United Bank of India Education Loan

These are the interest rates for United Bank of India's education loan schemes:

United Bank of India Education Loan EMI Calculator

United Bank of India's education loan EMI calculator helps you understand exactly how much your Equated Monthly Instalment (EMI) will be for the education loan you take from the bank. This will help you plan your finances ahead and ensure that your EMIs are paid on time.

The EMI calculator is free, online, and easy to use. It displays the entire amortisation schedule for your loan with the EMI details of exactly how much your total interest amount will be and your total due.

All you have to do is adjust your loan amount, loan tenure, and interest rate, click on ''Calculate'', and the details will be displayed instantly on the screen.

Suppose you take a Union Bank education loan for an amount of Rs.10 lakh at an interest rate of 9.30% p.a. with a loan repayment tenure of 15 years, then your EMI details will be as follows: 

1. Equated Monthly Instalment (EMI): Rs.10,322 
2. Total interest due: Rs.8,57,942 
3. Total amount payable: Rs.18,57,942 

The amortisation table for the above-mentioned loan will be as follows: 

How to Apply for United Bank of India Education Loan

You can apply for a United Bank of India education loan in the following ways:

Offline: You can visit the bank's branch that is nearest to you, obtain the application form, and submit it along with the required documents to the bank's representatives.

Online: You can apply for the education loan on the bank's official website using the steps given below:

Step 1: Visit the official website of the bank

Step 2: Hover your cursor over ''Products'' and navigate to '''Loans'' under it and click on ''Retail''

Step 3: On the new page, under Education Loans, click on ''Read More''

Step 4: Click on ''Read More'' under the loan you wish to apply for

Step 5: On the new page, click on ''Apply for Online Education Loan''

Step 6: You will be redirected to the application page where you have to click on ''Education Loan''

Step 7: Complete your application on the page you have been redirected to

Subsidy Schemes for United Bank of India Education Loan

Various subsidy schemes offered by the United Bank of India are mentioned below:

• Concessional Educational Loan: Under this scheme the Bank offers concession on any education loan to Persons with Disabilities (PwDs). The amount of money available is determined by necessity, although it is limited to Rs.10 lakh for education in India and Rs.20 lakh for international education. The maximum repayment period is 7 years from the start of loan repayment, which is either 6 months after starting work or one year after finishing the course. Students with a disability certificate declaring a 40% or more handicap are eligible.
• Credit Guarantee Fund Scheme for Educational Loans (CGFSEL): Under this scheme, the Central Government gives interest subsidies on education loans to students from economically disadvantaged backgrounds. With a maximum loan limit of Rs.7.5 lakh, there is no need for collateral or a third-party guarantee. Under the plan, the bank's interest rate for education loans cannot be more than 2% above the base rate.
• Credit Guarantee Fund Scheme for Skill Development (CGFSSD): The maximum loan limit under this scheme is Rs.1.5 lakh without any collateral or security required. It is for Indian nationals who meet the eligibility criteria for educational institutions under the National Skill Qualification Framework (NSQF) and under the ''Skill Loan Scheme''.
• Padho Pardesh: Under this programme, the Indian government gives interest-free education loans to deserving students from economically disadvantaged minority communities who wish to study abroad. This is for admission to recognised Master's, M.Phil., or PhD programmes in other countries.
• Central Scheme for Interest Subsidy (CSIS): The Central Scheme for Interest Subsidy (CSIS) was introduced by the Central Government to provide relief on the interest component of education loans that are outstanding as on the dates notified by the government from time to time. This is for students from economically weaker sections of society with a gross family income of up to Rs.4.5 lakh per year. The interest subsidy is applicable only one time, for either degree or post graduate degrees or post-graduate diplomas in India as well as for integrated graduate plus post graduate courses overseas.
• Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans: For Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) This is for meritorious students from Other Backward Classes and Economically Backward Classes for higher education abroad. Interest subsidy is provided for the interest component of the loan for the duration of the moratorium. This is for approved courses abroad at the Masters, M.Phil., and PhD. levels.

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