UCO Bank Education Loan Interest rates 2024
UCO Bank offers education loan scheme to extends a helping hand to meritorious students desirous of pursuing higher study either in India or abroad. get details on Interest rates, eligible courses & universities list of UCO Bank.
Uco Bank Education Loan Interest Rates
Upto Rs.7.50 lacs | 10.35% |
More than Rs.7.50 lacs | 10.75% |
UCO premium Education Loan Scheme | 9.50% |
UCO Super Premier Education Loan Scheme | 8.35% |
Uco Bank Education loan 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 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.
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.
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 required for education loan at UCO Bank:
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
Upto Rs. 4.00 lacs: “ No security, co-obligation of parents
Above Rs. 4.00 lacs & upto Rs. 7.50 lacs: Co-obligation of parents, collateral in the form of a suitable 3rd party guarantee
Above Rs. 7.50 lacs : 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%
Processing Charge – NIL (There are no processing charges)
Disbursement – Disbursement in stages as per the requirement directly to institutions.
Repayment Period – 15 Years for all categories.
Repayment Holiday
Course period+ 1year or 6 months after getting job whichever is earlier.
1% interest concession is available during moratorium period, if interest is serviced regularly during the moratorium period.