UCO Bank Education Loan Details

Rules and Regulations

Scope : 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.

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.

Studies Abroad

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.

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 :

• 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 loan :

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

Studies in India : Maximum Rs. 10.00 Lac

Studies Abroad : Maximum Rs. 20.00 Lac.

The 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.  

Security :

Upto Rs.4.00 lacs No security

Above Rs.4.00 lacs Collateral securities by way of suitable 3rd party guarantee or tangible security equivalent to loan amount.

Margin :

Upto Rs. 4 Lac - Nil

Above Rs. 4 Lac Studies in India - 5%

Studies Abroad - 15%

Service Charge : There is no processing fee /no service charge

Interest Rates :

Upto Rs.4 lacs : BPLR 1.00% = 11.25% p.a.

Above Rs.4 lacs : BPLR - 0.50% = 11.75% p.a.

Repayment :

The 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

Apply Online: http://ucoeduloan.ucobank.com/ucoonlineform.aspx

UCO Bank Contact Details:-

Contact Number  : 91 33 2234 1756

WebLink  : www.ucobank.com