UCO Bank Education Loan Rate of Interest
UCO Bank offers education loan to meet financial needs of student for maximun loan amount up to 30 Lacs
- The margin for an amount above INR 4 Lacs is only 5%.
- The maximum loan limit is INR 30 Lacs.
- No security is required for a loan up to INR 15 Lacs.
Rate of Interest charged by the bank depends on the base rate set by UCO Bank as per the guidelines set by RBI.
- For all the amounts, RoI is 1-year MCLR+1.15%.
CALCULATE YOUR EDUCATION LOAN EMI
1,000 per month
1,000
1,000
Looking for admission for India and Abroad?
UCO Bank Education Loan Eligibility
- Indian National. The student must be an Indian National or an Indian passport holder.
- 10+2. You must have cleared 10+2 from a recognized board or institute.
- Co-signer. A co-signer is mandatory while applying for an education loan.
- Eligible Institute. Premier institutes that are listed in Top 150 universities as per www.webometrics.info as on date of application.
- Age. Age limit for general category is maximum 38 years and for SC/ST is 40 years.
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| Bank / Financer |  Change bank |  Change bank |  Change bank |  Change bank |  Change bank |
| Applicable Rate of Interest | 1-year MCLR+1.15% | 1.70% above the base rate | up to INR 7.5 Lacs: MCLR + 2.00% above INR 7.5 Lacs: 2.60% | Upto 4 Lacs- 16.50% Upto 7.5 Lacs- 17.50% Above 7.5 Lacs- 15.50% | |
| Max Loan with Collateral | 30Lacs | For Abroad: 30 Lacs | For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs and beyond based requirement | |
| Max loan without collateral | 30Lacs | For Abroad: 30 Lacs | For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs and beyond based requirement | |
| Processing Fee | Nil | INR 10,000 | Nil | Nil | |
| Repayment Period | 15Year | 15 years | 15 years | 7 years | |
| Loan for top institutions | Yes, UCO Premier Education Loan and UCO Super Premier Education Loan | Yes, SBI Scholar Loan Scheme | Yes, PNB Pratibha | No | |
| Margin | Up to INR 4 Lacs: Nil Above INR 4 lacs: 5% | 15% | Up to INR 4 Lacs - NIL Above INR 4 Lacs - 15% | Upto loan 4 Lacs: No margin Above 4 Lacs: for India: 5% for Abroad: 15% | |
| Age Limit | For General : 38 Years For SC/ST: 40 years | no age limit | No age limit | No | |
| Loan Security | Up to INR 15 Lacs: No security required. Only parent/ guardian as co-borrower Above INR 15 Lacs: A tangible collateral security of full value and parent/ guardian as co-borrower | Tangible collateral security is required Collateral security by third party are also accepted | Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required. Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank. | Third party guarantee Collateral security Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount Assignment of Future salaries in favor of Axis Bank | |
| Eligibility concession for SC/ST | No | No | 50% for SC/ST, and;60% for General category. | No | |
| Processing Time | N.A | 20 days | 15 days | 14 Days | |
| Prepayment charges | Nil | Nil | Nil | Nil | |
| Penal charges | Nil | Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period | Nil | @ 2% per month on the overdue installment/s | |
| Mandatory insurance cover | Not mandatory | Yes | yes | yes | |
| Travel expeneses | Yes | yes | yes | yes | |
| Bank transfter allowance | No such clause mentioned | available | available | No such clause mentioned | |
| Top up loan availability | Unavailable | yes | available | unavailable | |
| Interest Subsidy Schemes | Padho Pradesh | Padho Pardesh CSIS Skill Loan Scheme | Padho Pardesh CSIS Skill Loan Scheme | CSIS | |
| Tax benifit | Yes | yes | yes | yes | |
| Concession/benefits | No margin upto INR 4 Lacs No processing fee No prepayment/ documentation charges | Concession to girl students 1% concession if interest is serviced during moratorium period including course period | 0.5% concession to girl students 0.5% concession if interest is serviced during moratorium period including course period Online application | There is no processing fee charged No pre- payment charges are applied No pre- closure charges are applied Loan Disbursal period is 15 working days from the date of final submission of documents |
How to apply for UCO Bank Education Loan ?
UCO Bank Education loan application form can be available online or offline at Bank branches.
Visit the official website for UCO Bank Education Loan.
Click on the option of Apply Now in the sidebar.
Fill out the form with essential details.
Upload the mandatory documents required.
Submit the form and take out a print out of the application.
Visit the bank branch for further formalities.
Applicants can directly visit the nearest branch and ask for an application form. The bank representative will then guide them with all the necessary information regarding eligibility, documents required and also which loan is best suitable.
