UCO Bank Education Loan | Eligibility | Interest rates 2021

UCO Bank offers education loan scheme to extends a helping hand to meritorious students desirous of pursuing higher study either in India or abroad. get details on Interest rates, eligible courses & universities list of UCO Bank.

Apply for Education Loan

Full Name

Country of Study

Course of Study

Co-borrower’s* Income

Email ID

Residence City

Course Name

Required Loan Amount

Mobile Number

Applicant’s Income Status

* Co-borrower : Relative with good income who can support your education loan application. Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother

2021 Education Loan Interest Rates – UCO Bank

Upto Rs.7.50 lacs 9.30%
More than Rs.7.50 lacs 9.70%
UCO premium Education Loan Scheme 8.45%
UCO Super Premier Education Loan Scheme 7.30%

Uco Bank Education loan eligibility

  • Studies in India
  1. 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.).
  2. Computer Certificate courses of reputed institutes accredited to DoE.
  3. Courses like ICWA, CA, CFA, etc.
  • Studies Abroad
  1. Graduation : Job oriented professional / technical courses offered by reputed Universities.
  2. Post Graduation : MCA, MBA, MS, etc.
  3. Courses conducted by CIMA – London, CPA in U.S.A., etc.

Studies Abroad

  1. Graduation : Job oriented professional / technical courses offered by reputed Universities.
  2. Post Graduation : MCA, MBA, MS, etc.
  3. Courses conducted by CIMA – London, CPA in U.S.A., etc.

Age limit

For Graduation:

  • 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 required for education loan at UCO Bank:

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)

Quantum of loan

Studies in India : Maximum Rs. 10.00 Lac

Studies Abroad : Maximum Rs. 20.00 Lac

Security

Upto Rs. 4.00 lacs: “ No security, co-obligation of parents

Above Rs. 4.00 lacs & upto Rs. 7.50 lacs: Co-obligation of parents, collateral in the form of a suitable 3rd party guarantee

Above Rs. 7.50 lacs : Co-obligation of parents, tangible collateral security equivalent to full value of loan

Margin

  • Upto Rs. 4 Lac – Nil
  • Above Rs. 4 Lac Studies in India – 5%
  • Studies Abroad – 15%

Processing Charge –  NIL (There are no processing charges)

Disbursement – Disbursement in stages as per the requirement directly to institutions.

Repayment Period – 15 Years for all categories.

Repayment Holiday

Course period+ 1year or 6 months after getting job whichever is earlier.

1% interest concession is available during moratorium period, if interest is serviced regularly during the moratorium period.