CBSE Compartment Result 2023 OUT: Click For Direct Link
August 3, 2023
Education Loan from UCO Bank
Kapil G.
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 dependent (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
Up to 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
Interest Rates :
Interest Rate on Advances
| loan amount | Interest rate | Effective rate |
Up to Rs.7.50 lakhs | Base rate + 2.50% | 11.20% |
Above Rs.7.50 lakhs | Base Rate + 225% | 12.20% |
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.
For details on UCO Bank’s Education Loan, click here.
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