Since its inception in 1943, UCO has offered several kinds of banking services to its customers. Apart from 2000 Service Units across India, it also deals in Foreign Exchange operations. For meritorious students aspiring to pursue studies in India or abroad, the bank also offers education loans. If you want to apply for Education Loans from UCO Bank, you can go through our site and gather relevant information on the same. However, if a student applies for a loan, the parents will be considered as co-borrowers with their dependant ward.
Courses of Education Loan
UCO Bank Student Loans can be obtained by students applying for several kinds of academic programs.
- You can apply for the education loan for school education or even graduate, postgraduate, doctoral or professional programs.
- You can also apply for the loan for studying specialized courses like ICWA, CFA or CA.
- Even for computer certificate courses from recognized institutes, you can take the loan.
- If an applicant plans to study graduate programs including employment-oriented vocational or professional program from recognized universities abroad, he can apply for the loan.
- You can apply for UCO Bank education loan even for courses like MBA, MCA and those of CPA in the US and CIMA-London in abroad.
Eligibility for Education Loan:
An applicant should be aged between 18 to 25 years if he pursues a graduate course and 21 to 28 years for studying a postgraduate course. There can be slight relaxation in the age limit in both the cases. Only if a candidate gets admission to a vocational or professional program through a selection procedure based on merit or entrance test, he can apply for the loan. You can also apply for the loan if you get admitted to a foreign institute.
Expenses taken into account:
Education Loans from UCO Bank cover fees for boarding, caution deposit and building fund. Apart from fees for library and examination, it also includes other expenses related to completion of the course. Even travel expenses are taken into account.
Amount of loan:
UCO Bank sanctions a loan of maximum Rs 7.5 lacs and Rs 15 lacs for studying in India and abroad respectively.
- No security is charged for a loan amount upto Rs 4 lacs. However, a borrower needs to submit collateral securities for a loan amount above Rs 4 lacs.
- There is a margin of 5% and 15% for a loan amount above Rs 4 lacs for studying in India and abroad respectively.
Repayment of Education Loan
A borrower can repay the loan in 5 to 7 years after he begins repaying. |
