UCO Bank Education Loan

Compare UCO Bank Education Loan Schemes for Students

The education loan schemes offered by UCO Bank help students to pay for higher studies in India and abroad. These schemes provide financial support for tuition fees as well as cover other education expenses at low interest rates. With flexible repayment options and easy access to loans, UCO Bank helps students continue their studies without financial stress. The different education loan schemes of the Bank are explained as below: 

UCO Bank Education Loan Scheme

Interest rate: 

1. Up to Rs.7.50 lakhs: UCO Float rate + 2.00% to 2.40%, presently, 10.80% p.a. 
2. Above Rs.7.50 lakhs: UCO Float Rate + 2.40%, presently, 11.20% p.a. 

Processing fee:  

None  

Collateral 

1. For loans up to Rs.7.5 lakh: No collateral 
2. For loans above Rs.7.5 lakh: Tangible collateral security 

Loan Tenure:  

15 years after moratorium period 

Eligibility:  

• Indian nationals 

• Graduate, Postgraduate (Master’s), PhD, and PG Diploma courses from recognized colleges/universities  

• Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.  

• Computer certificate courses from reputed institutes approved by the Department of Electronics. 

UCO Udaan Loan Scheme 

Interest Rate:  

1. With Nil Collateral: 7.90% p.a. to 10.65% p.a. 

2. With 100% collateral: 7.50% p.a. to 9.40% p.a. 

3. With less than 100% collateral: 7.70% p.a. to 9.90% p.a. 

Processing Fees:  

None  

Collateral:  

None required for loans up to Rs. 40 lakhs  

Loan tenure:  

Up to 15 years  

Eligibility:  

• Only meritorious female students can apply. 

• Must have secured admission in premier educational institutes in India. 

• Admission should be through entrance test, selection process, or merit (marks). 

• Courses must be regular full-time degree/diploma or approved part-time courses offered by eligible institutes. 

UCO Utkarsh Loan Scheme 

Interest Rate:  

1. With Nil Collateral: 8.00% p.a. to 10.75% p.a. 

2. With 100% collateral: 8.30% p.a. to 9.50% p.a. 

3. With less than 100% collateral: 7.80% p.a. to 10.00% p.a. 

Processing Fees:  

None  

Collateral:  

Up to Rs. 40 lakhs  

Loan tenure:  

Up to 15 years  

Eligibility:  

• Indian nationals who have secured admission through entrance tests in premier educational institutions.  

• Admission should be based on entrance exam, selection process, or marks  

• Course should be regular full-time degree/diploma or an approved part-time course  

• The institute must be included in the approved list under the scheme 

UCO PM Vidyalaxmi Education Loan

Interest Rate: 

7.15% p.a. to 8.80 p.a. 

Processing Fees: 

Nil 

Collateral:  

Nil 

Loan tenure:  

15 years for all categories of loan after moratorium period 

Eligibility: 

• Must be an Indian citizen  

• Must have got admission in one of the approved institutes (QHEIs) for a degree or diploma course through entrance exam or merit (marks) 

UCO Skill Loan  

Interest Rate:  

UCO Float rate + 1.50% p.a. 

Updated UCO Float rate is 8.30% and is subject to change as and when Repo rate changes. 

Processing Fees:  

Nil  

Collateral:  

None but parent has to be joint borrower  

Loan Tenure:  

1. Loans up to Rs. 50,000 – Up to 3 years 
2. Loans between Rs. 50,000 to Rs.1 lakh – Up to 5 years
3.  Loans above Rs. 1 lakh – Up to 7 years

Eligibility:  

• Must be an Indian citizen 

• Should have admission in an eligible skill course 

• Course must be in a recognized institute or training center 

• Admission should follow proper qualification rules (as required for the course) 

• Course should be approved under National Skill Qualification Framework 

UCO Bank Education Loan EMI Calculator

The UCO Bank education loan EMI calculator can help you get a clear picture of how much your Equated Monthly Instalment will be once you start paying your loan. This will help you plan your finances ahead of time and make it easier to maintain a budget.

All you have to do is enter the desired loan amount, prevailing interest rate, and desired loan repayment tenure into the required fields and click on the ''calculate'' button. Your EMI and loan details will be instantly displayed on the screen along with an amortisation table. This is more accurate than doing the calculation manually.

To illustrate this with an example:

If you take a UCO Bank education loan for an amount of Rs.10 lakh at an interest rate of 9.30% p.a. with a loan repayment tenure of 15 years, then your EMI details will be as follows:

• Equated Monthly Instalment (EMI): Rs.10,322
• Total interest due: Rs.8,57,942
• Total amount payable: Rs.18,57,942

How to Apply for UCO Bank Education Loan (Online & Offline)

You can apply for an UCO BANK education loan in the following ways:

Offline Mode  

Step 1: Visit your nearest UCO bank branch with the required documents. 

Step 2: From the staff, ask for an education loan application form. 

Step 3: Complete the application form and attach the required documents 

Step 4: Submit the application form. 

Online Mode 

Step 1: Visit the official website of UCO Bank.

Step 2: Under 'the Borrow' tab, click on 'Education Loan' 

Step 3: Click on the button 'Apply Now' 

Step 4: You will be redirected to the application page where you can fill in the details requested 

Step 5: After submitting the details, you will receive a call back from the bank's representative with information on your loan application.

Documents Required

Detailed information about the documents required for an education loan will be given by the bank but these are the commonly required ones:

1. A completed and duly signed an application form 
2. Identity proof such as Passport, Driving Licence, Voter ID Card or Aadhaar Card
3. Proof of income such as ITR for the last three years or salary slip for the last three months. 
4. KYC documents 

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