UCO bank prioritizes the need for quality education among Indian students and hence provides a long list of education loan products for students to study in India or abroad. Here are some of the UCO bank education loan schemes.
The UCO bank offers a range of abroad education loan products to Indian students to study abroad.
Under the UCO education loan to study abroad scheme, the bank provides up to 20 lacs of the loan at an attractive rate of interest starting from 9% per annum.
Parameter
Details
Look for a high amount if the profile is good enough
Study costs
Fee for admission
Tuition fee
purchase of books
Fee for examination
Lab/library fee
Computer or Laptop purchase
Living expenses
Fee for hostel
Food
Caution fee
Other
Expenses for travel
Health insurance
Miscellaneous expenses
Parents, parents-in-law, siblings, spouse
UCO Bank Education loan interest rate/rate of interest
9 to11% for collateral loans
12-14% for non-collateral loans
Interest changes with the change in repo rate
1 year after the course duration
15 years of repayment tenor
Students have the option to pay interest during the moratorium period
Value of Collateral (only if it is a collateralized education loan)
125% loan sanction amount
House, Flat, land, and FD
Tip: The UCO bank values students going for job-oriented technical and professional courses in PG, MCA, MBA, MS, etc. So choose related courses to have the best chance of an abroad education loan sanction from UCO bank. Talk to your financial officer from WeMakeScholars for more such tips.
Parameter
Details
Up to 30 lacs( can be extended provided your profile is good enough)
Study costs
Admission fee
Fee for tuition
Purchasing books
Fee for examination
Lab/library fee
purchase of Laptop(if needed)
Living expenses
hostel fee
Food expenses
Caution fee
Other
Travel expenses
Health insurance
miscellaneous expenses
Parents, parents-in-law, siblings, spouse
UCO Bank Education loan interest rate/rate of interest
The interest rates for education loans abroad are
For collateral loans- 9 to11%
For Non-collateral loans- 12-14%
Course duration plus 1 year
The repayment tenure can be up to 15 years after the moratorium period
Paying interest in the moratorium period is optional
Citizen of India
Should have been enrolled in a top-ranked university
Age limit- 38 years for general candidates and 40 years for SC/ST candidates
Value of Collateral (only if it is collateralized education loan)
Equal to 100% of the sanctioned loan amount
House, Flat, land and FD
Tip: Students applying for a UCO Premier education loan scheme to study abroad should select a top-rated university to obtain a maximum loan. For more tips on the UCO premier education loan scheme to study abroad, request a callback from WeMakeScholars and talk to our financial officer.
The UCO Aspire education loan to study abroad is designed for students pursuing medical courses abroad. However, it also funds other courses.
Parameter
Details
Up to 75 lacs
A higher amount can be offered to applicants with good profile
Study costs
purchase of books
Fee for examination
Laptop purchase, if needed
Living expenses
Other
Parents, parents-in-law, siblings, spouse
UCO Bank Education loan interest rate/rate of interest
UCO aspire education loan interest rates:
For collateral loans- 9 to11%
For Non-collateral loans- 12-14%
Interest changes with the change in repo rate
Course duration plus 1-year
15 years repayment tenor
Payment of interest is optional in the moratorium period
Merit-based selection or through entrance exam
Age limit:
General candidates- 28 years for graduation and 30 years for post-graduation
SC/ST candidates- 30 years for graduates and 33 years for post-graduation
Value of Collateral (only if it is a collateralized education loan)
Up to 125% loan sanction amount
House, Flat, land, and FD
UCO bank offers several education loan products to study in India.
Through the Education loan to study in India scheme, UCO bank offers up to 10 lacs per annum.
Parameter
Details
Try for a higher amount with a good co-applicant
Study costs
Fee for tuition
Examination fee
Library/lab fee
Expenses for books
Purchase of laptop or computer(if needed)
Living expenses
Hostel fee
Accommodation cost
Other
Insurance
Travel expenses and
Other miscellaneous expenses
Parents, parents-in-law, siblings, spouse
UCO Education loan interest rate/rate of interest
UCO education loan to study in India is offered at an interest rate of
9 to11% for collateral loans
12-14% for Non-collateral loans
Repo rate affects the change in interest rates
Duration of the course plus 1 year
15 years post moratorium period
Paying interest in the moratorium period is optional
Should be an Indian resident
Secured admission to a university recognized by the state or central government
Value of Collateral (only if it is collateralized education loan)
Collateral of up to 100% value of the loan amount
House, flat, land and FD
Tip: There is no collateral requirement for loans up to 7.5 lacs. Speak to your financial officer from WeMakeScholars to know more about the UCO education loan to study in India.
The UCO premier education loan is provided to students who have secured admission to premier institutes in India.
