UCO Bank Education Loan
UCO Bank offers a diverse range of educational loans for studies in India and abroad. The loans have low interest rates, ranging from 7.50% p.a. to 11.20% p.a., making higher education accessible to everyone. The long tenures, combined with moratorium periods, make repayment easier for students once they are employed. There are also specialised education loan programmes for medical and skill development courses.
UCO Bank Education Loan Interest Rates
The interest rates for the various education loan schemes offered by the bank are as follows. These are floating interest rates linked to the 1-year MCLR :
Schemes | Maximum Loan Amount | Interest Rates (p.a.) |
UCO Bank Education Loan |
|
|
UCO Udaan Loan Scheme | Up to Rs.35 lakh | UCO Float rate + 7.50% p.a. to 10.65% p.a. |
UCO Utkarsh Loan Scheme | Up to Rs.30 lakh | UCO Float rate + 7.60% p.a. to 10.75% p.a. |
UCO Aspire 2.0 Loan Scheme |
| UCO Float rate + 8.05% p.a. to 9.30% p.a. |
UCO Skill Loan | Up to Rs. 7,50,000 lakh | UCO float rate + 1.50% p.a. |
Compare UCO Bank Education Loan Schemes for Students
UCO Bank Education Loan Scheme
- Interest rate: UCO Float rate + 2.00% to 2.40%.
- Processing fee: None
- Collateral: For loans up to Rs.7.5 lakh: No collateral, For loans above Rs.7.5 lakh: Tangible collateral security
- Loan Tenure: 15 years after moratorium period
- Eligibility: Indian nationals
UCO Udaan Loan Scheme
- Interest Rate: 7.50% p.a. to 10.65% p.a.
- Processing Fees: None
- Collateral: None required for loans up to Rs. 40 lakhs
- Loan tenure: Up to 15 years
- Eligibility: Indian nationals who obtained admission into higher educational institutions through entrance exams
UCO Utkarsh Loan Scheme
- Interest rate: 7.60% p.a. to 10.75% 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.
UCO Aspire 2.0 Loan Scheme
- Interest Rate: 8.50% p.a. to 9.30% p.a.
- Processing Fees: 0.50% of loan amount subject to Rs.10,000 maximum + GST
- Collateral: Tangible security
- Loan Tenure: 15 years after moratorium period
- Eligibility: Indian nationals who secured admission to a higher education course in the country or entrance test or selection process after completion of HSC (10+2 or equivalent)
UCO Skill Loan
- Interest Rate: UCO Float rate + 1.50% p.a.
- Processing Fees: Nil
- Collateral: None but parent has to be joint borrower
- Loan Tenure: Up to 7 years with moratorium period of 6 to 12 months
- Eligibility: Indian nationals pursuing skill development courses in recognised educational institutions
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
The amortisation table for the above-mentioned loan will be as follows:
Year | Principal Paid (A) (Rs.) | Interest Paid (B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
2025 | 42,862 | 80,998 | 1,23,860 | 8,47,418 |
2026 | 47,024 | 76,838 | 1,23,862 | 8,00,394 |
2027 | 51,588 | 72,275 | 1,23,863 | 7,48,806 |
2028 | 56,597 | 67,266 | 1,23,863 | 6,92,210 |
2029 | 62,089 | 61,773 | 1,23,862 | 6,30,120 |
2030 | 68,116 | 55,745 | 1,23,861 | 5,62,004 |
2031 | 74,727 | 49,135 | 1,23,862 | 4,87,275 |
2032 | 81,983 | 41,880 | 1,23,863 | 4,05,293 |
2033 | 89,940 | 33,923 | 1,23,863 | 3,15,353 |
2034 | 98,670 | 25,192 | 1,23,862 | 2,16,682 |
2035 | 1,08,249 | 15,614 | 1,23,863 | 1,08,434 |
2036 | 1,08,436 | 5,106 | 1,13,542 | 0 |
How to Apply for UCO Bank Education Loan (Online & Offline)
You can apply for an UCO BANK education loan in the following ways:
Offline: Walk into the nearest UCO bank branch with all the required documents, fill in the application form, and submit it to the bank official
Online: You can apply for it online by following the steps given below:
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 and Application Form
Detailed information about the documents required for an education loan will be given by the bank but these are the commonly required ones:
- Income proof
- Identity proof
- Address proof
- Documents for collateral, if required
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FAQs on UCO Bank Education Loan
- Will interest be charged during the moratorium period for UCO Bank educational loan?
Yes, interest will accumulate on your education loan during the moratorium period. This will be added to the principal amount when repayment starts.
- Is there a penalty for prepayment of UCO Bank educational loan?
No, there is no penalty if you wish to make a prepayment on your UCO Bank educational loan at any time during the repayment period.
- What are the various costs covered under the UCO Bank educational loan schemes?
The following expenses are covered by UCO Bank educational loan schemes: examination, laboratory and library fees, cost of instruments, equipment, stationary, uniforms and books, refundable deposit, building fund, caution deposit, travel expenses for studies abroad, boarding or hostel charges, paying guest accommodation or private hostel charges, etc., personal computer if required for the course, cost of project work, study tours, thesis and so on.
- Are evening courses covered under UCO Bank educational loan?
Yes, evening courses are also covered under the UCO Bank educational loan schemes provided they are conducted by government-approved educational institutions.
- How much is the moratorium period offered by UCO Bank for the educational loan schemes?
UCO Bank's educational loan plans have a moratorium term that lasts throughout the course duration plus one year after completion. During this term, the loan will be charged basic interest on a monthly basis.
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