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  • UCO Bank Education Loan

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    UCO Bank is a commercial bank and a Government of India undertaking offering loans to deserving and meritorious students who are looking to pursue higher education in India or abroad. Students must be Indian nationals and have secured admission to a higher education course through selection process based on merit or through the entrance tests after completion of HSC (10 plus 2 or equivalent).

    Features and Benefits:


    The UCO Education Loan aims at providing finance to deserving students desirous of pursuing their education further and having secured admission in recognised universities or colleges in India and reputed institutions abroad.

    Interest Rates:

    The UCO Bank education loan interest rate is as below:

    Loan amount

    Interest rate

    Effective rate

    Up to Rs.7.50 lakhs

    Base rate + 2.50%


    Above Rs.7.50 lakhs

    Base Rate + 225%


    UCO Bank offers a floating rate of interest linked to base rate. The rates are subject to change depending on the base rate. The latest interest rates can be found on the bank’s website. The interest accrued during the moratorium period will be added to the principal and repayment in EMI to be fixed.

    Processing Fees:

    There are no processing charges as per the UCO education loan procedure.

    Repayment Tenure:

    The moratorium period is inclusive of the duration of the course + 1 year or 6 months after getting a job, whichever is earlier.

    Loan amount

    Repayment period

    Up to Rs.7.50 lakhs

    Up to 10 years

    Above Rs.7.50 lakhs

    Up to 15 years

    Maximum Loan Limit:

    For studies in India, the maximum loan amount given is Rs.10 lakhs.

    For studies abroad, it is Rs.20 lakhs.


    • For loans up to Rs.4 lakhs, there is no security required. Co-obligation of Parents will suffice.
    • For loans of Rs.4 lakhs to Rs.7.5 lakhs, the co-obligation of parents, and collateral in the form of an acceptable third party guarantor is required.
    • For loans above Rs.7.5 lakhs, the co-obligation of parents is required along with tangible security equivalent to the full amount of the loan.


    According to the UCO Education Loan scheme, the margin required for studies in India is as below:

    Loan Amount


    Up to Rs.4 lakhs


    Above Rs.4 lakhs


    For studies abroad, the margin is 15%. Scholarships to be included in margin.

    Expenses considered:

    • Course or tuition fees
    • Purchase of books, equipment, instruments, uniforms, stationery
    • Building fund or caution deposit or refundable deposit supported by institution bill
    • Travel expenses incurred for studies abroad
    • Boarding or hostel costs run by the institution, paying guest accommodation or private hostel
    • Reasonable lodging or boarding charges for students who opt for or have to find outside accommodation will be considered
    • Purchase of computers required for completion of the course
    • Any other expenses required to complete the course like thesis, study tours, project work, etc.

    Group Life Insurance Cover Scheme for Educational Loan Borrowers to cover the outstanding loan in the event of death of borrower, accidental or natural.

    Eligible Courses:

    The loan covers all approved courses in India leading to graduation or post-graduation by recognized universities or colleges.

    For studies in India

    • Graduate or post graduate (Masters and PhD) degree and PG diplomas. Approved courses conducted by recognized universities recognized by Government, UGC, AICTE, AIBMS, ICMR, etc.
    • Courses conducted by ICWA, CA, CFA, IIT, IIM, NIFT, IISC, XLRI, NID.
    • Degree or diploma courses for pilot training, aeronautical, and shipping. If the course is pursued in India, it should be approved by Director General of Civil Aviation or Shipping.
    • Professional Courses such as Engineering, Law, Medical, Dental, Veterinary, Agriculture, Management, and Computers.
    • Computer Certificate Courses offered by reputed institutes attributed to universities or accredited to DOE.
    • Approved courses offered in India by reputed foreign universities.
    • Courses from National Institutes and reputed private institutions.
    • Evening courses offered from recognised institutes.

    For Studies Abroad

    • Graduation: Job-oriented professional/technical courses by reputed universities.
    • Post-Graduation:
    1. MBA, MCA, MS, etc. Courses conducted by CIMA-London, and CPA in USA.
    2. Degree or diploma courses for pilot training, aeronautical, and shipping. They should be recognized by competent regulatory bodies in India or abroad for the purpose of employment in India or abroad.
    3. Degree or diploma for nursing, teacher training, B. Ed Courses conducted by private institutions approved by Central or State Government.
      Teacher Training course, Nursing and B.Ed. should not be a certification course. Fees structure should be as stipulated in Central or State Government colleges.


