Question 1

How do you get an education loan for abroad studies without collateral​?

Accepted Answer

You can get a Union Bank education loan for abroad education without your collateral with Student Cover’s assistance. Here is how you can become eligible to get a collateral-free loan: Student Documents: Loan Application Form: Duly filled and signed application form., Admission Proof: Offer letter or admission confirmation from the foreign university., Academic Documents:, Mark sheets of Class 10, 12, and the most recent degree., Degree certificates (if applicable)., Entrance Exam Results: Scorecards of exams like GRE, GMAT, IELTS, TOEFL, or others, if required by the university. Co-Applicant/Guarantor Documents: KYC Documents: PAN card, Aadhaar card, or government-issued identity proof., Address Proof: Utility bill, Aadhaar, or any valid address proof., Income Proof (for Salaried Co-Applicant):, Salary slips for the past 3 months., Bank account statements for the last 6 months., Form 16 or Income Tax Returns (ITR) for the previous 2 years., Income Proof (for Self-Employed Co-Applicant):, ITR for the past 2 years., Business registration certificate or proof of business continuity., Bank account statements for the last 6 months. Additional Documents: Relationship Proof: Documents proving your relationship with the co-applicant/guarantor (such as a birth certificate or passport). Declaration/Consent Form: A signed declaration by the co-applicant to take responsibility for loan repayment.

Question 2

Is Union Bank of India a Nationalized Bank?

Accepted Answer

Yes, the Union Bank of India is a nationalized bank. It was founded in 1919 and has been nationalized since 1969. Therefore, this Bank could be a trusted source for seeking an education loan. You apply for a Union Bank Education Loan through Student Cover and enjoy the lowest ROIs.

Question 3

What would be my lowest EMI if I withdrew an education loan of 10 Lakh INR?

Accepted Answer

Your monthly EMI on a 10 lakh NR loan would be 19,566/- INR. To get a complete breakdown of the amount, talk to your Student Cover loan assistant, and they will help you out.

Question 4

What will be my minimum interest rate if I apply for a Union Bank of India education loan through Student Cover?

Accepted Answer

Your loan's rate of interest will start at 9.25%. However, you can request a lower ROI through your Student Cover agent or contact them to learn more.

Question 5

Does Union Bank of India offer an education loan against collateral?

Accepted Answer

You can get a loan from the Union Bank of India against your collateral. However, before applying, you must prepare all your collateral papers, like a deed of the property, registration documents, and property tax receipts. For more information, you can contact Student Cover.

Question 6

What is the repayment procedure for the Union Bank of India?

Accepted Answer

The repayment procedure of Union Bank of India is these: EMI, Simple Interest, Partial Simple Interest

Question 7

What if I don’t pay my education loan?

Accepted Answer

If you fail to repay your education loan in India, it can lead to serious consequences. Initially, if payments are missed for 90 days or more, the loan is classified as a Non-Performing Asset (NPA), prompting the Bank to initiate recovery procedures. Your credit score (CIBIL) takes a significant hit, making securing future loans or credit difficult. To avoid such situations, it's best to communicate with your student cover loan agent. They will help you explore options like loan restructuring or extending the moratorium and consider making partial prepayments to reduce the financial burden.

Question 8

Which Bank is safer for an education loan?

Accepted Answer

Union Bank of India is a safe source from which to apply for an education loan. If you are looking for a smooth loan process from the Union Bank of India, connect with Student Cover, and they will help you fetch your loan smoothly.

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How To Apply for an Union Bank Education Loan through Student Cover?