UCO Bank Education Loan

✓ Easy and Fast Education Loan Process

✓ At starting interest rate of 9% P.A.

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Table of content

  1. UCO Bank Abroad Education Loan Schemes:
  2. UCO Education Loan Schemes to Study in India
  3. Government Subsidy Schemes
  4. UCO Bank Processing Fee
  5. Documents Required for UCO Bank Education Loan
  6. UCO Bank Education Loan Insurance
  7. UCO Bank loan Margin Calculation
  8. How to apply for an education loan from UCO Bank?
  9. Why go through WeMakeScholars?
  10. Why and How to transfer your education loan to UCO Bank?
  11. UCO bank Education loan EMI Calculation as per Interest Rate
  12. UCO Bank Education Loan Repayment Process
  13. FAQ's
  14. Need Help? Ask Here!

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- Instant Education Loan-pre approval with the lowest interest rate in India


UCO bank prioritizes the need for quality education among Indian students and hence provides a long list of education loan products for students to study in India or abroad. Here are some of the UCO bank education loan schemes.

  • UCO education loan to study abroad
  • UCO premier education loan scheme to study abroad
  • UCO Aspire education loan to study abroad  
  • UCO education loan to study in India
  • UCO premier education loan scheme to study in India
  • UCO super premier education loan scheme
  • UCO Aspire education loan to study in India
  • UCO skill loan to study in India

UCO Bank Abroad Education Loan Schemes:

The UCO bank offers a range of abroad education loan products to Indian students to study abroad. 

  • UCO education loan to study abroad
  • UCO premier education loan scheme to study abroad
  • UCO Aspire education loan to study abroad

UCO Education Loan Schemes to Study Abroad

Under the UCO education loan to study abroad scheme, the bank provides up to 20 lacs of the loan at an attractive rate of interest starting from 9% per annum.

Parameter

Details

Loan Limit

Up to 20 lacs

Look for a high amount if the profile is good enough

Expenses covered

Study costs

Fee for admission
Tuition fee
purchase of books
Fee for examination
Lab/library fee
Computer or Laptop purchase

Living expenses

Fee for hostel
Food
Caution fee

Other

Expenses for travel
Health insurance
Miscellaneous expenses 

Accepted co-applicant

Parents, parents-in-law, siblings, spouse

UCO Bank Education loan interest rate/rate of interest

9 to11% for collateral loans
12-14% for non-collateral loans
Interest changes with the change in repo rate

Moratorium Period

1 year after the course duration

Repayment Duration

15 years of repayment tenor

Repayment policies

Students have the option to pay interest during the moratorium period

Eligibility Criteria

  • Indian citizen
  • Should have secured admission to a foreign university through an entrance test/merit-based selection
  • The age limit to apply for the education loan is of 28 years for graduation and 30 years for post-graduation for general category candidates

  Value of Collateral (only if it is a collateralized education loan)

125% loan sanction amount

Accepted Collateral

House, Flat, land, and FD

Tip: The UCO bank values students going for job-oriented technical and professional courses in PG, MCA, MBA, MS, etc. So choose related courses to have the best chance of an abroad education loan sanction from UCO bank. Talk to your financial officer from WeMakeScholars for more such tips.

UCO Premier Education Loan Scheme to Study Abroad

Parameter

Details

Loan Limit

Up to 30 lacs( can be extended provided your profile is good enough)

Expenses covered

Study costs

Admission fee
Fee for tuition
Purchasing books
Fee for examination
Lab/library fee
purchase of Laptop(if needed)

Living expenses

hostel fee
Food expenses
Caution fee

Other

Travel expenses 
Health insurance
miscellaneous expenses 

Accepted co-applicant

Parents, parents-in-law, siblings, spouse

UCO Bank Education loan interest rate/rate of interest

The interest rates for education loans abroad are

For collateral loans- 9 to11%
For Non-collateral loans- 12-14%

Moratorium Period

Course duration plus 1 year

Repayment Duration

The repayment tenure can be up to 15 years after the moratorium period

Repayment policies

Paying interest in the moratorium period is optional

Eligibility Criteria

Citizen of India
Should have been enrolled in a top-ranked university
Age limit- 38 years for general candidates and 40 years for SC/ST candidates

