Education Loan in UCO Bank

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Education Loan in UCO Bank

Scope : Educational Loan

The scheme extends a helping hand to meritorious students desirous of pursuing basic / higher / professional / technical education either in India or abroad. The parents will become co – borrowers with their dependant ( student ) if the latter applies for educational loan.

UCO Bank Education Loan for Studies in India :

  • School education including plus 2 stage.
  • Graduation courses leading to degrees like B.A., B.Sc., B.Com. etc.
  • Post Graduate courses leading to Masters degrees as also Ph.D.
  • Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
  • Computer Certificate courses of reputed institutes accredited to Universities or DoE.
  • Courses like ICWA, CA, CFA, etc.

UCO Bank Education Loan for Abroad Studies :

Graduation : Job oriented professional / technical courses offered by reputed Universities.

Post Graduation : MCA, MBA, MS, etc.

Courses conducted by CIMA London, CPA in U.S.A., etc.

UCO Bank Education Loan Eligibility

  • Applicant must have secured admission to professional / technical course through Entrance Test / Selection Process.
  • Secured admission to foreign University / Institution.
  • No maximum or minimum income is prescribed for parents / family.

Age limit for Educational Loan in UCO Bank :

  • 18 to 25 years for graduation course may be extended from 28 – 30 years for general and SC / ST candidates respectively.
  • 21 to 28 years for post graduation course etc. may be extended from 30 – 33 years for general & SC / ST candidates respectively.

Quantum of Education loan :

Need based finance subject to repaying capacity of parents / students with following ceilings :

  • Studies in India : Maximum ₹ 10.00 Lac.
  • Studies Abroad : Maximum ₹ 20.00 Lac.

The education loan amount under the scheme would be for meeting the following expenses :

  • Course Fees.
  • Hostel / Boarding Fees including caution deposit / building fund etc.
  • Books, Stationery & Equipment required for the course, including Computers.
  • Examination / Library / Laboratory fees.
  • Travel Expenses / Passage for studies abroad.

Collateral Security for Education Loan in UCO Bank

  • Upto ₹ 4.00 lacs : No security.
  • Above ₹ 4.00 lacs : Collateral securities by way of suitable 3rd party guarantee or tangible security equivalent to loan amount.

Education Loan Margin :

  • Upto ₹ 4 Lac : Nil.
  • Above ₹ 4 Lac Studies in India : 5%.
  • Studies Abroad : 15%.

UCO Bank Service Charge : There is no processing fee / no service charge.

UCO Bank Education Loan Interest Rates :

  • Upto ₹ 4 lacs : BPLR – 1.00% = 11.25% p.a.
  • Above ₹ 4 lacs : BPLR – 0.50% = 11.75% p.a.

Repayment of Education Loan in UCO Bank : The education loan will be repaid in 5 – 7 years after commencement of repayment. There will be moratorium for repayment during “the course period +1 year or 6 months after getting job, which ever is earlier”. 1% interest concession may be provided, if the interest is serviced during moratorium period.

For more details, please contact your nearest UCO Bank branch.

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.