This Bank Provides The Best Education Loan

UCO Bank introduced UCO Education Loan Scheme at 0 processing fee and, nurturing the great academic future of the young Bharat.

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Education is the primary right of every citizen of Bharat!

When a child succeeds in higher secondary education, this “Primary Right” remains a dream for millions of students in Bharat. According to the 2011 census report, 74.05% of Bhartiyas are literate but only 8.15% of Bhartiyas are graduates. And, the biggest reason behind this weak growth of academic literacy is the lack of money available to these families.

The government has introduced many credit programs for students. Among the banking and non-banking corporations, UCO Bank seems most focused on nurturing the great academic future of the young Bharat.

Covid-19 has severely hit the national economy badly, causing serious damage to the education sector and its students. The students who are willing to pursue higher education but lack the necessary financial support can avail Academic Education Loan from UCO Bank. The scheme offers an education loan at a 2.40% rate of interest. The Banur branch has launched an awareness about this scheme in S.A.S Nagar, Punjab.

FAQ

Q1. How many courses are covered in it? Will it cover abroad studies?

If you want to pursue academic education in Bharat then the following courses are covered in this loan scheme:

  • Approved PG Diploma, Masters, Ph.D. degree courses conducted by recognized colleges and universities in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
  • Computer certificate courses of reputed institutes accredited to DoE.
  • Courses like ICWA, CA, CFA, etc.

Yes ! It also covers studying abroad for following programs:

  • Graduation: Job-oriented professional or technical courses offered by reputed universities.
  • Post Graduation: MCA, MBA, MS, etc.
  • Courses conducted by CIMA-London, CPA in the U.S.A., etc.

Q2. Till what age can I apply for this scheme?

For Graduation

  • 28 years for general candidates
  • 30 years for SC/ST candidates

For Post Graduation

  • 30 years for general candidates
  • 33 years for SC/ST candidates

Q3. How much is available under this loan scheme?

Studies in Bharat

  • Maximum ₹ 10.00 Lac.

Studies Abroad

  • Maximum ₹ 20.00 Lac.

Q4. What are the pre-conditions of approval?

  1. The student must be a Bhartiya Citizen.
  2. Successfully completion of higher secondary education (10+2 or equivalent).
  3. Admission to a higher education course in Bharat or entrance test or selection process is secured.

Q5. Do I need to deposit any security?

For loan up to ₹ 7.50 lac

All loans up to ₹ 7.50 lacs under UCO Education Loan Scheme should be covered under Credit Guarantee Fund Scheme for Education Loan (CGFSEL).

  • The co-obligation of parents is required.
  • Security or third-party guarantee is not required.

For loans above 7.50 lac

  • Co-obligation of parents is required.
  • The Candidate has to mortgage tangible collateral security equivalent to the full value of the loan.

Q6. What is the rate of interest on loan and is there my processing fee?

UCO Education Loan Scheme offers at 0 processing fee.

Upto 7.5 lacs

  • UCO Float Rate +2.40%

Above Rs 7.7 lacs

  • UCO Float Rate +2.80%

Q7. What is the repayment period?

You have to repay the loan within 15 years in 180 EMIs for all categories of studies after the moratorium period.

The moratorium period under this scheme is for the years of the course tenure plus one year after the completion of the course.

For more information, visit: UCO BankBanur branch, #24, NH-64, Hawali Bassi, Banur, Punjab 140601 (10:00 AM to 2:00 PM)

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