Student Education Loans by UCO Bank

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 stages.
• 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. 7.50 Lac
Studies Abroad: Maximum Rs. 15 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

• Up to Rs.4.00 lacs – No security
• Above Rs.4.00 lacs – Collateral securities of suitable value.

 Margin

• Up to Rs. 4 Lac - Nil
• Above Rs. 4 Lac Studies in India - 5%
• Studies Abroad - 15%
• Service Charge : There is no processing fee /upfront /service charge

 

 Interest Rates-

• Up to Rs.4 lacs – BPLR – 1.00% i.e. 12.50 % p.a.
• Above Rs.4 lacs – BPLR - 0.5% i.e. 13.00% 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.