Educational Loans.:: UCO Bank ::.

Scope: 

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 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 Abroad: Maximum Rs. 20.00 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 
Upto Rs.4.00 lacs – No security
Above Rs.4.00 lacs – Collateral securities by way of suitable 3rd party guarantee or tangible security equivalent to loan amount.
Margin 
Upto Rs. 4 Lac - Nil
Above Rs. 4 Studies in Abroad - 15%
Service Charge: There is no processing fee /no service charge

Click here to view the current rate of Interest :Click here 

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.

For more details : Click here