UCO Bank Education Loan

Compare UCO Bank Education Loan Schemes for Students

The education loan schemes offered by UCO Bank help students to pay for higher studies in India and abroad. These schemes provide financial support for tuition fees as well as cover other education expenses at low interest rates. With flexible repayment options and easy access to loans, UCO Bank helps students continue their studies without financial stress. The different education loan schemes of the Bank are explained as below: 

UCO Bank Education Loan Scheme

Interest rate: 

1. Up to Rs.7.50 lakhs: UCO Float rate + 2.00% presently, 10.30% p.a. 
2. Above Rs.7.50 lakhs: UCO Float Rate + 1.45%, presently, 9.75% p.a. 

Processing fee:  

None  

Collateral 

1. For loans up to Rs.7.5 lakh: No collateral 
2. For loans above Rs.7.5 lakh: Tangible collateral security 

Loan Tenure:  

15 years after moratorium period 

Margin: 

Nil up to Rs.4 lakh; above Rs.4 lakh, the margin is 5% for studies in India and 15% for studies abroad 

Eligibility:  

• Indian nationals 

• Graduate, Postgraduate (Master’s), PhD, and PG Diploma courses from recognized colleges/universities  

• Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.  

• Computer certificate courses from reputed institutes approved by the Department of Electronics. 

UCO Udaan Loan Scheme 

Objective:

The UCO Udaan Scheme seeks to give deserving female students who have been accepted into the nation's top educational institutions preferred conditions of financial assistance via the banking sector. 

Interest Rate:  

1. With Nil Collateral: 7.90% p.a. to 10.65% p.a.

2. With 100% collateral: 7.50% p.a. to 9.40% p.a.

3. With less than 100% collateral: 7.70% p.a. to 9.90% p.a.

Processing Fees:  

None  

Collateral:  

None required for loans up to Rs. 40 lakhs  

Loan tenure:  

Up to 15 years  

Eligible Courses: 

Regular full-time degree and diploma programmes as well as part-time programmes offered by institutions that qualify for the programme and where admission is achieved through an entrance exam, selection process, or percentage of marks as specified by the institution would be permitted. 

UCO Utkarsh Loan Scheme

Interest Rate:  

1. With Nil Collateral: 8.00% p.a. to 10.75% p.a.

2. With 100% collateral: 7.60% p.a. to 9.50% p.a.

3. With less than 100% collateral: 7.80% p.a. to 10.00% p.a.

Processing Fees:  

None  

Collateral:  

None required for loans up to Rs. 40 lakhs

Loan tenure:  

Up to 15 years  

Eligibility:  

• Studies in India 

• Approved graduate and postgraduate programmes (master's and PhD degrees as well as PG diplomas) offered by accredited schools and universities in the fields of engineering, medicine, agriculture, veterinary medicine, law, dentistry, management, computers, etc. 

• Reputable institutions' computer certificate programmes

• DoE accredited courses courses such as CFA, CA, ICWA, etc. 

UCO PM Vidyalaxmi Education Loan

Interest Rate: 

7.15% p.a. to 8.80% p.a.

Processing Fees: 

Nil 

Collateral:  

Nil 

Loan tenure:  

15 years for all categories of loan after moratorium period 

Interest subvention: 

Full interest subsidy for students with annual family income up to Rs.4.5 lakh and an education loan of up to Rs.10 lakh. A 3% interest subvention applies for students with annual family income up to Rs.8 lakh and an education loan of up to Rs.10 lakh.

Eligibility: 

• Must be an Indian citizen  

• Must have got admission in one of the approved institutes (QHEIs) for a degree or diploma course through entrance exam or merit (marks) 

UCO Skill Loan  

Interest Rate:  

UCO Float rate + 1.50% p.a. i.e., 9.80% p.a.

Updated UCO Float rate is 8.30% and is subject to change as and when Repo rate changes. 