    The UCO education loan eligibility is as follows:

    Student must be an Indian National and have secured admission to a course offered by a recognised or reputed university for higher education in India or abroad. Course admission should be acquired through entrance test or selection process after completion of HSC (10 + 2 equivalent).

    There is no minimum age criteria. In the case of minors, the loan will be jointly executed in the name of the parents. The student shall ratify the borrowing on attaining 18 years of age (major status) by acknowledging the debt.

    The maximum age limit is as follows:


    Age limit


    28 years


    30 years


    Age limit


    30 years


    33 years

    Documents required:

    1. Statement of means of the applicant.
    2. Two passport size photographs of the applicant.
    3. Two documents for proof of age and identity. (Any two from the following: Ration card, PAN card, Voter’s ID, Driving Licence, Passport, Office identity card, School leaving certificate, Birth certificate).
    4. Mark sheet or degree certificate of the last examination passed.
    5. Letter of admission from the institution or university.
    6. Proof of admission, scholarship, Identity card, etc., from the institution.
    7. Schedule of expenses issued by the institution. Brochure of the institution with information about the course, duration, fees, other expenses, hostel facilities and charges, etc.
    8. Statement of bank account for the last six months, or bank pass book of the applicant and the co-applicant or guarantor.
    9. Employment verification certificate and last three months’ salary slip of co-applicant or guarantor.
    10. Form 16 and income tax returns or assessment order of co-applicant or guarantor.
    11. Statement of means (mandatory for co-applicant or guarantor).

    Additional documents may be required as per the UCO Education loan terms & conditions, and the rules and guidelines of UCO Bank.

    UCO Premier Educational Loan:

    UCO bank provides loans on preferential terms to meritorious students who have secured admission in premier educational institutions in India or abroad. Students must have secured admission through Entrance Test or Selection Process. Required percentage of marks as prescribed by the Institute will be considered.

    For studies in India:


    Full-time degree or diploma and part-time courses offered by these institutions. The age limit for general applicants is 38 years. For SC/ST, it is 40 years.

    List of educational institutes under UCO Premier Education Loan Scheme:

    133 premier educational institutions in India are eligible. The full list of institutions is available on the UCO Bank website. Some of the institutions are listed below.

    LIST A:

    1. Indian Institute of Management (IIM), Ahmedabad, Bangalore, Kolkata, Indore, Lucknow, Raipur, Ranchi, Rohtak, Trichy, Udaipur, Kashipur
    2. Indian School of Business, Hyderabad, and ISB – Mohali Campus
    3. Indian Institute of Technology (IIT), Mumbai, Kanpur, Chennai, Kharagpur, Guwahati, Delhi, Roorkee, Gandhinagar Roopnagar, Jodhpur, Hyderabad, Patna, Bhubaneshwar, Mandi, Indore.
    4. Indian Institute of Science (IISC) – Bangalore
    5. Xavier Labour Relations Institute (XLRI), Jamshedpur
    6. National Law School of India University, Bangalore (NLSIU)
    7. Birla Institute of Technology & Science (BITS), Pilani
    8. Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
    9. Christian Medical College (CMC), Vellore
    10. NALSAR University of Law, Hyderabad (NALSAR)

    LIST B:

    1. Indian Institute of Foreign Trade (IIFT), Delhi, Kolkata campus
    2. National Institute of Technology (NIT), Warangal, Tiruchirapalli, Surathkal, Raipur, Rourkela, Kurukshetra, Calicut, Durgapur, Jamshedpur, Patna, Silchar, Agartala, Hamirpur, Srinagar.
    3. IIIT, Allahabad, Bangalore, Delhi, Bhubaneshwar, Jabalpur, Gwalior, Kolkata
    4. All India Institute of Medical Sciences (AIIMS), Bhopal, Raipur
    5. Christian Medical College (CMC), Ludhiana
    6. IIT-SJSOM, Mumbai
    7. Xavier Institute of Management (XIM), Bhubaneswar
    8. Kasturba Medical College (KMC), Manipal, Mangalore
    9. Indian Institute of Forest Management (IIFM), Bhopal
    10. Tata Institute of Social Sciences (TISS), Mumbai

