City Union Bank Education Loan: Eligibility, Required Documents, Application, Interest Rate

One of the most popular options to fund your education abroad when you lack funds is education loans. However, choosing an apt bank for an education loan can be tricky. Are you looking for a bank for an education loan? If yes, then City Union Bank is one of the best options available. It is well known across India for offering education loans for students seeking to pursue higher education in India or abroad. If you want to know more about City Union Bank education loan, interest rates, the loan application process, required documents and much more. Then Keep Reading!

Benefits of CUB Education Loan

There are ample benefits to taking an education loan from City Union Bank. The major ones are listed below:

No margin money for loans upto Rs.4 Lakhs
Low margin upto Rs. 7 Lakhs
Customized repayment options
Tax Benefit under the 80E Section
Pre-Admission Loan Sanction
Flexibility in Collateral security
Attractive rates on Interest

Eligibility Requirements

To become eligible for a City Union Bank education loan, you are required to fulfil the eligibility requirements given below;

You are required to be a citizen of India.
You must also secure admission to an officially recognized college/university/institution in India or abroad.
Having a co-borrower, either a parent or guardian, would be required.
Good grades
Steady source of income

NRI Students

Non-resident Indian or NRI students are eligible for City Union Bank Education Loan. However, you are first required to fulfil the following criteria:

You must have secured admission to a college/university/institution in India.
It would help if you had a co-borrower, either a parent or guardian.
You must have a steady source of income.

Eligible Courses

The courses eligible for City Union Bank education loan are as follows;

Graduate/postgraduate courses offered by recognized universities and colleges in India and abroad
Professional courses
Technical and vocational courses
Certificate courses
PhD courses
Executive management courses
Diploma courses

Loan Interest Rates for International Students

One of the major reasons for the popularity of City Union Bank education loans is its competitive interest rates. It offers competitive interest rates for international students starting from 11.50% annually. The loan amount and repayment tenure will determine the interest rate.

However, you are suggested to first check the official website of City Union Bank for the latest updates and notifications related to education loans.

Loan Amount

The loan amount offered by City Union Bank can range from Rs. 10 Lakhs to Rs. 20 Lakhs. The loan amount will depend on the course and the university the student is applying to.

Documents Required

As a part of the application process, you are also required to submit a list of important documents that you need to submit along with the application form. Some of the essential documents include;

Proof of identity
Proof of address
Passport size photographs
Offer letter from the institute
Statement of cost of study
Last three months’ bank statement
Income proofof co-borrower
Co-borrower’s identity and address proof
Security documents

How to Apply?

The application process for a City Union Bank education loan is quite simple, and all you are required to do is to follow the official website of City Union Bank for the latest updates and notifications.

First, you must visit the official website and download the application form, followed by filling out the application form accurately and completely.
Then you are required to submit the documents and the filled application form.
The bank will verify the documents and the education loan sanction will happen post which the loan amount will be disbursed to the student’s account (your account).

FAQs

Q1. What is the maximum loan amount offered by City Union Bank?

Ans. City Union Bank offers a maximum loan of Rs. 20 Lakhs.

Q2. What are the eligible courses for City Union Bank Education Loan?

Ans. City Union Bank Education Loan can be availed for graduate/postgraduate courses, professional courses, technical and vocational courses, certificate courses, PhD courses, executive management courses and diploma courses.

Q3. What documents are required for getting an Education Loan from City Union Bank?

Ans. The student and the co-borrower must provide proof of identity, proof of address, passport-size photographs, admission letter from the institute, statement of cost of study, last three months’ bank statement, income proof of co-borrower, co-borrower identity and address proof and security documents

Ready to apply for education loans? Compare different banks to find the best option for you. Contact Fly Finance today to get the best deal on your education loan! Call us immediately at 1800 57 2126 and get all your queries regarding education loans, international money transfers, Forex and Bank Accounts sorted out quickly.