UCO Bank Education Loan Details
Above INR 4 lacs: 5%
Above INR 15 Lacs: A tangible collateral security of full value and parent/ guardian as co-borrower.
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Expenses covered under UCO Bank Student Loan Scheme
- Tuition Fee
- Examination Fee
- Library/ Laboratory Fee
- Hostel Fee
- Cost of Books, equipment, instrument or uniforms
- Miscellaneous expenses- study tours, project work, thesis, etc.
- A reasonable cost of computer or laptop (if required)
Courses Covered Under UCO Bank Student Loan Scheme
In Abroad
Courses offered by reputed foreign universities
Graduation, Post-Graduation, Doctorate courses
Technical, Professional or any other Job Oriented
Degree/ Diploma courses like Aeronautical, Pilot Training, Shipping, etc. (approved by Director General of Civil Aviation/ Shipping in India).
Post-graduation courses such as MCA, MBA, MS, etc.
Courses conducted by CIMA, London or CPA, USA etc.
Courses offered by top 150 universities as per www.webometrics.info.
Education Loan Documents Required ?
Admission letter along with fee structure, mark sheets, and other documents.
Copies of identity proof, Passport, Voter ID, Driving Licence or PAN Card.
Two recent passport size photographs of applicant, co-applicant, and guarantor.
Mark sheet of recently qualified public exam for school, college in India.
Latest salary slip, Form 16 and recent salary certificate.
Schedule of expenses for the course.
Copy of visa and passport for abroad courses.
Interest Subsidy Schemes
Padho Pardesh
Formulated under the Prime Minister's 15 point programme, this subsidy scheme benefits the students of the minority community who want to study abroad. Such students are provided 100% interest subsidy.
Frequently Asked Questions
What schemes does UCO Bank considers for its education loans?
+ -In whose name is the loan granted?
+ -Is the loan contract executed only in student?s name?
+ -What is the age limit for availing loan in UCO Bank?
+ -Are minors eligible to apply for UCO Bank Education Loan?
+ -What does margin on any loan mean?
+ -Should the student?s margin be paid upfront in the starting?
+ -Where can I avail UCO Bank Education Loan?
+ -Is there any provision to apply for loan online?
+ -Can I view my loan statement online if I am an existing education loan borrower?
+ -Is there any minimum aggregate marks to meet the eligibility criteria to avail UCO Bank education loan?
+ -What is the discount/ rebate offered by UCO Bank?
+ -What all is included in tangible collateral security?
+ -Can I place my family property as collateral?
+ -Is scholarship or assistantship included in the margin?
+ -What is Moratorium Period?
+ -What is tenure of an education loan?
+ -What does MCLR stands for?
+ -What all expenses are covered under this course?
+ -Will my travel expense will be covered if I take loan from UCO Bank?
+ -I have taken admission through management quota. Am I eligible?
+ -What do you mean by reputed or recognized institutes?
+ -Are there any special benefits if I have secured admission to one of the top premier institutes?
+ -What is the processing fee or prepayment charges?
+ -Will cost of my computer be covered under the loan sanctioned?
+ -Why is Pan Card necessary?
+ -Are diploma or certificate courses considered under UCO Bank education Loan (both for India and Abroad)?
+ -Is a co-borrower necessary for loan?
+ -Who can be my co-borrower?
+ -What all documents are required from the co-borrower?
+ -How many guarantors do I need to borrow loan from UCO Bank?
+ -What is the KYC requirement in education loan?
+ -What are maximum term for repayment?
+ -How can I repay the loan?
+ -What is EMI? How are they calculated?
+ -What are the charges for late EMI payment?
+ -Is the loan disbursed in name of individual applicant or to the institute/ university directly?
+ -If I am unable to complete my course in given tenure, will my repayment term be extended?
+ -What is method of application of interest on education loan?
+ -If I am joining the course soon after current course, can I get an extension?
+ -What is interest rate of education loan?
+ -What is interest subsidy on education loan?
+ -What documents do I need to submit to avail interest subsidy scheme?
+ -If I am availing loan for overseas studies, can I also avail interest subsidy scheme?
+ -What is employment verification in an education loan?
+ -Are there any tax benefits in education loans?
+ -Is it necessary to have bank account with the bank while availing loan from that particular bank?
+ -Can I repay my loan in foreign currency even if my bank is in India?
+ -Why do banks require insurance policy as security?
+ -Are there any additional benefits on availing loan from UCO Bank?
+ -What is credit score? Is it important for education loan?
+ -Are NRIs eligible for the education loan?
+ -Is Visa a necessary document for studying abroad?
+ -What all procedures do one have to go through while applying for abroad?
+ -If a student have any query, where or whom to contact?
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