Union Bank Education Loan EMI Calculator
Pick one of the 8 Union Bank education loan schemes we read from the bank's own website, or type the rate you are offered. Add the course length and grace period to see the interest that builds up before EMIs start.
Official Rate Formula & Benchmark:
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is what you owe when the moratorium ends and r is the monthly rate.
Current official starting rate: 10.00% p.a. (Range: 10.00% – 10.25% p.a.). Read from Union Bank's own website; your rate depends on your profile.
Borrowing ₹10,00,000 at 10% with a moratorium of 3 years, ₹3,00,000 of interest is added to the loan before EMIs start. You then owe ₹13,00,000, an EMI of ₹17,180 for 10 years, and ₹10,61,517 in total interest.
Picking a lender fills in its lowest published figure for that scheme. Your rate depends on your profile, course or vehicle, and can be higher. Compare all education loan rates
Union Bank of India · Public sector bank
Inland / abroad study, above ₹7.5 lakh
10%
Concession for girl students / women: Female students 9.50% (0.50% lower)
Effective: 8 Oct 2026 · Last verified 21 Oct 2026 · Lender’s rate page
The amount disbursed. Interest during the moratorium is worked out for you.
Check your sanction letter for the exact repayment holiday.
Interest during the moratorium
Assumption: Union Bank's rate page we read does not say how it charges interest during the moratorium. If interest compounds monthly instead, the moratorium interest would be ₹3,48,182.
Your tax slab (old regime)
Plus 4% cess. Surcharge is not included.
EMI after moratorium
₹17,180
for 10 years, from month 37
Moratorium interest
₹3,00,000
over 3 years, added to the loan
Owed when EMIs start
₹13,00,000
Total interest
₹10,61,517
₹7,61,517 in EMIs + ₹3,00,000 moratorium
Total payment
₹20,61,517
Est. 80E tax saving
₹2,25,114
old regime, 30% slab + cess, 8 years
Amount borrowed vs interest
- Principal
- 48.5%
- ₹10,00,000
- Total interest
- 51.5%
- ₹10,61,517
Section 80E estimate by year
| Year | Interest paid | Tax saved |
|---|---|---|
| Year 4 | ₹1,26,411 | ₹39,440 |
| Year 5 | ₹1,18,060 | ₹36,835 |
| Year 6 | ₹1,08,834 | ₹33,956 |
| Year 7 | ₹98,643 | ₹30,777 |
| Year 8 | ₹87,385 | ₹27,264 |
| Year 9 | ₹74,947 | ₹23,384 |
| Year 10 | ₹61,208 | ₹19,097 |
| Year 11 | ₹46,029 | ₹14,361 |
| Year 12 | ₹29,262 | Outside limit |
| Year 13 | ₹10,738 | Outside limit |
Years are 12-month periods from the first disbursement, not financial years. Interest added to the loan during the moratorium is repaid inside the principal part of later EMIs; this estimate counts only interest you pay as interest, which is what your lender’s interest certificate shows. The saving also needs enough taxable income to absorb the deduction. ₹40,000 of interest falls after the 8-year window.
Compare repayment tenures
| Tenure | EMI | Interest in EMIs |
|---|---|---|
| 5 years | ₹27,621 | ₹3,57,272 |
| 7 years | ₹21,582 | ₹5,12,832 |
| 10 years | ₹17,180 | ₹7,61,517 |
| 15 years | ₹13,970 | ₹12,14,545 |
Amortisation Schedule
How each instalment splits between interest and principal over time.
Saved scenarios stay in this browser only. No sign-up.
EMI
₹17,180
Union Bank education loan schemes
9 schemes, each read from Union Bank's own website. Pick any of them in the calculator above.
PM-Vidyalaxmi (AAA to BB institutes)
7.35% – 8.75%
Only for listed/rated institutesIndiaPM-Vidyalaxmi
- Benchmark
- EBLR 8.25% -0.90% to +0.50%
- Processing fee
- Not published on the page we checked
- Effective
- 8 Oct 2026
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
ISB outside PM-Vidyalaxmi is also 7.35%: 'Union Education – Indian School of Business (ISB) EBLR -0.90% 7.35%'.
Premier abroad (Cat A / B), with collateral
8.5% – 8.9%
Only for listed/rated institutesOnly with collateralAbroadWith collateral
- Benchmark
- EBLR 8.25% + 0.25% to 0.65%
- Processing fee
- Not published on the page we checked
- Effective
- 8 Oct 2026
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
Union Medicos (premier medical institutes)
8.75% – 9.35%
Only for listed/rated institutesOnly for medical coursesOnly with collateral
- Benchmark
- EBLR 8.25% + 0.50% to 1.10%
- Processing fee
- Not published on the page we checked
- Effective
- 8 Oct 2026
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
8.75% with 100% or more collateral; 9.35% without collateral.
