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Education Loan |
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 dependant (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., and 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. 7.50 Lac
Studies Abroad: Maximum Rs. 15 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
Upto Rs.4.00 lacs – No security
Above Rs.4.00 lacs – Collateral securities of suitable value.
Service Charge
There is no processing fee /upfront / service charge
Margin
| Upto Rs. 4 Lac |
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Nil |
| Above Rs. 4 Lac |
Studies in India |
5% |
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Studies Abroad |
15% |
Click here for Interest Rates
Repayment
The loan will be repaid in 5-7years 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 more details, please contact your nearest UCO Bank branch.
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