Parameter
Details
Try for a higher amount if eligible
Study costs
Tuition fee
Fee for examination
Library/lab fee
Books expenses
Purchase of laptop or computer(if needed)
Living expenses
Hostel fee
Accommodation cost
Other
Insurance
Travel expenses and
Other miscellaneous expenses
Parents, parents-in-law, siblings, spouse
UCO Education loan interest rate/rate of interest
The usual interest rates for UCO Bank study loan are
For collateral loans- 9 to11%
For Non-collateral loans- 12-14%
Course Duration plus 1 year
Tenor is 15 years excluding the moratorium period
Interest payment in the moratorium period is not mandatory
Should be a resident of India
Secured admission to a premier institute of India
Age limit:
38 year for general and 40 years for SC/ST candidates
Value of Collateral (only if it is collateralized education loan)
May require collateral of up to 100% value of the loan amount( no security for loans up to 15 lacs)
House, land, flat and FD
Tip: Choose a top-ranked university to stand the best chance of obtaining a UCO premier education loan sanction. Talk to your financial officer from WeMakeScholars for more details about the UCO bank student loan.
The UCO super premier education loan is provided to study in the below top institutes.
Below in the table are the features of UCO super premium education loan
Parameter
Details
Try for a higher amount if your expenses are high
Study costs
Fee for the university, like tuition and examination fee
Lab/library fee
Expenses for books
Laptop or computer purchase(if needed)
Living expenses
Hostel fee
Accommodation cost
Other
Insurance
Travel expenses
Miscellaneous expenses
Parents, parents-in-law, siblings, spouse
UCO Education loan interest rate/rate of interest
UCO float rate+ 0.40%
The interest rates change with the repo rate
Course Duration plus 1 year
15 years post moratorium period
Paying interest in the moratorium period is optional
Should be an Indian resident
Secured admission in one of the top 8 institutes listed above the table
Age limit:
38 year for general and 40 years for SC/ST candidates
Tip: Security is not required to pledge for UCO super premier education loan. However, you may require a good co-applicant to avail of the best education loan. Ask your financial officer from WeMakeScholars, what exactly is a strong co-applicant.
UCO aspire education loan funds students pursuing medical courses in India.
Parameter
Details
Can try for a higher amount
Study costs
Tuition fee
Fee for examination
Fee for library or lap
Books expenses
Purchase of laptop or computer(if needed)
Living expenses
Hostel fee/accommodation cost
Other
Purchase of insurance
Travel expenses
Miscellaneous expenses
Parents, parents-in-law, siblings, spouse
UCO Education loan interest rate/rate of interest
UCO float rate+ 0.40%
The interest rates will change along with the repo rate
1-year after the course duration
15 years after the moratorium period
Interest payment is not mandatory in the moratorium period
Should be an Indian resident
Secured admission in a recognized university
Age limit:
For General/OC candidates- 28 years for UG and 30 years for PG
For SC/ST candidates- 30 years for UG and 33 years for PG
Value of Collateral (only if it is collateralized education loan)
125% of the loan amount
House, land, flat and FD
Tip: Choose medical courses from institutes/colleges/universities approved by MCI to stand a chance of getting a UCO Aspire education loan sanction. For detailed information on the UCO education loan, talk to a financial officer from WeMakeScholars.
The UCO skill loan is provided to students who are keen on taking up skill development courses in India.
Parameter
Details
If not enough, try for a higher amount with a good co-applicant
Study costs
Fee for lab/library
Purchase of a laptop or computer
Living expenses
Cost of accommodation
Other
Expenses for travel
UCO Education loan interest rate/rate of interest
UCO float rate+ 0.90% per annum
The interest rates may change due to changes in the repo rate
For Courses up to 1 year course duration- course duration plus 6 months
For Courses above 1-year course duration- Course duration plus 12 months
It varies with the loan amount
Loans up to 50,000- Up to 3 years
Loans between 50,000 to 1 lakh- up to 5 years
Loans above 1 lakh- Up to 7 years
Simple interest will be charged in the moratorium period
Interest payment in the moratorium period is optional, however, if a student decides to pay in the moratorium period, the student will have a 1% interest concession.
Should be an Indian resident
Take up a skill development course, according to the National Skill Qualification Framework.
Tips:
Want more tips to have the best chance at a UCO skill education loan? Talk to a financial officer from WeMakeScholars.
Customized Education Loan Schemes for students according to their requirements!The government has introduced certain schemes to provide interest subsidies for students of backward classes or castes who are taking UCO bank student loans.
Interest subsidies are provided under the scheme to study abroad.
The scheme is for students belonging to
Provides interest subsidies for overseas education to students whose family income is less than 6 lacs per annum and who belong to minority communities (Zoroastrians, Muslims, Christians, Sikhs, Buddhists, and Jains). The scheme is for students who have taken an abroad education loan.
Note: Although the program is no longer in operation, beneficiaries who were served before March 31, 2022, will still be eligible for interest subsidies.
The scheme is for students from Economically weaker sections of society with family income which is less than 4.5 lacs per annum. It is for study in India loans, where the subsidy is provided in the moratorium period.