Make college memories that last a lot longer than your student loan payments.

UCO Bank Education Loan

UCO Bank provides a wide variety of educational loans for studies in India and overseas. The loans have affordable interest rates that make higher education accessible to all. The long tenures along with moratorium periods make repayment convenient for students once they are employed. There are also special education loan schemes for medical courses as well as 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:

Schemes Maximum Loan Amount Interest Rates (p.a.)
UCO Bank Education Loan India: Rs.10 lakh Overseas: Rs.20 lakh 9.30% p.a. to 9.70% p.a.
UCO Bank Premier Educational Loan Scheme Rs.30 lakh 8.45% p.a.
UCO Bank Super Premier Educational Loan Scheme Rs.30 lakh 7.30% p.a.
UCO Aspire India: Rs.10 to Rs.75 lakh Overseas: Rs.20 to Rs.75 lakh 9.30 p.a.
UCO Skill Loan Rs.1.5 lakh 8.80% p.a.

These interest rates are effective from 27 May 2020

Compare UCO Bank Education Loan Schemes for Students

  1. UCO Bank Education Loan Scheme
    • Interest rate: 9.30% p.a. to 9.70% p.a.
    • 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

  2. UCO Premier Educational Loan Scheme
    • Interest rate: 8.45% p.a.
    • Processing Fees: None
    • Collateral: None required for loans between Rs.10 lakh to Rs.20 lakh in list A, B, and C institutions
    • Loan Tenure: 15 years
    • Eligibility: Indian nationals who have secured admission in premier educational institutions in India and overseas through entrance tests

  3. UCO Super Premier Educational Loan Scheme
    • Interest Rate:7.30% p.a.
    • Processing Fees: None
    • Collateral: None
    • Loan Tenure: 15 years after moratorium period
    • Eligibility: Indian nationals who have secured admission into eight premier educational institutions in India

  4. UCO Aspire
    • Interest Rate: 9.30% p.a.
    • Processing Fees: 0.50% of loan amount subject to Rs.10,000 maximum + GST
    • Collateral: Tangible security of 125% of the quantum of loan
    • Loan Tenure: 15 years after moratorium period
    • Eligibility: Indian nationals pursuing medical graduate and postgraduate courses recognised by the Medical Council of India (IMC) and those pursuing courses abroad in institutions with world ranking of up to 2500

  5. UCO Skill Loan
    • Interest Rate: 8.80% 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.)
2021 26,636 76,584 1,03,220 9,73,365
2022 34,798 89,064 1,23,862 9,38,567
2023 38,176 85,686 1,23,862 9,00,391
2024 41,881 81,980 1,23,861 8,58,509
2025 45,947 77,914 1,23,861 8,12,562
2026 50,408 73,456 1,23,864 7,62,154
2027 55,301 68,561 1,23,862 7,06,854
2028 60,667 63,195 1,23,862 6,46,186
2029 66,557 57,305 1,23,862 5,79,629
2030 73,016 50,845 1,23,861 5,06,611
2031 80,106 43,758 1,23,864 4,26,506
2032 87,881 35,981 1,23,862 3,38,625
2033 96,411 27,451 1,23,862 2,42,213
2034 1,05,771 18,093 1,23,864 1,36,443
2035 1,16,038 7,825 1,23,863 20,406
2036 20,407 237 20,644 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:

  • Visit the official website of UCO Bank
  • Under ‘the Borrow’ tab, click on ‘Education Loan’
  • Click on the button ‘Apply Now’
  • You will be redirected to the application page where you can fill in the details requested
  • After submitting the details, you will receive a call back from the bank's representative with details of 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

FAQ's

  1. Is there a penalty for prepayment of UCO Bank educational loan?
  2. 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.

  3. Will interest be charged during the moratorium period for UCO Bank educational loan?
  4. Yes, interest will accumulate on your education loan during the moratorium period. This will be added to the principal amount when repayment starts.

  5. What are the various costs covered under the UCO Bank educational loan schemes?
  6. Some of the expenses covered under the UCO Bank educational loan schemes are as follows: 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, etc.

  7. Are evening courses covered under UCO Bank educational loan?
  8. Yes, evening courses are also covered under the UCO Bank educational loan schemes provided they are conducted by government-approved educational institutions.

  9. How much is the moratorium period offered by UCO Bank for the educational loan schemes?
  10. The moratorium period offered by UCO Bank for its educational loan schemes is for the course duration plus one year after completing the course. During this period, simple interest will be charged for the loan on a monthly rest basis.

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