UCO Bank Education Loan

Education Loan

Scope: The scheme extends a helping hand to meritorious students desirous of pursuing basic/higher/professional/technical education either in India or abroad. The parents will become co-borrowers with their dependant (student) if the latter applies for educational loan.

Studies in India:

• School education including plus 2 stage.
• Graduation courses leading to degrees like B.A., B.Sc., B.Com. etc.
• Post Graduate courses leading to Masters degrees as also Ph.D.
• Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
• Computer Certificate courses of reputed institutes accredited to Universities or DoE.
• Courses like ICWA, CA, CFA, etc.

Studies Abroad:

• Graduation : Job oriented professional / technical courses offered by reputed Universities.
• Post Graduation : MCA, MBA, MS, etc.
• Courses conducted by CIMA – London, CPA in U.S.A., etc.

Eligibility:

• Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
• Secured admission to foreign University / Institution.
• No maximum or minimum income is prescribed for parents/family.

Age limit:

• 18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
• 21 to 28 years for post-graduation course etc. – may be extended from 30 -33 years for general & SC/ST candidates respectively.

Quantum of loan:
Need based finance subject to repaying capacity of parents/students with following ceilings :

• Studies in India : Maximum Rs. 10.00 Lac
• Studies Abroad  : Maximum Rs. 20.00 Lac.

The loan amount under the scheme would be for meeting the following expenses:
Course Fees
Hostel / Boarding Fees including caution deposit/building fund etc.
Books, Stationery & Equipment required for the course, including Computers.
Examination/Library/Laboratory fees.
Travel Expenses/Passage for studies abroad.

Security:

• Upto Rs.4.00 lacs – No security
• Above Rs.4.00 lacs – Collateral securities by way of suitable 3rd party guarantee or tangible security equivalent to loan amount.

Margin:

• Upto Rs. 4 Lac - Nil
• Above Rs. 4 Lac Studies in India - 5%
• Studies Abroad : 15%
• Service Charge : There is no processing fee / no service charge.

Repayment:

• The loan will be repaid in 5-7 years after commencement of repayment. There will be moratorium for repayment during "the course period +1 year or 6 months after getting job, which ever is earlier".
• 1% interest concession may be provided, if the interest is serviced during moratorium period.

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