UCO Bank

NAME TYPE WEBSITE
UCO Bank Government https://www.ucobank.com/

 YES

1) UCO Educational Loan

2) UCO Premier Educational Loan

1) UCO Educational Loan

Student must be an Indian National and have secured admission to a course offered by a recognised or reputed university for higher education in India or abroad. Course admission should be acquired through entrance test or selection process after completion of HSC (10 + 2 equivalent).

There is no minimum age criteria. In the case of minors, the loan will be jointly executed in the name of the parents. The student shall ratify the borrowing on attaining 18 years of age (major status) by acknowledging the debt.

The maximum age limit is as follows:-

1) Genaral Candidates

  • Age limit
  • Graduation
  • 28 years
  • Post-graduation
  • 30 years

2) SC/ST Candidates

  • Age limit
  • Graduation/diploma
  • 30 years
  • Post-graduation
  • 33 years

2) UCO Premier Educational Loan

Full-time degree or diploma and part-time courses offered by these institutions. The age limit for general applicants is 38 years. For SC/ST, it is 40 years.

1) UCO Educational Loan; 2) UCO Premier Educational Loan

  1. Statement of means of the applicant.
  2. Two passport size photographs of the applicant.
  3. Two documents for proof of age and identity. (Any two from the following: Ration card, PAN card, Voter’s ID, Driving Licence, Passport, Office identity card, School leaving certificate, Birth certificate).
  4. Mark sheet or degree certificate of the last examination passed.
  5. Letter of admission from the institution or university.
  6. Proof of admission, scholarship, Identity card, etc., from the institution.
  7. Schedule of expenses issued by the institution. Brochure of the institution with information about the course, duration, fees, other expenses, hostel facilities and charges, etc.
  8. Statement of bank account for the last six months, or bank pass book of the applicant and the co-applicant or guarantor.
  9. Employment verification certificate and last three months’ salary slip of co-applicant or guarantor.
  10. Form 16 and income tax returns or assessment order of co-applicant or guarantor.
  11. Statement of means (mandatory for co-applicant or guarantor).
  12. Additional documents may be required as per the UCO Education loan terms & conditions, and the rules and guidelines of UCO Bank.

1) UCO Educational Loan

The loan covers all approved courses in India leading to graduation or post-graduation by recognized universities or colleges.

For studies in India Graduate or post graduate (Masters and PhD) degree and PG diplomas. Approved courses conducted by recognized universities recognized by Government, UGC, AICTE, AIBMS, ICMR, etc.

Courses conducted by ICWA, CA, CFA, IIT, IIM, NIFT, IISC, XLRI, NID.

Degree or diploma courses for pilot training, aeronautical, and shipping. If the course is pursued in India, it should be approved by Director General of Civil Aviation or Shipping.

Professional Courses such as Engineering, Law, Medical, Dental, Veterinary, Agriculture, Management, and Computers.

Computer Certificate Courses offered by reputed institutes attributed to universities or accredited to DOE.

Approved courses offered in India by reputed foreign universities.

Courses from National Institutes and reputed private institutions.

Evening courses offered from recognised institutes.

2) UCO Premier Educational Loan

133 premier educational institutions in India are eligible. The full list of institutions is available on the UCO Bank website. Some of the institutions are listed below.

LIST A:

Indian Institute of Management (IIM), Ahmedabad, Bangalore, Kolkata, Indore, Lucknow, Raipur, Ranchi, Rohtak, Trichy, Udaipur, Kashipur

Indian School of Business, Hyderabad, and ISB – Mohali Campus

Indian Institute of Technology (IIT), Mumbai, Kanpur, Chennai, Kharagpur, Guwahati, Delhi, Roorkee, Gandhinagar Roopnagar, Jodhpur, Hyderabad, Patna, Bhubaneshwar, Mandi, Indore.

Indian Institute of Science (IISC) – Bangalore

Xavier Labour Relations Institute (XLRI), Jamshedpur

National Law School of India University, Bangalore (NLSIU)

Birla Institute of Technology & Science (BITS), Pilani

Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai

Christian Medical College (CMC), Vellore

NALSAR University of Law, Hyderabad (NALSAR)

LIST B:

Indian Institute of Foreign Trade (IIFT), Delhi, Kolkata campus

National Institute of Technology (NIT), Warangal, Tiruchirapalli, Surathkal, Raipur, Rourkela, Kurukshetra, Calicut, Durgapur, Jamshedpur, Patna, Silchar, Agartala, Hamirpur, Srinagar.