Value of Collateral (only if it is collateralized education loan)

Equal to 100% of the sanctioned loan amount

Accepted Collateral

House, Flat, land and FD

Tip: Students applying for a UCO Premier education loan scheme to study abroad should select a top-rated university to obtain a maximum loan. For more tips on the UCO premier education loan scheme to study abroad, request a callback from WeMakeScholars and talk to our financial officer.

UCO Aspire Education Loan to Study Abroad

The UCO Aspire education loan to study abroad is designed for students pursuing medical courses abroad. However, it also funds other courses.

Parameter

Details

Loan Limit

Up to 75 lacs
A higher amount can be offered to applicants with good profile

Expenses covered

Study costs

Admission fee

Tuition fee

purchase of books

Fee for examination

Lab/library fee

Laptop purchase, if needed

Living expenses

Fee for hostel

Food cost

Caution fee

Other

Travel expenses 

Health insurance

miscellaneous expenses 

Accepted co-applicant

Parents, parents-in-law, siblings, spouse

UCO Bank Education loan interest rate/rate of interest

UCO aspire education loan interest rates:

For collateral loans- 9 to11%

For Non-collateral loans- 12-14%

Interest changes with the change in repo rate

Moratorium Period

Course duration plus 1-year

Repayment Duration

15 years repayment tenor

Repayment policies

Payment of interest is optional in the moratorium period

Eligibility Criteria

Indian citizen

Merit-based selection or through entrance exam

Age limit:

General candidates- 28 years for graduation and 30 years for post-graduation

SC/ST candidates- 30 years for graduates and 33 years for post-graduation

Value of Collateral (only if it is a collateralized education loan)

Up to 125% loan sanction amount

Accepted Collateral

House, Flat, land, and FD

Courses eligible for UCO Aspire Abroad Education Loan

  • Graduation: Job-oriented professional or technical courses from reputed universities
  • Post-graduation: MS, MBA, MCA, etc
  • Courses conducted by CPA in USA, CIMA-London, etc
  • Diploma/degree courses like aeronautical, shipping, pilot training, etc.
Fly abroad for higher education with UCO abroad education loan schemes!!

UCO Education Loan Schemes to Study in India

UCO bank offers several education loan products to study in India.

  • UCO education loan to study in India
  • UCO premier education loan scheme to study in India
  • UCO super premier education loan scheme
  • UCO Aspire education loan to study in India
  • UCO skill loan to study in India

UCO Education Loan to Study in India

Through the Education loan to study in India scheme, UCO bank offers up to 10 lacs per annum.

Parameter

Details

Loan Limit

Up to 10 lacs

Try for a higher amount with a good co-applicant

Expenses covered

Study costs

Fee for tuition
Examination fee
Library/lab fee
Expenses for books
Purchase of laptop or computer(if needed)

Living expenses

Hostel fee
Accommodation cost

Other

Insurance
Travel expenses and
Other miscellaneous expenses

Accepted co-applicant

Parents, parents-in-law, siblings, spouse

UCO Education loan interest rate/rate of interest

UCO education loan to study in India is offered at an interest rate of 

9 to11% for collateral loans
12-14% for Non-collateral loans
Repo rate affects the change in interest rates

Moratorium Period

Duration of the course plus 1 year

Repayment Duration

15 years post moratorium period

Repayment policies

Paying interest in the moratorium period is optional 

Eligibility Criteria

Should be an Indian resident
Secured admission to a university recognized by the state or central government

Value of Collateral (only if it is collateralized education loan)

Collateral of up to 100% value of the loan amount 

Accepted collateral

House, flat, land and FD

Tip: There is no collateral requirement for loans up to 7.5 lacs. Speak to your financial officer from WeMakeScholars to know more about the UCO education loan to study in India.

