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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

UCO Bank Contact Details:-
Contact Number  : 91 33 2234 1756
WebLink  : www.ucobank.com

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