UCO Bank Education Loan- Student Loan in India
UCO Bank Education Loan Scheme
The scheme extends a helping hand to meritorious students desirous of pursuing higher study either in India or abroad.
UCO Bank Education Loan Eligibility criteria
Studies in India Approved courses leading to graduate/post graduate (Masters & PhD. degree and PG Diplomas conducted by recognized colleges/universities, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.).
Computer Certificate courses of reputed institutes accredited to DoE.
Courses like ICWA, CA, CFA, etc.
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.
28 years for general candidates
30 years for SC/ST candidates
For Post Graduation:
30 years for general candidates
33 years for SC/ST candidates
Eligibility The main conditions for eligibility include
- Student must be an Indian National
- Secured admission to a higher education course in India or entrance test or selection process after completion of HSC (10 plus 2 or equivalent)
UCO Bank Education Loan - Quantum of loan
Studies in India : Maximum Rs. 10.00 Lac
Studies Abroad : Maximum Rs. 20.00 Lac
For loan upto Rs.7.50 lac
- Co-obligation of Parents.
-No Security or third party guarantee.
All the loans upto Rs. 7.50 lacs under UCO Education loan Scheme should be covered under Credit Guarantee Fund Scheme for Education Loan (CGFSEL).
For loans above Rs. 7.50 lac
-Co-obligation of parents, tangible collateral security equivalent to full value of loan
UCO Bank Education Loan Margin
Upto Rs. 4 Lac - Nil
Above Rs. 4 Lac Studies in India - 5%
Studies Abroad - 15%
- Group Life Insurance Cover Scheme for Educational Loan Borrowersto cover the outstanding loan in case of accidental or natural death of borrower
There are no processing charges
UCO Bank Education Loan Disbursement
Disbursement in stages as per the requirement directly to institutions.
Rate of Interest
- Upto Rs 7.50 lacs :- MCLR of 1 Year + 2.00%
- Above Rs.7.50 lacs :- MCLR of 1 Year + 2.40%
- 15 years (180 EMI) for all categories of loan after moratorium period
Repayment holiday / Moratorium Period
- Course period + 1 year after completion of studies for all categories.