UCO Premier Education Loan Scheme to Study in India

The UCO premier education loan is provided to students who have secured admission to premier institutes in India.

Parameter

Details

Loan Limit

Up to 30 lacs

Try for a higher amount if eligible

Expenses covered

Study costs

Tuition fee
Fee for examination
Library/lab fee
Books expenses
Purchase of laptop or computer(if needed)

Living expenses

Hostel fee
Accommodation cost

Other

Insurance
Travel expenses and
Other miscellaneous expenses

Accepted co-applicant

Parents, parents-in-law, siblings, spouse

UCO Education loan interest rate/rate of interest

The usual interest rates for UCO Bank study loan are

For collateral loans- 9 to11%
For Non-collateral loans- 12-14%

Moratorium Period

Course Duration plus 1 year

Repayment Duration

Tenor is 15 years excluding the moratorium period

Repayment policies

Interest payment in the moratorium period is not mandatory

Eligibility Criteria

Should be a resident of India
Secured admission to a premier institute of India
Age limit:
38 year for general and 40 years for SC/ST candidates

Value of Collateral (only if it is collateralized education loan)

May require collateral of up to 100% value of the loan amount( no security for loans up to 15 lacs)

Accepted collateral

House, land, flat and FD

Tip: Choose a top-ranked university to stand the best chance of obtaining a UCO premier education loan sanction. Talk to your financial officer from WeMakeScholars for more details about the UCO bank student loan.

UCO Super Premier Education Loan Scheme

The UCO super premier education loan is provided to study in the below top institutes.

  • Indian Institute of Management, Ahmedabad
  • Indian Institute of Management, Bangalore
  • Indian Institute of Management, Kolkata
  • Indian Institute of Management, Indore
  • Indian Institute of Management, Lucknow
  • Indian Institute of Management, Kozhikode
  • Xavier Labour Relation Institute, Jamshedpur
  • Indian School of Business, Hyderabad

Below in the table are the features of UCO super premium education loan

Parameter

Details

Loan Limit

Up to 30 lacs

Try for a higher amount if your expenses are high

Expenses covered

Study costs

Fee for the university, like tuition and examination fee
Lab/library fee
Expenses for books
Laptop or computer purchase(if needed)

Living expenses

Hostel fee
Accommodation cost

Other

Insurance
Travel expenses
Miscellaneous expenses 

Accepted co-applicant

Parents, parents-in-law, siblings, spouse

UCO Education loan interest rate/rate of interest

UCO float rate+ 0.40%

The interest rates change with the repo rate

Moratorium Period

Course Duration plus 1 year

Repayment Duration

15 years post moratorium period

Repayment policies

Paying interest in the moratorium period is optional

Eligibility Criteria

Should be an Indian resident
Secured admission in one of the top 8 institutes listed above the table
Age limit:
38 year for general and 40 years for SC/ST candidates

Tip: Security is not required to pledge for UCO super premier education loan. However, you may require a good co-applicant to avail of the best education loan. Ask your financial officer from WeMakeScholars, what exactly is a strong co-applicant.

UCO Aspire Education Loan to Study in India

UCO aspire education loan funds students pursuing medical courses in India.

Parameter

Details

Loan Limit

Up to 75 lacs

Can try for a higher amount

Expenses covered

Study costs

Tuition fee
Fee for examination
Fee for library or lap
Books expenses
Purchase of laptop or computer(if needed)

Living expenses

Hostel fee/accommodation cost

Other

Purchase of insurance
Travel expenses 
Miscellaneous expenses

Accepted co-applicant

Parents, parents-in-law, siblings, spouse

UCO Education loan interest rate/rate of interest

UCO float rate+ 0.40%

The interest rates will change along with the repo rate

Moratorium Period

1-year after the course duration

Repayment Duration

15 years after the moratorium period

Repayment policies

Interest payment is not mandatory in the moratorium period

Eligibility Criteria

Should be an Indian resident
Secured admission in a recognized university
Age limit:
For General/OC candidates- 28 years for UG and 30 years for PG
For SC/ST candidates- 30 years for UG and 33 years for PG

Value of Collateral (only if it is collateralized education loan)

125% of the loan amount

Accepted collateral

House, land, flat and FD

Tip: Choose medical courses from institutes/colleges/universities approved by MCI to stand a chance of getting a UCO Aspire education loan sanction. For detailed information on the UCO education loan, talk to a financial officer from WeMakeScholars.

