UCO Bank Education Loans

UCO Bank’s education loan scheme extends a helping hand to meritorious students for obtaining higher studies, including professional and technical education. With nearly 2,000 branches in Indian and two international financial centres, the bank is working hard towards its aim of becoming the most trusted, admired and sought-after financial institution.

 Interest Rates

Charges

There are no processing and service charges application on education loans.  Other charges are not been disclosed by the bank.

Flexibility

• Eligibility: For admission in graduate courses, the applicant should be between 18 to 25 years; however, the age can be extended to 28-30 years for SC/ST candidates. Similarly, to get admission in post-graduate courses, the applicant must be between 21-28 years, which can be extended to 30-33 years for SC/ST candidates.

• Amount: The maximum amount sanctioned under educational loan could go up to Rs 10 lakh for studying in India and Rs 20 lakh for studying abroad.

Loan amount includes hostel fees, boarding fees including caution deposit and building fund, books, stationery and equipment required for the course, including computers, examination, library and laboratory fees. In addition to this, travel expenses for studying abroad will also be covered.

• Repayment options: The loans can be repaid anytime between 5-7 years after commencement of repayment period, which will start after course period +1 year, or 6 months after getting job, whichever is earlier.

• Margin is the percentage of study cost that borrower has to pay. There is no margin applicable for loan amount up to Rs 4 lakh; whereas for loans worth above Rs 4 lakh, 5 per cent of the study cost has to be paid by borrower for studying in India, and 15 per cent for studying abroad.
• Time taken for processing: The processing time may go up to 20 to 25 days.

• Security is required for loans worth more than Rs 4 lakh. Here, collateral securities by way of suitable third-party guarantee or tangible security equivalent to loan amount will be taken by the bank.

• Special options: 1% interest concession may be provided, if the interest is serviced during moratorium period.

Example

Other Details

• Pre-Sales Information: Documentation has not been disclosed on the website. Charges other than processing and service fee, if any, have also not been disclosed on the website. Toll-free helpline has been provided for resolution of loan queries, along with the e-mail address of the query resolution centre.
• Customer Support: You can also contact the centralized processing centre of the bank, instead of branch office, for faster processing of your loan application. Also, the facility of applying online and downloading the loan application forms is there on the official website of the bank.

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