Education Loan
Being a Commercial Bank, giving Loans and Advances is among our primary activities. Apart from our participation in meeting both Term Loan and Working Capital requirements of Agriculture sector, Trade and Service sector, Large/Medium and Small Scale Industries sector, Infrastructure sector etc. including taking care of their Export/Import and non-fund based needs like Letter of Credit, Bank Guarantee etc., we have a fairly large basket of loan products specially designed to suit your personal needs. Salient features of some of the more attractive Personal Loan Schemes are described below.
Download UCO Education Loan Application Form - (pdf version) (Content is in English)
Scope:
The scheme extends a helping hand to meritorious students desirous of pursuing higher study either in India or abroad.
Eligibility:
Studies in India
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.).
Computer Certificate courses of reputed institutes accredited to DoE.
Courses like ICWA, CA, CFA, etc.
Studies AbroadGraduation : 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.
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:
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:
- For loan upto Rs.7.50 lac
- Co-obligation of Parents.
-No Security or third party guarantee. - All the loans upto Rs. 7.50 lacs under UCO Education loan Scheme should be covered under Credit Guarantee Fund Scheme for Education Loan (CGFSEL).
- For loans above Rs. 7.50 lac
-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%
Insurance
Group Life Insurance Cover Scheme for Educational Loan Borrowers to cover the outstanding loan in case of accidental or natural death of borrower
Processing Charge
There are no processing charges
Disbursement
Disbursement in stages as per the requirement directly to institutions.
- Upto Rs 7.5 lacs :- UCO Float Rate + 2.40%
- Above Rs 7.7 lacs :- UCO Float Rate + 2.80%
Repayment Period
15 years (180 EMI) for all categories of loan after moratorium period
Repayment holiday / Moratorium Period
Course period + 1 year after completion of studies for all categories.
For more details, please contact nearest branch.
Fixed Rate: Additional Fixed Rate Premium (FRP) of 1.00% over and above the applicable card rate at the time of sanction/switchover when customer opts for fixed rate option. Fixed Rate Premium will be revised by Bank from time to time based on fluctuation in Repo Rate.
Objective
Providing financial support at preferential terms to students who have secured admissions in premier educational Institutes of the country and abroad.
Click here for List of eligible Institutes
Courses eligible
Regular full-time Degree/ Diploma courses and Part-time courses offered by Institutes eligible under the scheme, admission in which is obtained through an Entrance Test/Selection Process/ Percentage of marks as prescribed by the Institute would be allowed.
Age Limit
Age limit for General - 38 yrs.
Age limit for SC/ST - 40 yrs.
Quantum of Finance
Maximum loan amount Rs. 30 lacs (Rs.35 Lacs) (inclusive of group credit life insurance premium) subject to ceilings for different categories of Institutes as under:
Category of Educational Institutes |
Maximum Loan Amount |
Modification to be done |
List 'A' |
Rs. 30 lacs |
Rs.35 Lacs |
List 'B' |
Rs. 20 lacs |
Rs.25 Lacs |
List 'C' |
Rs. 15 lacs |
Rs.15 Lacs |
Margin
Up to Rs. 4 lacs : No Margin.
Above Rs. 4 lacs : 5 % of total fee i.e. Course fee and other expenses.
Insurance
Group Life Insurance Cover Scheme for Educational Loan Borrowers to cover the outstanding loan in case of accidental or natural death of borrower
Security
Category of Educational Institutes | No Security, only Parent/ Spouse/ Guardian as co-borrower | With tangible collateral of full value and Parent/Spouse/ Guardian as co-borrower |
List 'A'
|
Rs. 20 lacs
|
Over Rs. 20 lacs to Rs. 30 lacs
|
List 'B'
|
Rs. 15 lacs
|
Over Rs. 15 lacs to Rs. 20 lacs
|
List 'C'
|
Rs. 10 lacs
|
Over Rs. 10 lacs to Rs. 15 lacs
|
In case of married person, co-obligator can be spouse or the Parent(s)/ Parent(s)-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee acceptable to the Bank. |
For Foreign Study
PARTICULARS |
GUIDELINES |
Maximum Loan Amount |
Rs. 30.00 lacs |
Institute/University |
The Institute/University must be ranked in World Top-150 universities as per www.webometrics.info as on the date of application. |
Courses |
Eligible for Post graduate, Post graduate diploma, Doctoral, Post-doctoral studies only. |
Security |
Up to 15 lac - No Security Only parent/ spouse/ guardian as co-borrower. |
Other Conditions |
As per Scheme applicable for studies in India. |
Repayment
Repayment of the loan will be maximum 180 equated monthly installments (EMIs*). (i.e. 15 years maximum)
Rate of Interest
UCO Float Rate + 1.55%
Processing Charge
No processing/ upfront charges.
