UCO Bank Education Loan: Documents Required, Calculator, Benefits

With its headquarters in Kolkata, UCO Bank, which was previously United Commercial Bank, is an Indian public sector bank, that provides a variety of banking services and products to its customers. UCO Bank offers provisions for education loan(s) for students who are planning to further their education at a higher level in India or abroad. As we know, more and more students aim to study abroad given the many opportunities and resources available in foreign countries. And education loans help support their study abroad journey. UCO Bank education loan is just another pathway for the same. Get to know how to apply for a UCO Bank educational loan, including its interest rates, etc, in this blog.

Name of the Bank	UCO Bank
Maximum Loan Amount	INR 20 lakh UCO Premier Educational Loan Scheme: Up to 30 lakh
Margin	Up to INR 4 lakh – Nil Above INR 4 lakh – 15%
Rate of Interest	Up to INR 7.5 lakh – UCO Float Rate + 2.4%Above INR 7.7 lakh – UCO Float Rate + 2.8%
Repayment Period	15 years
Website	https://www.ucobank.com/english/Home.aspx

Benefits of UCO Bank Education Loan

Some of the advantages of availing of the loan are mentioned below.

Students find low-interest rates on their education loans, lessening the financial burden of repayment
There’s not much paperwork required, which is another point of ease of loan sanction
There are absolutely no processing fees
Additionally, there are no charges for prepayment
Students witness a faster disbursal with UCO bank education loan
Moreover, with UCO bank education loan, women students receive a 0.50% concession

Also Read: NSFDC Education Loan: Eligibility, Application Form, Interest Rate, Benefits

UCO Bank Education Loan and UCO Premier Educational Loan Scheme

UCO Bank provides education loans for students from India for higher education in abroad and in India; while it also provides a premier education loan scheme for higher education in premier educational institutions. Let’s put these two alongside each other and check their common and different features.

Particulars	UCO Bank Education Loan	UCO Premier Educational Loan Scheme
Quantum of loan	India: INR 10 lakh maximum.Abroad: INR 20 lakh maximum.	Category ‘A’ of Educational Institutions: INR 30 lakh Category ‘B’ of Educational Institutions: INR 20 lakh Category ‘C’ of Educational Institutions: INR 15 lakh For Foreign Study: INR 30 lakh
Processing Charge	No	No
Rate of Interest	Up to INR 7.5 lakh – UCO Float Rate + 2.4%Above INR 7.7 lakh – UCO Float Rate + 2.8%	UCO Float Rate + 1.55%
Security	Up to INR 7.5 lakh: No security. Co-obligation of parents. Above INR 7.5 lakh: Tangible collateral of full value. Co-obligation of parents.	For Foreign Study; Up to INR 15 lakh: No security. Only parent/guardian/spouse as a co-borrower Over INR 15 lakh: Tangible collateral of full value. And parent/guardian/spouse as a co-borrower.
Margin	Studies Abroad: 15%	Up to INR 4 lakh: Nil Above INR 4 lakh: 5% of the total fee (course fee + other expenses).
Repayment of Loan	15 years

Eligibility of UCO Bank Education Loan

The criteria for applying for a UCO Bank education loan are mentioned below.

The applicant should be an Indian national.
The applicant should have cleared their qualifying education such as 10+2 level with essential grades.
The age limit for graduation is as follows:
1. General: 28 years
2. SC/ST candidates: 30 years
The age limit for post-graduation is as follows:
1. General: 30 years
2. SC/ST candidates: 33 years
Next, the applicant should have secured their admission in India or abroad after completion of education at 10+2 level.

Also Read: Graduate Student Loan: Rates, Limit, Calculator, Repayment, Application Process

Courses Covered

The eligibility also depends on the courses covered under the UCO Bank education loan. We have mentioned the same for India and abroad below.

Studies Abroad

Graduation	Profession and Technical Courses at reputed institutions.
Post Graduation	MBA, MCA, MS, etc.
Chartered Institute of Management Accountants Courses	London, CPA in the U.S.A., etc.
Degree and Diploma Courses	Director General of Civil Aviation/ Shipping in India approved Pilot Training, Shipping, Aeronautical, etc. courses

Expenses Covered

Now, suppose the student has finally decided to avail of a UCO Bank education loan, meeting the eligibility criteria as well. Now, what are the expenses that the loan helped cover for students?

Accommodation Fee
Examination Fee
Library Fee
Tuition Fee
Laboratory Fee
Cost of books, instruments, equipment or uniforms
If required, the cost of the computer or laptop
Miscellaneous expenses such as project work etc

How to Apply?

To apply for the loan, you can choose the online mode. Check out the steps below.

First, visit the official website of UCO Bank
Then go to Education Loan
Click on the ‘Apply Now’ red button
Then, fill out all the necessary details in the form
Upload all the documents that are required
Click on Submit
Download the form and take out its printout
You can then visit the nearest bank branch for further procedures and formalities

Also Read: Know All About The RBI Guidelines For Education Loan 2023

Documents Required

The mandatory documents for the applicant to submit are listed below.

Admission Letter to the university/college
Filled out the application form
Copy of Identity proof such as passport, PAN card, etc
Two passport-size photographs of the applicant and co-applicant and guarantor
Marksheet of recent qualifying examination results
Expenses schedule for upcoming course
Copy of visa and passport
The bank account statement of the applicant/co-applicant and guarantor for the last 6 months
Proof of income of parent/guardian
A brief statement of assets and liabilities of the parent/guardian