UCO Skill Loan to Study in India

The UCO skill loan is provided to students who are keen on taking up skill development courses in India.

Parameter

Details

Loan Limit

Up to 1,50,000

If not enough, try for a higher amount with a good co-applicant

Expenses covered

Study costs

Tuition fee

Examination fee

Fee for lab/library

Books expenses

Purchase of a laptop or computer

Living expenses

Hostel fee

Cost of accommodation 

Other

Insurance

Expenses for travel

Miscellaneous expenses

Accepted co-applicant

Parents

UCO Education loan interest rate/rate of interest

UCO float rate+ 0.90% per annum

The interest rates may change due to changes in the repo rate

Moratorium Period

For Courses up to 1 year course duration- course duration plus 6 months

For Courses above 1-year course duration- Course duration plus 12 months

Repayment Duration

It varies with the loan amount

Loans up to 50,000- Up to 3 years

Loans between 50,000 to 1 lakh- up to 5 years

Loans above 1 lakh- Up to 7 years

Repayment policies

Simple interest will be charged in the moratorium period

Interest payment in the moratorium period is optional, however, if a student decides to pay in the moratorium period, the student will have a 1% interest concession.

Eligibility Criteria

Should be an Indian resident

Take up a skill development course, according to the National Skill Qualification Framework.

 

Tips:

  • Collateral is not required to pledge against a UCO skill loan to study in India, so you do not need to worry about it.
  • Courses run by the below-mentioned institutes are eligible for the UCO skill loan to study in India
  1. Industrial Training institutes(ITI)
  2. Polytechnics or schools recognized by central or state education boards or recognized university
  3. Training partners affiliated with National Skill Development Corporation(NSDC)/Sector skills council, State skill mission, State Skill Corporation

Want more tips to have the best chance at a UCO skill education loan? Talk to a financial officer from WeMakeScholars.

Customized Education Loan Schemes for students according to their requirements!

Government Subsidy Schemes

The government has introduced certain schemes to provide interest subsidies for students of backward classes or castes who are taking UCO bank student loans.

Dr. Ambedkar Central Sector scheme

Interest subsidies are provided under the scheme to study abroad.

The scheme is for students belonging to

  • EBC(Economically backward class) having income less than 8 lacs per annum
  • OBC whose family income is less than 8 lacs per annum

Padho Pardesh Scheme

Provides interest subsidies for overseas education to students whose family income is less than 6 lacs per annum and who belong to minority communities (Zoroastrians, Muslims, Christians, Sikhs, Buddhists, and Jains). The scheme is for students who have taken an abroad education loan.

Note: Although the program is no longer in operation, beneficiaries who were served before March 31, 2022, will still be eligible for interest subsidies.

Central Scheme for Interest Subsidy for Economically Weaker Sections

The scheme is for students from Economically weaker sections of society with family income which is less than 4.5 lacs per annum. It is for study in India loans, where the subsidy is provided in the moratorium period.

UCO Bank Processing Fee

The UCO bank does not charge a processing fee for all of its education loan schemes except the UCO Aspire education loan to study in India and abroad. For this particular scheme, the UCO bank charges 0.50% of the loan amount (capped to a maximum of 10,000+GST). Also, the processing fee can depend on the type of education loan and hence go through different types of education loans offered by UCO bank.

The UCO education loan processing fee is to be paid directly to the bank and WeMakeScholars does not charge any fee to process your education loan.