      LIST C:

    1. ASCI, Hyderabad
    2. NIBM, Pune
    3. National Law Institute University, Bhopal (NLIU)
    4. Loyola Institute of Business Management (LIBA), Chennai
    5. National Law University, Jodhpur (NLUJ)
    6. Manipal Institute of Technology, Manipal
    7. Gujarat National Law University, Gandhinagar (GNLU)
    8. Dr. Ram Manohar Lohiya National Law University, Lucknow (RMLNLU)
    9. International Management Institute, New Delhi
    10. Birla Institute of Management Technology, Greater Noida

    Amount of loan:

    The maximum loan amount given under the UCO Premier Education Loan Scheme is Rs.30 lakhs. This is inclusive of the group credit life insurance premium. The amount is subject to limits for different categories of institutions.

    Category of institution

    Loan amount

    List A

    Up to Rs.30 lakhs

    List B

    Up to Rs.20 lakhs

    List C

    Up to Rs.15 lakhs


    Loan amount


    Up to Rs.4 lakhs


    Above Rs.4 lakhs

    5% of total cost of course


    No Security, only Parent, spouse, or Guardian as co-borrower is required in the following cases:

    Category of Educational Institutes

    Loan amount

    List A

    Rs.20 lakhs

    List B

    Rs.15 lakhs

    List C

    Rs.10 lakhs

    Security in the form of tangible collateral equivalent to the full amount of the loan sought, along with parent, spouse, or guardian as co-borrower is required. In the case of a married person, parents-in-law can also jointly execute the loan. A suitable third party guarantor is also considered as the bank may deem acceptable.

    Category of Educational Institutes

    Loan amount

    List A

    Above Rs.20-30 lakhs

    List B

    Above Rs.15-20 lakhs

    List C

    Above Rs.10-15 lakhs


    The repayment period is of a maximum 15 years, equated into 180 monthly instalments.

    Rate of Interest:

    The UCO Bank rate of interest is the base rate + 1.00% i.e. currently 11.20% p.a.

    Processing Charge:

    No processing or upfront charges.

    For Studies Abroad:

    • The institution or university should be ranked Top 150 in the world as per on the date of application.
    • The maximum loan amount given is Rs. 30 lakhs.
    • Only post-graduate degree or diploma, doctoral and post-doctoral studies are eligible.
    • Only Engineering & Technology, Medicine, Management & Law streams are eligible.
    • For loans up to Rs.15 lakhs, only the parent, spouse or guardian borrower is required to be a co-borrower. No security is required.
    • For loans above Rs.15 lakhs, tangible security of full value of the loan sought, along with parent, spouse or guardian as co-borrower is required.

    All other conditions applicable to studies in India are also applicable.

    UCO Bank Educational Loan FAQS:

    1. What kind of collateral can I offer?
    2. Collateral can be in the form of a suitable third party guarantor or tangible security such as land (non-agricultural), property or building. Collateral is accepted at the discretion of the bank. Banks may require tangible security to be attested by an advocate on its resale value and selling ability. Units of UTI, NSC, LIC policy, Public Sector bonds, gold, share/mutual fund, and bank deposit in the name of the student are also considered. Contact the bank for more details on acceptable collateral.
    3. What is a moratorium period?
    4. Moratorium or holiday period is the time given to the applicant of the loan before the EMIs (Equated Monthly Instalments) commence. It is simply the time allowed for the student to complete the course and find suitable employment to be able to pay back the loan. The period is usually the duration of the course + 1 year or 6 months after being employed, whichever is earlier.
    5. How is the loan disbursed?
    6. The loan is disbursed on a need basis. It is given in phases as per the requirements of the course and is made directly to the institution. Refer to the UCO Bank educational loan terms and conditions.
    7. Can I prepay or foreclose the loan?
    8. Yes, you can prepay the loan at any time during the repayment period. No penalty will be levied.
    9. How do I apply for an educational loan?
    10. You can apply for the UCO education loan online, or visit the nearest branch of UCO bank or Retail Loan Hub of the city. Fill out the UCO Bank education loan form and submit it to the bank.
    11. How is the interest calculated?
    12. The interest rate is set differently by different banks based on the base rate. UCO bank offers a floating interest linked to the base rate which fluctuate. Therefore, the interest rate also fluctuates.