Premier abroad (Cat A / B), without collateral
9.5% – 9.75%
Only for listed/rated institutesAbroadWithout collateral
- Benchmark
- EBLR 8.25% + 1.25% to 1.50%
- Processing fee
- Not published on the page we checked
- Effective
- 8 Oct 2026
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
Skill Development Loan
9.75%
Only for skill coursesSkill course
- Girl students / women
- None (same rate for female students)
- Benchmark
- EBLR 8.25% + 1.50%
- Processing fee
- Not published on the page we checked
- Effective
- 8 Oct 2026
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
Special Education Loan Tier II (outside PM-Vidyalaxmi)
9.85%
Only for listed/rated institutes
- Girl students / women
- Female / SC / ST / Minority 9.75%
- Benchmark
- EBLR 8.25% + 1.60%
- Processing fee
- Not published on the page we checked
- Effective
- 8 Oct 2026
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
Inland / abroad study, above ₹7.5 lakh
10%
India and abroad
- Girl students / women
- Female students 9.50% (0.50% lower)
- Benchmark
- EBLR 8.25% + 1.75%
- Processing fee
- Not published on the page we checked
- Effective
- 8 Oct 2026
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
Inland / abroad study, up to ₹7.5 lakh (CGFSEL, no collateral)
10.25%
India and abroadWithout collateral
- Girl students / women
- Female students 9.75% (0.50% lower)
- Benchmark
- EBLR 8.25% + 2.00%
- Processing fee
- Not published on the page we checked
- Effective
- 8 Oct 2026
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
Union's fee pages returned a server error page, so no processing fee was read.
All education loans: rates actually charged
7.1% – 10%
Rates actually charged (Quarter ended September 2026 (mean 8.55%)), not a starting rate
- Benchmark
- EBLR as on 30.09.2026 8.00%
- Processing fee
- Not published on the page we checked
- Effective
- Not stated
- Source
- Union Bank's page ↗
- Last verified
- 21 Oct 2026
The rate you are offered depends on the bank's assessment and can be higher than the starting rate. Compare education loan rates across lenders →
Union Bank education loan (study in India or abroad) rates
Verified on 21 October 2026 from Union Bank's site ↗
- Starting from
- 10% p.a.
- Published range
- 10% – 10.25%
- Processing fee
- Not published
The rate you are offered depends on your credit score, income and employer and can be higher than the starting rate. RBI rules do not allow foreclosure or part-prepayment charges on floating-rate loans to individuals (other than for business purposes).
How Union Bank compares
Union Bank's education loan starting rate of 10% is the 9th lowest of 18 banks with a verified rate. The lowest is Bank of Maharashtra at 8.8%, and the median is 10%.
- Union Bank
- ₹13,215
- Bank of Maharashtra
- ₹12,560
- Median bank
- ₹13,215
Monthly EMI on ₹10,00,000 on a 10-year loan, at each bank's starting rate. Your own rate depends on the bank's assessment.
Rate Verification & Official Notice
10.00% p.a.
10.00% – 10.25% p.a.
Not published
Applicable Conditions & Eligibility Factors:
- The lowest rate open to all students the bank publishes (study in India or abroad); lower rates for listed institutes, specific courses or with collateral are not used. Your rate depends on the course, the institution and the co-borrower's credit profile
Source: Union Bank education loan rates (official)
Rates subject to borrower risk-grade & RBI regulatory changes.How It Works
- 1Choose a Union Bank scheme: its rate, processing fee, effective date and source fill in.
- 2Enter the course length and the grace period after it; together they make the moratorium.
- 3Union Bank's pages we checked do not say how moratorium interest is worked out, so simple interest is an assumption; the compounded figure is shown alongside.
- 4The EMI is worked out on what you owe when repayment starts, and interest paid is estimated year by year for Section 80E (old tax regime).
Key Factors Influencing Your Rate
- •Where you study: Union Bank publishes separate rates for courses in India and abroad.
- •Collateral: Union Bank's rates differ with and without security.
- •PM-Vidyalaxmi: Union Bank has a separate rate for students at institutions covered by the scheme, set by the institution's tier.
- •Skill and vocational courses have their own scheme.
- •Girl students: Union Bank publishes a concession on some schemes (see the table).
- •Some Union Bank rates come with conditions (only with collateral; only for medical courses; only for skill courses); they are tagged in the table, and the calculator starts on a rate open to all.