IIIT, Allahabad, Bangalore, Delhi, Bhubaneshwar, Jabalpur, Gwalior, Kolkata

All India Institute of Medical Sciences (AIIMS), Bhopal, Raipur

Christian Medical College (CMC), Ludhiana

IIT-SJSOM, Mumbai

Xavier Institute of Management (XIM), Bhubaneswar

Kasturba Medical College (KMC), Manipal, Mangalore

Indian Institute of Forest Management (IIFM), Bhopal

Tata Institute of Social Sciences (TISS), Mumbai

LIST C:

ASCI, Hyderabad

NIBM, Pune

National Law Institute University, Bhopal (NLIU)

Loyola Institute of Business Management (LIBA), Chennai

National Law University, Jodhpur (NLUJ)

Manipal Institute of Technology, Manipal

Gujarat National Law University, Gandhinagar (GNLU)

Dr. Ram Manohar Lohiya National Law University, Lucknow (RMLNLU)

International Management Institute, New Delhi

Birla Institute of Management Technology, Greater Noida

1) UCO Educational Loan

Maximum loan amount given is Rs.10 lakhs

2) UCO Premier Educational Loan

Maximum loan amount given under the UCO Premier Education Loan Scheme is Rs.30 lakhs. This is inclusive of the group credit life insurance premium. The amount is subject to limits for different categories of institutions. List A

Up to Rs.30 lakhs

List B

Up to Rs.20 lakhs

List C

Up to Rs.15 lakhs

1) UCO Educational Loan

Up to Rs.7.50 lakhs

Base rate + 2.50%

Effective rate-11.20%

Above Rs.7.50 lakhs

Base Rate + 225%

Effective rate- 12.20%

UCO Bank offers a floating rate of interest linked to base rate. The rates are subject to change depending on the base rate. The latest interest rates can be found on the bank’s website. The interest accrued during the moratorium period will be added to the principal and repayment in EMI to be fixed.

2) UCO Premier Educational Loan

The UCO Bank rate of interest is the base rate + 1.00% i.e. currently 11.20% p.a.

1) UCO Educational Loan

The moratorium period is inclusive of the duration of the course + 1 year or 6 months after getting a job, whichever is earlier.

Up to Rs.7.50 lakhs

Up to 10 years

Above Rs.7.50 lakhs

Up to 15 years

2) UCO Premier Educational Loan

Maximum 15 years, equated into 180 monthly installments.

1) UCO Educational Loan; 2) UCO Premier Educational Loan

    NIL

1) UCO Educational Loan

Loan Amount

Margin

Up to Rs.4 lakhs

Nil

Above Rs.4 lakhs

5%

For studies abroad, the margin is 15%. Scholarships to be included in margin.

2) UCO Premier Educational Loan

Up to Rs.4 lakhs

NIL

Above Rs.4 lakhs

5% of total cost of course

 

1) UCO Educational Loan

For loans up to Rs.4 lakhs, there is no security required. Co-obligation of Parents will suffice.

For loans of Rs.4 lakhs to Rs.7.5 lakhs, the co-obligation of parents, and collateral in the form of an acceptable third party guarantor is required.

For loans above Rs.7.5 lakhs, the co-obligation of parents is required along with tangible security equivalent to the full amount of the loan.

2) UCO Premier Educational Loan

No Security, only Parent, spouse, or Guardian as co-borrower is required in the following cases: List A

Rs.20 lakhs

List B

Rs.15 lakhs

List C

Rs.10 lakhs

List A

Rs.20 lakhs

List B

Rs.15 lakhs

List C

Rs.10 lakhs

Security in the form of tangible collateral equivalent to the full amount of the loan sought, along with parent, spouse, or guardian as co-borrower is required. In the case of a married person, parents-in-law can also jointly execute the loan. A suitable third party guarantor is also considered as the bank may deem acceptable. List A

Above Rs.20-30 lakhs

List B

Above Rs.15-20 lakhs

List C

Above Rs.10-15 lakhs

 

1) UCO Educational Loan; 2) UCO Premier Educational Loan

  1. Course or tuition fees
  2. Purchase of books, equipment, instruments, uniforms, stationery
  3. Building fund or caution deposit or refundable deposit supported by institution bill
  4. Travel expenses incurred for studies abroad
  5. Boarding or hostel costs run by the institution, paying guest accommodation or private hostel
  6. Reasonable lodging or boarding charges for students who opt for or have to find outside accommodation will be considered
  7. Purchase of computers required for completion of the course
  8. Any other expenses required to complete the course like thesis, study tours, project work, etc.
  9. Group Life Insurance Cover Scheme for Educational Loan Borrowers to cover the outstanding loan in the event of death of borrower, accidental or natural.
 Back
Learning Telescope

Created By : Tech Wishes & VM3 Tech Solutions LLP Learning Telescope Copyright © 2019. All rights reserved.