Student Education loans in India

Here know the complete information about Student Education Loans offered by UCO Bank India.

UCO Bank


Studies in India

Eligibility for Education Loan
  • Must be an Indian National.
  • Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
  • Age limit - 18 to 25 years for graduation course - may be extended from 28-30 years for general and SC/ST candidates respectively.
  • Age limit - 21 to 28 years for post-graduation course etc. - may be extended from 30 -33 years for general & SC/ST candidates respectively.
Eligible Courses for Education Loan
  • Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
  • All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
Quantum of Finance
Maximum of Rs. 10.00 lacs for studying in India
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 5%

Studies in Abroad

Eligibility
  • Must be an Indian National.
Eligible Courses for Education Loan
  • Post graduation/technical courses offered by reputed universities like MCA, MBA, MS and PhD(Doctor of Philosophy) etc.
  • Courses conducted by CIMA - London, CPA in USA etc.,
Quantum of Finance
Maximum of Rs. 20.00 lacs for studies in abroad.
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 15%

Common aspects for Indian and Abroad studies

Expenses considered for Education Loan
  • Fee payable to college/school/hostel
  • Payment of course fees
  • Purchase of books/equipments/instruments
  • Examination/Library/Laboratory fee
  • Caution deposits and refundable deposits
Security
  • Upto Rs.4.00 lacs - No security
  • Rs. 4.00 lacs to 7.5 lacs - Collateral securities by way of suitable third party guarantee or tangible security equivalent to loan amount.
Rate of Interest
  • For loans upto Rs.4.00 lakhs - BPLR - 1.00% = 11.25% p.a.
  • Above Rs.4.00 lakhs - BPLR - 0.50% = 11.75% p.a.
Repayment
The loan will be repaid in 5-7 years after commencement of repayment. There will be moratorium for repayment - i.e., either 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 visit UCO Bank official website: ucobank.com

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