- •Some Union Bank rates are only for students at institutes on the bank's list or in its rating categories (PM-Vidyalaxmi (AAA to BB institutes); Premier abroad (Cat A / B), with collateral; Union Medicos (premier medical institutes); Premier abroad (Cat A / B), without collateral; Special Education Loan Tier II (outside PM-Vidyalaxmi)); they are tagged in the table, and the calculator starts on a rate open to all students.
- •Your institution, course, co-borrower's income and credit score decide where in the range you land.
PM-Vidyalaxmi: interest subvention
- 3% interest subvention during the moratorium on loans up to ₹10,00,000, for students with annual family income up to ₹8,00,000 who get no other government scholarship or subvention. It goes to one lakh students a year, and from the second year it depends on satisfactory academic performance.
- Collateral-free and guarantor-free loans for admission to qualifying institutions (top 100 in NIRF rankings, state government institutions ranked 101-200, and central government institutions) through merit-based admission.
- A 75% credit guarantee for loans up to ₹7,50,000.
- Rates are capped at the bank’s external benchmark lending rate (EBLR) + 0.5%. Repayment up to 15 years after the moratorium (course period + 1 year).
- Under the related CSIS scheme, students with family income up to ₹4,50,000 on technical or professional courses get full interest subvention during the moratorium on loans up to ₹10,00,000.
The calculator does not deduct the subvention, because the official pages do not say how it is worked out. Apply and check eligibility on the official PM-Vidyalaxmi portal. Figures from PIB: Cabinet release, 6 Nov 2024, Lok Sabha reply, 27 Jul 2026 and press note, 29 Jul 2026; checked 21 Oct 2026.
Section 80E: what we confirmed
- The deduction is the interest paid on a loan for higher education of yourself or a relative, with no rupee limit. Principal repayment does not count.
- Available only under the old tax regime. It is not in the income tax portal’s new regime list.
- The loan must come from a financial institution or an approved charitable institution.
- Individuals only; HUFs cannot claim it.
- The 8-year limit is in the Act itself. We could not open the Act text on an official site, so it is shown as unverified and you can switch it off above.
The Income-tax Act, 1961 was repealed on 1 April 2026 and replaced by the Income-tax Act, 2025; the AY 2026-27 return pages still use the 80E name. Sources: income tax portal, deductions for AY 2026-27, ITR-4 instructions, ITR-2 instructions and new Act FAQ; checked 21 Oct 2026.
Worked Numerical Example: Union Bank Education Loan EMI Calculator
For a ₹10,00,000 loan at the starting rate of 10% a year, with a 24-month course and a 12-month grace period, simple interest of ₹3,00,000 builds up before repayment starts, so ₹13,00,000 is repaid over 10 years (120 months). The EMI is ₹17,180, with total interest of ₹10,61,517. If you pay the interest while you study, the EMI is lower; the calculator above shows each option.
Frequently Asked Questions: Union Bank Education Loan EMI Calculator
- What is Union Bank's education loan (study in India or abroad) interest rate?
- Union Bank publishes education loan (study in India or abroad) rates starting from 10% a year (up to 10.25%), checked on 21 October 2026. The rate you are offered depends on your credit score, income and employer.
- Which Union Bank education loan schemes does this calculator cover?
- PM-Vidyalaxmi (AAA to BB institutes); Premier abroad (Cat A / B), with collateral; Union Medicos (premier medical institutes); Premier abroad (Cat A / B), without collateral; Skill Development Loan; Special Education Loan Tier II (outside PM-Vidyalaxmi); Inland / abroad study, above ₹7.5 lakh; Inland / abroad study, up to ₹7.5 lakh (CGFSEL, no collateral). Each rate was read from Union Bank's own website; the table lists the source, effective date and date checked.
- How does Union Bank charge interest during the moratorium?
- The Union Bank pages we checked do not say. The calculator assumes simple interest during the course and grace period, shows the compounded figure for comparison, and lets you choose to pay the interest while studying instead. Ask the branch how it will be charged.
- Is Union Bank's processing fee included in the EMI?
- No, a Union Bank loan EMI covers principal and interest only. The Union Bank pages we checked do not publish a processing fee for these schemes, so ask the branch before you apply.
- Can I claim Section 80E on a Union Bank education loan?
- Section 80E covers the interest (not the principal) on an education loan from a bank, under the old tax regime. The calculator estimates the saving from the interest you pay each year; see the Section 80E notes and official sources on the education loan EMI calculator.
Explore More Union Bank Calculators & Generic Tools
Bank names and logos are trademarks of their respective owners. CalcMate is an independent calculator and is not affiliated with or endorsed by any bank.