UCO Bank Education Loan: Documents Required, Calculator, Application, Benefits

UCO Bank Education Loan
Home » Education Loan » UCO Bank Education Loan: Documents Required, Calculator, Application, 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 
Websitehttps://www.ucobank.com/english/Home.aspx

Benefits of UCO Bank Education Loan 

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

  1. Students find low-interest rates on their education loans, lessening the financial burden of repayment 
  2. There’s not much paperwork required, which is another point of ease of loan sanction 
  3. There are absolutely no processing fees 
  4. Additionally, there are no charges for prepayment 
  5. Students witness a faster disbursal with UCO bank education loan 
  6. 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 loanIndia: 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. 

  1. The applicant should be an Indian national. 
  2. The applicant should have cleared their qualifying education such as 10+2 level with essential grades. 
  3. The age limit for graduation is as follows:
    1. General: 28 years 
    2. SC/ST candidates: 30 years 
  4. The age limit for post-graduation is as follows:
    1. General: 30 years 
    2. SC/ST candidates: 33 years 
  5. 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? 

  1. Accommodation Fee 
  2. Examination Fee 
  3. Library Fee 
  4. Tuition Fee 
  5. Laboratory Fee 
  6. Cost of books, instruments, equipment or uniforms 
  7. If required, the cost of the computer or laptop 
  8. 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. 

  1. First, visit the official website of UCO Bank 
  2. Then go to Education Loan 
  3. Click on the ‘Apply Now’ red button 
  4. Then, fill out all the necessary details in the form 
  5. Upload all the documents that are required 
  6. Click on Submit 
  7. Download the form and take out its printout 
  8. 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. 

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

UCO Bank Education Loan Calculator 

The EMI calculator for UCO Bank is shared below. You can also directly check out the bank’s website for better assistance. 

Image Source: UCO Bank 

FAQs

What is UCO Bank? 

UCO Bank is a public sector bank in India 

In whose name is UCO Bank education loan granted?

UCO Bank education loan is granted in the name of the student 

What is the age limit of availing of UCO Bank education loan?

The age limit for graduation is as follows:
General: 28 years 
SC/ST candidates: 30 years

The age limit for post-graduation for the General category is 30 years while for SC/ST candidates it is 33 years.  

That was all about UCO Bank Education Loan! For any Student Loan, Bank Account or Money Transfer related queries, contact our Fly. Finance Team.

About Sanya Chhabra

A hermit who prefers to stand true to her values of kindness, inclusivity; and reflects the same in her writing. With a degree in literature and multimedia journalism, she's on a forever pursuit to improve. Additionally, she's open to inputs that are not unsolicited. Welcome to her professional writing space about finance, hope you enjoy your time.

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