Union Education Loan EMI Calculator – Eligibility and Payment Process

Education Loan: To lead a complete, successful, and relaxed life, every child needs high- quality education. Sadly, schooling of this nature comes at an expense not available to everyone who needs it. Education loans come into action here. Education loans are funds provided to meritorious students by banks and financial firms to support them pursue their dream courses. Union Bank Education loan EMI Calculator is an online resource that allows borrowers to determine their monthly payment following availing the loan

Union Bank Education Loan Details:

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  • Interest Rates –           65% – 11.80%
  • Loan Amount –           up to 25 Lakh
  • Processing Fees –           Nil
  • Loan Repayment                         –           Up to 15 years

Eligibility Criteria:

  • All Indian citizens are eligible for further education who wants to study.
  • Courses covered the loan scheme are the undergraduate, postgraduate and diploma level, technical/professional/management classes, of approved universities.
  • Under Union Bank loan programs, diploma courses overseas are not provided.

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Education Loan EMI Calculator:

It also provides you with a repayment plan that indicates an EMI break between monthly interest charges and the principal return. And it does not only indicate the amount of loan you have reimbursed till now, and how much is unpaid. The amortization plan would also provide you with a reasonable estimate about how much the education loan would cost you by having you measure the cumulative amount of interest owed over the whole loan.

EMI Calculator of education loan provides a degree of individualization unparalleled in that it allows you the opportunity to make adjustable installments, processing fees, and the grace time you pay. It also provides various forms of EMI based on maximum interest, partial interest, and total EMI. Also, the full loan repayment timeline can be accessed and even downloaded to help you manage your finances in a more structured and comprehensive way.

The EMI calculator is fairly easy to use, provides good performance, accommodates different variations, and is safe. Also, allows you to use the various personalization choices to learn the exact EMI. Additionally, you can access and print the summary of the repayment schedule so that you can manage your finances more effectively and methodically in the coming years. The EMI Calculator, the most portable and versatile education loan, is the most robust EMI calculator with its rich interface design.

Also, Check – What you Need to know to Pay off your Student Loans with Ease

Education Loan Interest Rate:

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Union Bank of India Education Loan Interest rate in India’s finest universities and working abroad is very low. Education loan interest rates float, changing with the MCLR adjustments. The loan interest rates for the Union Bank of India range between 10.20% and 11.85%.

Appropriate Loan Application Steps:

Three key steps taken are –

  • Application – Whereby you make a completely assembled application with the correct documentation.
  • Sanction – whereby you get a loan clearance dependent on the property’s valuation and repayment capability
  • Disbursal – The amount of the loan will be paid

The students who are qualified can contact their branches from which they have provided/used education loans for information.