Documents Required for UCO Bank Education Loan

The documents required for a UCO bank education loan are listed below.

Sections

Documents required

UCO bank education loan application form

It will be provided by WeMakeScholars Financial Officer. Fill it with your signature and 2 photographs

Documents for applicant

Proof of Identity and 

    • Aadhar card
    • PAN card
    • Passport if going abroad

Proof of residence

    • Aadhar card
    • PAN card
    • Voter ID card
    • Utility bills(Electricity bill, Telephone bill)
    • Ration card
    • Bank account statement

Documents for co-applicant

For salaried

 last six months' bank account statement

For self-employed

1-year business transactions

Statement of personal Asset and liability

Applicant’s Academic documents

Education mark sheets(10th,12th, Degree)

Letter of Admission with detailed course duration

Structure of fees(If going to the US, present I20)

GRE/GMAT/IELTS Scorecard

Ranking of the university you are going

Income proof documents

Accept in a letter that the extra expense or the leftover expenses will be taken care of by the co-applicant(the WeMakeScholars Financial officer will provide the format)

A joint affidavit, to be notarised with the student and co-applicant in the format provided by your financial officer

Additional documents(may be required)

If advance payments are made, then provide the receipt of it
Loan account statements if any pending loans

A letter to explain the gap you have had on 100 Rs stamp paper(format will be provided by your financial officer)

 

You also might be required to present collateral documents (differs from state to state) if you are going for a collateralized loan. You can go through the list to learn about the requirements for an education loan from UCO according to the state you are going from.

What are the documents according to the state that you are applying from?

UCO Bank Education Loan Insurance

UCO bank offers its students Group Life Insurance to protect the loan against any unforeseen circumstances like the accidental or natural death of the borrower.

To have a clear idea about the education loan insurance offered by the UCO bank, talk to a financial officer from WeMakeScholars.

UCO Bank loan Margin Calculation

The Loan margin for UCO bank education loan according to different schemes is listed in the below table.

Scheme Name

Loan Margin

UCO Education loan to study in India

5% for loans above 4 lacs

UCO Education to Study abroad

15%

UCO Premier Education Loan Scheme to study in India and Abroad

5% of the loan amount for loans above 4 lacs

UCO Super Premier Education Loan Schemes

NIL

UCO Aspire Education Loan to study in India and Abroad

10% of the loan amount

UCO Skill Loan

NIL

 

How to apply for an education loan from UCO Bank?

Apply for a fast-processing education loan for UCO bank through WeMakeScholars by following the below steps.

  • Contact the WeMakeScholars team by requesting a callback.
  • The financial officer from WeMakeScholars will reach out to you and ask you a few questions to understand your loan requirement and check eligibility.
  • Once done with eligibility, he/she will then connect you to the suitable public or private lenders and will also send you a document uploading link to upload your documents.
  • The next process will be carried on by your financial officer until your loan is sanctioned. However, your financial officer will stay in touch with you throughout your process and will clear all your doubts.
  • The Lender will get your loan sanctioned in the time promised by your financial officer.

Why should not go directly through banks?

Going directly through banks can have certain consequences listed below.

  • Complicated process, as the information is not accurate
  • An incomplete document list is provided
  • Several charges will be hidden from you
  • The process of your student loan will take longer than usual
  • Your chances for a loan sanction will become thinner

Why go through WeMakeScholars?

WeMakeScholars is an IT Ministry, govt of India-supported organization under the Digital India campaign. We at WeMakeScholars help students in attaining higher education through student loans. We are partnered with 14+ banks(Public/Pvt), which provides students with multiple options of lenders. We also offer all our services free of cost. Below are a few advantages of going through WeMakeScholars.

  • Lower interest rates: As we are partnered with 14+ banks, the students going through us automatically have a reduced interest rate of 0.5 to 2%.
  • Faster Loan process: We sanction education loans in a time that is 50% lesser than the bank’s average processing time.
  • Tax benefit: WeMakeScholars makes you aware of the tax benefits on an education loan.
  • End-to-end support: We assist students in disbursement and repayment along with loan sanction, even in a timezone that differs by 12 hrs.
  • Cashback: You earn a cashback of ₹3000 when you go through us.

