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Read about the UBI education loan disbursement process and the required documents.
Did you know that banks transfer tuition fees and living expenses directly to the university’s account and later the student has to claim?
Students often ignore the importance of the disbursement process which can lead to delays in paying the university tuition fees that can even result in the cancellation of a student’s admission. Hence, the study abroad aspirants must get a holistic understanding of the disbursement process of a UBI education loan.
Feature | Description |
---|---|
Loan amount |
|
Rate of Interest |
9.25% - 9.75% |
Margin money |
|
1 year after completing the course. |
|
Up to 15 years |
|
Processing time |
7-10 working days after submission of required documents. |
Processing fees |
INR 5000 + GST (Refundable if disbursement within 3 months of sanction) |
Pro tip - Students heading to countries like Germany and Canada often want to get their education loans early. They prefer paying using third-party services for living expenses. To make sure their loan is disbursed on time, students should tell the Union Bank of India how they want to pay. They can do this by writing a letter about loan disbursement after signing the loan agreement.
Documents required for the UBI Education Loan Disbursement Process
The following documents are required for the disbursement process of the UBI education loan:
Did you know that GyanDhan is partnered with 13+ lenders including leading private banks, public banks, NBFCs, and international lenders? Among its esteemed partners is the United Bank of India (UBI). Hence, if you are considering applying for an abroad education loan through GyanDhan, the process involves five straightforward steps.
Step 1: Check your loan eligibility.
Step 2: An expert education loan counselor will evaluate your profile.
Step 3: Team GyanDhan will provide you with a customized document checklist for you.
Step 4: Once the documents are uploaded, GyanDhan will proceed with the rest of the formalities.
Step 5: The bank will disburse the amount as per schedule.
Securing an education loan for studying abroad can be a complex process, but with careful planning and expert advice, it is entirely achievable. Moreover, ensuring a smooth disbursement process is vital for students, necessitating informed decisions on education loans. Your choices in funding education have a profound impact on your future. It's crucial to be aware that even after disbursement, there are essential steps like repayment and tax savings that demand attention and expert guidance.
Also go through:
The disbursement of an education loan from Union Bank of India typically takes only 7 working days from the submission of the necessary documents and papers for loan disbursement.
Secured education loans generally take up to 10-12 days for approval whereas unsecured loans are approved within 7 working days.
The education loan disbursement process usually has three stages: the applicant has to visit the bank and submit the application form and documents with cancelled cheques followed by the sanction and the disbursement. This is usually communicated through the education loan disbursement letter, which contains your disbursement schedule.
Union Bank disburses education loans directly to the institutions, typically in installments based on the university's fee schedule. Living expenses can be credited to the student's account.
Yes, living expenses can be transferred to your personal account, but tuition and other academic expenses are paid directly to the university.
Union Bank's interest rates vary depending on the loan amount and collateral type but typically range from 9% to 11% per year.
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