemes to know the eligibility norms.

    • Do I need to pay interest amount during the course period?


    Answer: It is not mandatory. However, if you choose to pay the accrued interest during the
    course period, rebate of 1 % will be given in applicable rate of interest for the repayment period.

    • Does Bank offer some concession to Female students?


    Answer: Yes, Union bank of India offer 0.50 % concession in the applicable rate of interest for
    female students.

    • Is there any requirement with respect to the minimum marks in previous exams?
    Answer: Yes, Minimum marks secured in qualifying exam should be as under:

    For studies in India

    Category Minimum marks


    General 60%
    OBC 55%
    SC/ST 50%

    For studies abroad

    Category Minimum marks


    General 60%
    OBC 50%
    SC/ST 50%

    • What is qualifying exam?


    Answer: Qualifying exam is defined as any examination/course which is a prerequisite for
    securing admission to the proposed course of study. For example 10+2/higher secondary exam is
    a qualifying exam for securing admission to Degree course. NEET is qualifying exam for medical
    study and CAT/MAT is qualifying exam for management study courses.
    • What does the own contribution (Margin) mean?
    Answer: Own contribution (Margin) means is the total expenses minus loan amount.

    • What are the expenses covered under the Education Loan?


    Answer: Expenses includes tuition fee, Hostel/mess charges, Examination/ Library/ Laboratory
    fee, Insurance premium, Books/ equipment/ instruments/ uniforms, computer/laptop, travel
    expenses (for studies abroad), any other expense required to complete the course - like study
    tours, project work, thesis, etc.

    • What is EBLR
    Answer: EBLR stands for External Benchmark Lending Rate. Union bank of India has adopted
    Repo rate as the External benchmark to link its floating rate home loans with effect from
    01.10.2019.

    • When will my interest Rate changes under EBLR regime?


    Answer: The interest rate Change at quarterly interval on 1st day of calendar quarter subsequent
    to the change in RBI’s repo rate.

    • How do I make a Union Education Loan Application?


    Answer: You could collect an application form from our nearest branch or simply download it
    from our website and submit it along with documents and the Processing fees Cheque at any
    Union Bank of India branch. However, it is advisable to apply online through Vidya Lakshmi
    Portal of GoI and select Union Bank of India as preferred Bank.

    • Is it mandatory to buy insurances policy with Education loan?


    Answer: For a borrower to understand the same better, there are two types of insurance covers
    available for Home Loan:
    ✓ Property Insurance: In order to safeguard the Bank’s interest against any loss to the
    Property caused by unpredictable damages and natural disasters, insurance cover is
    mandatory (only for the cases where the loan is secured by mortgage of the property).
    Property insurance policy should cover the structure as well as its contents or possessions.
    ✓ Life Insurance: This is also mandatory. The insurance policy should cover the life of the
    student for the tenure and quantum of the loan. The insurance premium amount can be
    included in the loan amount, if so desired by the applicant.

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