Objective
Providing financial support at preferential terms to students who have secured admission in 8 premier educational institutes in the country.
Eligible Institutes
- Indian Institute of Management, Ahmedabad
- Indian Institute of Management, Bangalore
- Indian Institute of Management, Kolkata
- Indian Institute of Management, Indore
- Indian Institute of Management, Lucknow
- Indian Institute of Management, Kozhikhode
- Xavier Labour Relation Institute, Jamshedpur
- Indian School of Business, Hyderabad
Courses Eligible
Regular full-time Degree/ Diploma courses.
Minimum Age
Age limit for General - 38 yrs.
Age limit for SC/ST - 40 yrs.
Quantum of Finance
Maximum loan amount Rs. 30 lacs (inclusive of group credit life insurance premium).
Margin
NIL
Moratorium Period
Course period + 1 year after completion of study.
Rate of Interest
UCO Float Rate + 0.40%
- Simple interest to be charged during the Repayment holiday/ Moratorium period.
- Servicing of interest during moratorium period is optional. Accrued interest will be added to the principal amount borrowed while fixing EMI for repayment.
- Penal interest @2% p.a. to be charged on overdue amount for the overdue period only for limits above Rs. 4 Lacs.
Processing Charges
NIL
Security
No Security.
Repayment
Repayment of the loan will be in maximum 180 equated monthly installments (EMIs*) i.e. 15 years after repayment holiday/moratorium period.
Objective
To cater the financial needs of students pursuing Medical Courses in India and studies abroad.
Eligible
Studies in India
Approved Medical courses leading to graduate/post graduate degree and PG diplomas conducted by Colleges/Universities recognized/permitted by Medical Council of India (MCI).
Studies Abroad
- Graduation: For job oriented professional/technical courses offered by reputed universities.
- Post-Graduation: MCA, MBA, MS etc.
- Courses conducted by CIMA-London, CPA in USA etc.
- Degree/diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
All existing courses up to world ranking 2500 shall be considered for studies abroad. World ranking of Institutes/Universities as available in the website www.webometrics.info to be referred for the purpose.
Age limit
Maximum Age Limit :
- 28 years for Graduation and 30 years for Post-Graduation/Post Graduation Diploma for General/OC candidates.
- 30 years for Graduation/Diploma and 33 years for post-graduation for SC/ST candidates.
Eligibility
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
- Minimum Rs. 10 lac
- Maximum Rs. 75 lac
- Studies Abroad
- Minimum Rs. 20 lac
- Maximum Rs. 75 lac
Security
- Co-obligation of parents
- Tangible collateral security of 125% of Loan Amount
Margin
10%
Processing Charge
Processing Fee of 0.50 % of Loan amount subject to maximum of Rs.10,000 + applicable GST
Disbursement
Disbursement in stages as per the requirement directly to institutions.
Rate of Interest
UCO Float Rate + 2.40% i.e. 9.30% + 2.40% Presently 11.70% p.a.
Repayment Period
15 years (180 EMI) for all categories of loan after moratorium period
Repayment holiday / Moratorium Period
Course period + 1 year after completion of studies for all categories.
For more details, please contact nearest branch.
Objective
Skill Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses.
Courses Eligible
Course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan.
Minimum Age
No minimum age.
Quantum of Finance
- Minimum: 5,000/- and
- Maximum: 1,50,000/-
Margin
NIL
Moratorium Period
- For courses of duration upto 1 year - 6 months from the completion of the course.
- For courses of duration above 1 year - 12 months from the completion of the course.
Rate of Interest
UCO Float Rate + 1.90% p.a. (simple interest during moratorium period).
- Simple Interest will be charged during the course period and up to commencement of repayment.
- Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students.
- 1% interest concession may be provided by the Bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.
Processing Charges
NIL
Security
No collateral or third party guarantee will be taken. However, the parent will execute loan document along with the student borrower as joint borrower.
Credit guarantee coverage by NCGTC at nominal fee of 0.50% of the amount outstanding. This guarantee fee will be borne by the Bank.
Repayment
- Loans upto Rs. 50,000 - Upto 3 years
- Loans between Rs. 50,000 to Rs.1 lakh - Upto 5 years
- Loans above Rs. 1 lakh - Upto 7 years