Processing Fees:  

Nil  

Collateral:  

None but parent has to be joint borrower  

Loan Tenure:  

1. Loans up to Rs. 50,000 – Up to 3 years 
2. Loans between Rs. 50,000 to Rs.1 lakh – Up to 5 years
3.  Loans above Rs. 1 lakh – Up to 7 years

Eligibility:  

• Must be an Indian citizen 

• Should have admission in an eligible skill course 

• Course must be in a recognized institute or training center 

• Admission should follow proper qualification rules (as required for the course) 

• Course should be approved under National Skill Qualification Framework 

UCO Bank Education Loan EMI Calculator

The UCO Bank education loan EMI calculator can help you get a clear picture of how much your Equated Monthly Instalment will be once you start paying your loan. This will help you plan your finances ahead of time and make it easier to maintain a budget.

All you have to do is enter the desired loan amount, prevailing interest rate, and desired loan repayment tenure into the required fields and click on the ''calculate'' button. Your EMI and loan details will be instantly displayed on the screen along with an amortisation table. This is more accurate than doing the calculation manually.

To illustrate this with an example:

If you take a UCO Bank education loan for an amount of Rs.10 lakh at an interest rate of 7.15% p.a. with a loan repayment tenure of 15 years, then your EMI details will be as follows:

• Equated Monthly Instalment (EMI): Rs.9,072
• Total interest due: Rs.6,33,023
• Total amount payable: Rs.16,33,023

How to Apply for UCO Bank Education Loan (Online & Offline)

You can apply for a UCO BANK education loan in the following ways:

Offline Mode  

Step 1: Visit your nearest UCO bank branch with the required documents. 

Step 2: From the staff, ask for an education loan application form. 

Step 3: Complete the application form and attach the required documents 

Step 4: Submit the application form. 

Online Mode 

• Go to the official UCO Bank website 

• Navigate to the education loan department 

• Choose your loan option 

• Click Apply now 

• Enter the necessary information and sign up 

• Submit a loan application 

• A representative of the bank will contact you. 

Students applying for UCO Utkarsh, UCO Udaan or PM-VidyaLaxmi can also use UCO Bank's digital education loan facility, which gives an in-principle sanction for UCO Utkarsh and UCO Udaan loans within 15 minutes.

Documents Required for UCO Bank Education Loan

Detailed information about the documents required for an education loan will be given by the bank but these are the commonly required ones:

• Admission letter 

• Completed the loan application 

• Two passport-sized photos 

• Statement of study expenses 

• The student's PAN card and the parent or guardian's 

• The student's and parent/guardian's Aadhaar card 

• Identity verification (passport, driver's licence, Aadhaar, or any photo identity) 

• Evidence of residency (passport, driver's licence, electricity bill, phone bill) 

• Bank account statement for the previous six months for the student, co-borrower, and guarantor 

• Parent, guardian, or other co-borrower's IT return or IT assessment order from the preceding two years (if IT Payee) 

• A succinct list of the parent, guardian, or other co-borrower's assets and obligations 

• Evidence of income (such as Form 16 or wage slips) of the parent, guardian, or additional co-borrower 

EMI Payment Methods 

There are three ways to repay a UCO Bank education loan: 

• Standing Instruction (SI): This is the ideal method of repayment if you already have an account with UCO Bank. At the conclusion of each month, your EMI will be automatically deducted from the UCO Bank account you designate 

• Electronic Clearing Service (ECS): If you want your EMIs to be automatically deducted from your non-UCO Bank account at the conclusion of each month, you can use this approach 

• Post-Dated Cheques (PDCs): At your local UCO Bank Loan Center, you can present post-dated EMI cheques from a non-UCO Bank account. It will be necessary to promptly submit a new set of PDCs. Note that only non-ECS establishments will be able to pick up postdated cheques.

Benefits of UCO Bank Education Loan

Some benefits of applying for an educational loan with UCO Bank are listed below: 

• Minimal interest rate 

• Reduced paperwork 

• No costs for processing 

• Quicker Disbursement 

• No prepayment fees 

• 0.10% concession for female applicants under UCO Aspire 2.0

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Summary

UCO Bank education loan schemes finance higher studies and skill courses in India, and in some cases abroad, with floating rates linked to the UCO Float Rate, nil processing charges and repayment of up to 15 years after the moratorium. Compare the interest rates, collateral and eligibility of each UCO Bank education loan scheme above before choosing the one that suits your course. You can apply at your nearest UCO Bank branch or through the bank's online route. 

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