UCO Bank Education Loan For India and Abroad | GyanDhan
Published date: 17 Feb 2021
Updated on: 17 Feb 2021
Established in 1943, UCO Bank is a major public sector commercial bank in India. It was formerly known as United Commercial Bank. UCO Bank education loans are offered to deserving and meritorious students looking to pursue higher education in India or abroad. To be eligible for a study loan from UCO Bank, a student should be an Indian national and must have secured admission to a higher education course after 10+2 or equivalent. Education loans from UCO Bank come with flexible repayment options and repayment periods starting after one year of the course completion.
The education loan schemes of UCO Bank cover expenses involving college fees, exam fees, hostel fees, equipment fees, books, travel money, etc for overseas education. The loan also includes building fund deposits, caution deposits, and any refundable deposits as well.
In this blog, we will explore all the features, requirements, and benefits of a UCO Bank education loan. So, let's dive in...
What is the rate of interest of the UCO Bank education loan?
Students can get study loans at a floating rate of interest of 12.20% p.a. For loans of more than INR 7.5 Lakhs. For loan amount less than INR 7.5 Lakhs, the applicable interest rate is 11.20% p.a.
What is the margin money on the UCO Bank education loan?
There is no margin money on loan margin for the education loans up to INR 4 Lakhs. For the loan amount of more than INR 4 Lakhs, the margin money is up to 15% for abroad education and 5% for study in Indian colleges.
Maximum Loan Amount
For abroad education: Up to INR 20 Lakhs
For study in India: Up to INR 10 Lakhs
Loan Tenure
Up to 15 Years
Interest Rate
Up to Rs.7.50 lakhs: 11.20% p.a.
Above Rs.7.50 lakhs: 12.20% p.a.
Moratorium Period
Course period + 1 year
Margin Money
Up to INR 4 Lakhs- Nil
For more than INR 4 Lakhs- 15% for studying abroad and 5% for Indian college/university
Processing Fees
Nil
How much loan can be taken from the UCO Bank education loan?
The bank can sanction up to INR 10 Lakhs for studies in India and up to INR 20 Lakhs for abroad studies.
What is the repayment period of the UCO Bank education loan?
Repayment of UCO Bank study loan starts after 1 year of the course completion. The loan repayment period can be up to 15 years for all the loans.
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What is the security required to be pledged for the UCO Bank education loan?
For loan upto Rs.7.50 lakhs - Co-obligation of parents and no security or third party guarantee.
For loans above Rs. 7.50 lakh - Co-obligation of parents, and tangible collateral security equivalent to full value of required loan amount.
What are the documents required for a UCO Bank education loan?
Address proof: passport, voter ID, electricity bill, etc.
Academic record: 10th/12th mark sheet for undergrad students and graduation degree & mark sheet for PG students.
Age proof
Community certificate
Family income proof: ITR, salary certificate, pension certificate of parent/guardian.
Admission certificate or I20 from the college/university
Fee details
Collateral documents (if applicable): LIC policy, valuation certificate, registry documents, etc.
An affidavit declaring that no study loan is availed from any other bank by the student and his/her parent.
At what locations in India can a student avail of a UCO Bank education loan?
Students can apply for a UCO Bank education loan at any branch in or near his/her place of domicile.
What is the processing fees of a UCO Bank Education Loan?
There is no processing fees charged in a UCO Bank Education Loan.
Does the UCO Bank education loan is available for all types of degrees and disciplines?
UCO Bank offers education loans diplomas, undergraduate courses, and postgraduate courses which offer professional and technical degrees in India and abroad.
Looking for an education loan to study abroad? Get in touch with GyanDhan and get education loan from top government banks, private banks, and NBFCs. We have partnered with leading financial lenders in India to offer the best deal on study abroad loans. For a secured or unsecured education loan, students can check their loan eligibility and see if they are qualified for an education loan.
Our loan assistance service is totally free! Also, we provide a customized checklist of documents in order to avoid any sort of confusion.
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