Union Bank of India Education Loan - Check Education Loan Schemes Available, Eligibility, Repayment Period

The Union Bank of India offers a variety of education loan schemes to cater to the diverse needs of students, ensuring financial support for quality education in India and abroad. From specialised loans for premier institutes to skill development financing, the Union Bank of India makes education accessible for needy students. In this article, we have incorporated a detailed look at the various Union Bank of India education loan schemes that are available, their eligibility, features, and repayment options.

1. Special Union Education Loan Scheme for Premier Medical Institutes - Union Medicos

This education loan scheme under the Union Bank of India provides financial support to students admitted to MBBS, MD, or MS courses in premier medical institutes through entrance exams. It covers tuition, living expenses, and educational tools like laptops, with a repayment period of up to 15 years.

Eligibility for the Loan:

• Students who have secured admission to full-time medical courses (MBBS, MD, MS) in premier institutes listed by the bank through entrance exams.

• The detailed list of colleges and courses under this scheme is listed on the official website: unionbankofindia.co.in.

• Students should note that this loan is not applicable for NRI students.

• Students must also note that they can also apply for loans in subsequent years if they did not avail education loan earlier.

Features of Union Medicos Loan:

• The loan covers tuition fees, books, caution deposit, hostel and mess charges, equipment (e.g., laptop up to INR 1 lakh), living expenses, insurance, and admission fees.

• Students must refund any deposits back to the loan account once reimbursed by the institute.

Repayment Period:

• Maximum tenure: 15 years (180 months), including the moratorium period.

• Moratorium: Course duration + 1 year.

2. Special Union Education Scheme for ISB

This education loan by the Union Bank of India is intended for students enrolled in PGPM, PGPPRO, and PGPMAX programs at the Indian School of Business (ISB), covering expenses such as tuition, living costs, and study tools like laptops. It offers a repayment tenure of up to 15 years.

Eligibility:

• Students who secure admission to specific Post Graduate Programmes (PGPM, PGPPRO, PGPMAX) at the Indian School of Business (ISB) campuses in ISB Hyderabad, Mohali, and cohorts in Mumbai, Bengaluru, and Delhi.

• This particular scheme excludes short-term or executive courses.

Features of Special Union Scheme for ISB:

• Financial support for tuition, books, refundable caution deposit, accommodation, living expenses, and educational devices (laptop/tablet).

• Refundable deposits must be returned to the loan account.

Repayment Period:

• Maximum tenure: 15 years.

• Moratorium - PGPM: Course duration + 1 year, while for PGPPRO & PGPMAX, the repayment period starts immediately after course completion.

3. Union Education Loan – India/Abroad/NRI Students

This loan caters to Indian nationals and NRIs pursuing higher education in recognised institutions in India or abroad. It offers competitive rates and minimal paperwork, it supports tuition and living expenses with a repayment period of 15 years.

Eligibility:

• Indian nationals pursuing higher/professional/technical education in recognised institutions in India or abroad.

• NRI students must hold an Indian passport and secure admission to Indian institutions.

• No restrictions on minimum or maximum age.

Features:

• Competitive interest rates and minimal paperwork.

• The loan can be applied for online.

Repayment Period:

• Up to 15 years (180 months), including the moratorium period.

4. Union Education – Skill Development Loan

Focused on skill development, this education loan by the Union Bank of India provides financial support for vocational courses lasting 2 months to 3 years, approved by government authorities. With repayment terms ranging from 2 to 7 years, depending on the loan amount, it offers an affordable pathway to career advancement.

Eligibility:

• Indian nationals admitted to skill/vocational courses lasting 2 months to 3 years, supported by government-recognised organisations or ministries.

• Courses must lead to certifications or qualifications authorised by the government.

Features:

• Covers tuition fees, books, equipment, instruments, and other course-related costs.

• State Bankers Committees may add eligible courses based on employability.

Repayment Period:

• Loans up to INR 50,000: Repayable in 2 years.

• Loans between INR 50,001 - INR 1,00,000: Repayable in 2–5 years.

• Loans above INR 1,00,000: Repayable in 3–7 years.

5. Union Education – Fee Reimbursement Scheme

This education loan is exclusively available for SC/ST students eligible for government fee reimbursements. The loan acts as a bridge for initial fee payments. If reimbursements are delayed, the loan is treated as a general education loan with flexible repayment options.

Eligibility:

• This loan scheme is exclusively for SC/ST students eligible for government fee reimbursements.

• Applicable to students who have completed HSC (10+2 or equivalent).

Features:

• Provides bridge loans for initial fee payments, reimbursed later by the government.

• If reimbursement is not received within the moratorium period, the loan converts into a general education loan.

Repayment Period:

• Immediate closure upon reimbursement within the moratorium period.

• If reimbursement is delayed, repayment follows general education loan terms.

• Moratorium: Course duration + 1 year.