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    UCO Bank Education Loan Reviews

  • Page 1 of 1
    • UCO Education Loan
      "good service"
      UCO BANK
      0.5 4.0/5 "Great!"
      My son have taken a educational loan from UCO and I am the co applicant for the loan process it was a prompt service from UCO they took only 3 days to process my loan within the 2 day they sanctioned the loan amount and during the process they have asked for the college id card,bills ,fees bill we never get any difficulty during the service it was good from UCO for our educational loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • UCO Education Loan
      "Dissatisfied service"
      UCO BANK
      0.5 3.0/5 "Satisfactory"
      My previous experience of UCO Bank was not good that much, but currently they have improved a lot. Their staff are very cooperative and good in service. They offered the interest of 7.5% it is nominal. Still loan is active condition, but there is no option to make EMI through online, I should directly visit to the bank and make the loan amount.
      Was this review helpful? 0
      , tuticorin
      Reviewed on Aug 07, 2017
    • UCO Education Loan
      "Beware of purchasing it"
      UCO BANK
      0.5 0.5/5 "Unacceptable"
      Poorest service for the customers. Please go onto other banks the Manager is unaware of the conditions of the loan himself. trapped. Other banks provide rate of interest based on ur work experience also while the manger at branch has no clue. Try sbi best I would say.
      Was this review helpful? 5
      , new delhi
      Reviewed on Apr 03, 2017
    • UCO Education Loan
      "Not good"
      UCO BANK
      0.5 1.0/5 "Really Bad"
      I have the educational loan with the UCO bank and the interest rate was around 12.5%. The response is not a good one with them because they are not providing any kind of services to the customers. I been with them from the last seven years of time.
      Was this review helpful? 9
      , bangalore
      Reviewed on Mar 16, 2016
    • UCO Education Loan
      "Oldest bank, has to be digitalised "
      UCO BANK
      0.5 4.0/5 "Great!"
      Its an old bank and they have lots to improve in regards to the digitalisation of all services like other centralised banks. I applied for the educational loan from UCO Bank 5 years back. They haven't still called back. The loan process was a hassle free and fast process as they did not ask much questions.
      Was this review helpful? 3
      , tiruchirapalli
      Reviewed on Mar 11, 2016
    • UCO Education Loan
      "Easy process!"
      UCO BANK
      0.5 3.5/5 "Pretty good"
      Educational loan process was very easy with UCO bank. After attending my counseling, I met an executive in Anna University and he helped me in the loan process. I submitted only the photo copies of my certificates and UCO bank did not require collateral to offer the loan.
      Was this review helpful? 3
      , karur
      Reviewed on Nov 23, 2015
    • UCO Education Loan
      "Very Good!!!"
      UCO BANK
      0.5 5.0/5 "Blown Away!"
      I got an educational loan from UCO bank. I had a very good experience with them. The manager was very coperative. My is still in the process. The paper work everything was done. Interest rate was around 12.75% and processing fee was around 12,000 it was okay. Documentation was simple and good. In 7 days the loan will get disbursed. Over all service was good with Uco bank.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 16, 2015
    • UCO Education Loan
      "Good service"
      UCO BANK
      0.5 4.0/5 "Great!"
      Customer service and response was quite good in UCO bank for my educational loan in MBA finance . It has already been closed before 2 years of time. Compared to other banks they offered me 7% interest rate . As per my experience they are quite good and efficient
      Was this review helpful? 7
      , bangalore
      Reviewed on Sep 20, 2014
    • UCO Education Loan
      "Good customer service"
      UCO BANK
      0.5 5.0/5 "Blown Away!"
      Very good customer service in UCO bank for my Educational loan. I have used this loan and right now very less EMI only . By online I am paying on online through my axis bank account . It is very easy for me to pay through online. No sugestions
      Was this review helpful? 7
      , mumbai
      Reviewed on Aug 08, 2014
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