Students interested in taking an education loan to study in India or abroad can request a callback from the team today!

Are you eligible for tax exemptions under section 80E when you are taking an education loan?

Why and How to transfer your education loan to UCO Bank?

Below is a simplified process to transfer your current education loan process to UCO bank.

  • Collect all the information regarding your education loan from your previous bank like the loan outstanding.
  • Contact a financial officer from WeMakeScholars by requesting a callback.
  • Request your financial officer to provide information on transferring your education loan to UCO bank.
  • He/She will then provide you with a list of documents that you need to submit to the bank
  • The UCO bank will clear off all your dues with your previous bank and then will start the student loan with them.

UCO bank Education loan EMI Calculation as per Interest Rate

Calculate EMI using the UCO bank education loan calculator by following the below-mentioned example.

Let’s say you have taken an education loan of 75 lacs from UCO bank. You have a course duration of 3 years with an interest rate of 11% per annum. Your moratorium period is course duration plus 1 year and the repayment period post-moratorium will be of 10 years. 

Here’s how much you will pay yearly.

Timeline

EMI

Interest Portion

Principal Portion

Loan Outstanding

1st year

136752

86172

50580

9350026

2nd year

136752

80319

56433

8705658

3rd year

136752

73789

62963

7986725

4th year

136752

66503

70249

7184597

5th year

136752

58374

78379

6289648

6th year

136752

49304

87448

5291136

7th year

136752

39184

97568

4177078

8th year

136752

27894

108858

2934103

9th year

136752

15297

121455

1547291

10th year

136752

1242

135510

0

 

UCO Bank Education Loan Repayment Process

The UCO provides students with the option of repaying interest during the moratorium period. If the students pay interest in the moratorium period, they will also have a concession of a 1% interest rate in the UCO skill loan. If not, the interest of the moratorium period will add up in the following EMIs.

UCO bank also gives you the option of closing off your loan early in the following ways.

  • Choosing a shorter duration to repay the amount
  • Prepayment
  • Loan transfer to another bank
Choose WeMakeScholars for a smoother education loan process to study in India or Abroad!

Education Loan FAQs

  • What is the interest rate of a UCO bank education loan?

    The education loan interest in the UCO bank varies with the scheme you are going for and the type of loan. Generally, the interest rates are between 9 to 14%.

  • Which bank is best for an education loan?

    While there are many banks offering education loans with attractive offers, UCO bank stands out with a range of products customized for students of all levels of study.

  • What documents are required for an education loan from UCO bank?

    Documents for your identity proof, address proof, academic documents, income documents, and collateral documents(optional) are required for an education loan from UCO bank.

  • Can I get a 100% education loan from UCO bank?

    While UCO bank has a loan margin for some loan schemes, it also offers schemes that offer 100% education loans. Check out the above article for more information.

  • Which bank gives a faster education loan?

    Private banks have a faster education loan processing time. When going through WeMakeScholars, the process gets even faster than the private banks.

  • Which loan is best for students?

    An education loan scheme can be considered the best based on the profile of the applicant and his/her requirement. Check out the education loan schemes from UCO bank and select the best one for you according to your requirements.

  • Is EMI available on UCO Bank?

    Each bank like UCO bank offers the option of EMI for paying off the loan.

  • Who is eligible for an education loan from UCO bank?

    Indian residents who have gotten admission into a university in India or abroad are eligible to take an education loan from the UCO bank.

  • Is an education loan easy to get?

    An education loan is easy to get if you meet all the eligibility criteria requirements of the bank.

  • Is it OK to take a loan for education from UCO bank?

    UCO bank can be preferred for an education loan as it offers competitive interest rates and also has a wide range of education loan products.

Our Education Loan team will help you with any questions

Ajay Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: