Vidya Lakshmi Portal Union Bank of India: Eligibility Criteria, Interest Rate & More

Education loans are a major factor which you need to consider while planning your study abroad. On August 15, 2015, the Government of India launched the Vidya Lakshmi Portal to provide a single platform to students who want an education loan. Vidya Lakshmi Portal Union Bank of India offers education loans to students at an interest rate as prescribed by the Indian Banks Association. On the Vidya Lakshmi portal, students get access to information about education loans to study abroad or in India by logging in to their accounts. Check out all the major highlights of Vidya Lakshmi Portal Union Bank of India

Vidya Lakshmi Education Loan from Union Bank of India

Union Bank is one of India’s most preferred public sector banks, especially for education loans to study abroad. It offers affordable interest rates and easy repayment schemes to students taking an education loan. Vidya Lakshmi portal, developed by Portean, has a huge network of 44 banks as their partners and they all provide education loans with terms and conditions as prescribed by the IBA. Check out some important features of education loans from Union Bank of India through the Vidya Lakshmi portal:

• Union Bank of India provides education loans to students under their ‘Union Education’ scheme. 
• Under this scheme, the bank provides education loans to pursue basic education to the poor and needy and to the meritorious students who want to pursue higher / professional/ technical education, after passing 10+2 or equivalent.
• The students can apply for a maximum of INR 20 lakhs for a study abroad education loan under the Union education scheme.
• You can apply for a study abroad education loan from Union Bank of India through the Vidya Lakshmi portal for admission in professional, technical graduate & postgraduate courses.
• The courses must be offered by reputed universities situated in a foreign country like Oxford, Cambridge etc. 
• Any degree/diploma courses like aeronautical, pilot training, shipping etc. are eligible for education loans provided that the courses are being conducted by reputed universities.

Also Read: How to Apply for Education Loan through Vidya Lakshmi Portal

How to Apply for Vidya Lakshmi Education Loan from Union Bank of India?

Vidya Lakshmi portal allows all students to apply for an education loan through its official website. Students can apply for loans choosing a maximum of three banks at a time. You need to register and create a profile on the Vidya Lakshmi portal. Check the step-by-step process to apply for Vidya Lakshmi Education Loan from Union Bank:

• Login to the Vidya Lakshmi portal by entering your username and password 
• If you are a new user, click on ‘New User? Register Now’
• Fill in all the required information and click on submit
• A new home page will appear showing options like Loan Application Form, Application Status, Schemes etc. 
• Click on ‘Loan Application Form’ and fill in all the details carefully.
• Select Union Bank of India and the related scheme from the options
• As soon as you complete the application process the bank contact you within 30 days for further steps. 

Note: Students are not required to pay any pre-payment charges while availing the education loan from Union Bank of India through the Vidya Lakshmi Portal.

Vidya Lakshmi Union Bank Education loan: Eligibility Criteria

There are certain eligibility criteria prescribed by the bank as well as IBA in order to approve the education loan. Any student applying for an education loan through the Vidya Lakshmi portal must fulfil the eligibility criteria. Check all the details below:

• The student should be an Indian national holding an Indian passport.
• If you are taking an education loan to study abroad you need to show a letter of acceptance from the university.
• The selection criteria for admission to foreign universities shall include a merit-based selection process.
• If there is no entrance examination then the admission shall be secured based on the marks obtained in the last qualifying examination.
• The minimum marks in the last qualifying exam should be 60% for general categories, 50% for OBC/SC and 45% for ST category students. 

Also Read: Canara Bank Vidya Lakshmi Education Loan

Vidya Lakshmi Union Bank Education Loan Interest Rate

The interest rate for any education loan through the Vidya Lakshmi portal is charged as per the IBA regulation. The interest rate may vary depending upon the period of course and the loan amount. Check the details below:

Loan Amount	Rate of Interest (Under Union Education Scheme)
For Male Candidates
Up to INR 7.50 Lakh	12.25% (fixed)
Above INR 7.50 Lakh	12.00% (fixed)
For Female Candidates
Up to INR 7.50 Lakh	11.75% (fixed)
Above INR 7.50 Lakh	11.50% (fixed)

Expenses Covered under Union Bank Education Loan from Vidya Lakshmi 

Union Bank Vidya Lakshmi education loan provides a maximum of INR 20 lakhs for study abroad as per the union education scheme. In this amount, all your expenses for tuition fee and accommodation cost is covered. You can even pay the security deposit amount for your accommodation outside the university campus. Check all the expenses covered under Vidya Lakshmi education loan from Union Bank of India below:

• Entire tuition and accommodation fees are charged by the university. 
• Expenses for travel to the concerned country.
• Hostel/mess charges
• Payment of Insurance premium for the student.
• Purchase of books/instruments/uniforms
• Purchase of desktop/laptop at a reasonable cost, if required for completion of the course
• Admission acceptance fee
• All other expenses required to complete the course.

Vidya Lakshmi Union Bank Education Loan Repayment Period

It is very important to plan the entire loan repayment process while applying for an education loan to study abroad. After the completion of the course, it’s not necessary that you will get a job immediately. Hence, you need to figure out the sources through which you will start the repayment process. Check the repayment structure specified by Union Bank of India for an education loan:

• The students will get a moratorium of the course period + 1 year from the date of completion of the course.
• If you get a job immediately after completing the course then your moratorium period will be course period + 6 months after commencement of job. 
• Among both the conditions whichever is earlier will be considered.
• The maximum loan repayment period for a study abroad education loan will be 15 years.

FAQs

Vidya Lakshmi Portal Union Bank education loan is available for all students who want to apply for an education loan to study abroad or in Indian universities. Visit the official website and apply for your loan.

To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram.