UCO Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

UCO Bank Education Loan

The UCO Bank is a major government-owned commercial bank of India, established in 1943 in Kolkata, It also provides the facility of Educational Loan to deserving and meritorious students. If you want Education Loan to complete your education or pursue higher studies from India/Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.

UCO Bank Logo

Read this full post on UCO Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding UCO Bank Education Loan it’s Process to Apply and full detailed Information.


UCO Bank Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  UCO Bank
Founded on 6 January 1943
Headquarter Kolkata, West Bengal, India
Type of Bank  Commercial Bank
Number of Employees 24,724 (2016)
CEO Name Atul Kumar Goel
Maximum Loan Amount  Rs 30.0 Lacs (UCO Premier Education Loan Scheme)
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue 18,560.97 crore (US$2.6 billion)(2016)
Processing Fees No Processing Fee
Other Subsidiaries
  • UCO Bank (Singapore)
  • UCO Bank, Asset Management Arm
Category  Education Loan in India

Types of UCO Bank Student Loan

S.no. Scheme Description
1. Premier Educational Loan Scheme Providing financial support at preferential terms to students who have secured admissions in premier educational Institutes of the country and abroad. One can avail a loan Maximum amount Rs.30.00 lakhs for studies in India and abroad.
2. Super Premier Educational Loan Scheme Providing financial support at preferential terms to students who have secured admission in 8 premier educational institutes in the country. One can avail a loan Maximum loan amount Rs. 30 lacs (inclusive of group credit life insurance premium).
3. Skill Loan UCO Skill Loan Scheme aims at providing a loan facility to individuals. who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria. One can avail a loan amount from Rs 5000 to Rs 1.5 lac

How to Apply

Online

Offline

  • Visit the nearest branch of Allahabad Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian national.
  • Applicant must have secured admission in a recognized educational institution India or entrance test or selection process.

Documents Needed

  • Mark sheet and degree certificate of last qualifying examination for school and graduate studies in India.
  • Identity Proof
  • Residence Proof
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course
  • Copies of the letter confirming scholarship, etc.
  •  Passport size photographs
  • Two documents for proof of age and identity. (Any two from the following: Ration card, Voter’s ID, PAN card,  Passport, Office identity card, School leaving certificate, Driving Licence, Birth certificate).

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit, Building fund or refundable deposit supported by institution bill.
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses
  • Purchase of computers required for completion of the course
  • Other expenses required to complete the course like trips, projects and thesis.

Return Policy

  • In case of UCO Bank Education loan, repayment will start after the completion of course period+ 1 Year or moratorium period.
  • Repayment up to Maximum of 15 years (180 EMI) for all categories of a loan after moratorium period.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for UCO Bank Educational LoanClick Here

Security

  •  Up to Rs. 7.50 Lacs:
    • Co-obligation of parents
    • No security or third party guarantee. (All the loans up to Rs. 7.50 lacs under UCO   Education loan Scheme should be covered under Credit Guarantee Fund Scheme for Education Loan (CGFSEL))
  •  Above  Rs. 7.50 Lacs:
    •Tangible collateral security of minimum value equivalent to the loan amount and interest accumulation during course & moratorium period, acceptable to the bank.

Contact Details

Head office  UCO Bank Head Office, 10, B T M Sarani, Kolkata – 700 001
West Bengal, India.
Official website www.ucobank.com
Apply for Loan  Click Here
Contact Number 1800 274 0123

UCO Bank Student Loans FAQs

Ans. We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on a UCO Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

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