UCO Bank Education Loan | Eligibility | Interest rates 2022

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.

2022 Uco Bank Education Loan Interest Rates

Upto Rs.7.50 lacs 9.90%
More than Rs.7.50 lacs 10.30%
UCO premium Education Loan Scheme 9.05%
UCO Super Premier Education Loan Scheme 7.90%

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.