Education Loans from UCO Bank
UCO bank has served its customers immensely since its existence from 1943. It has various services whether it is loans or Foreign exchange operations. It has almost 2000 Service Units across India with which it serves its customers well. The bank also offers education loan to meritorious students wishing to pursue higher studies in India or abroad. However, if a student applies for a loan, the parents will be considered as co-borrowers with their dependant ward.
UCO Bank Student Loans can be obtained by students applying for several kinds of academic programs.
The candidate can apply for education loan for school education or even graduate, postgraduate, doctoral or professional programs.
He is also eligible to apply for the loan for studying specialized courses like ICWA, CFA or CA.
Even for computer certificate courses from recognized institutes, one can take the loan.
If an applicant plans to study graduate programs including employment-oriented vocational or professional program from recognized universities abroad, he can apply for the loan.
One can apply for UCO Bank education loan even for courses like MBA, MCA and those of CPA in the US and CIMA-London in abroad.
Eligibility for Loan
The candidate should be between 18 to 25 years of age if he wishes to complete a graduate course and 21 to 28 years for studying a postgraduate course. However, a slight relaxation in the age limit in both the cases is possible. The candidate is eligible to apply for loan only if he gets admission to a vocational or professional program through a selection procedure based on merit or entrance test. One can also apply for the loan if admission is done in a foreign institute.
Expenses taken into account
Education Loans from UCO Bank includes fees for boarding, caution deposit and building fund. Apart from fees for library and examination, it also includes other expenses related to completion of the course. Even travel expenses are included in the loan amount.
Amount of loan
UCO Bank sanctions a loan of maximum Rs. 7.5 lacs and Rs. 15 lacs for studying in India and abroad respectively.
No security is charged for a loan amount upto Rs. 4 lacs. However, a borrower needs to submit collateral securities for a loan amount above Rs. 4 lacs.
There is a margin of 5% and 15% for a loan amount above Rs. 4 lacs for studying in India and abroad respectively.
A borrower can repay the loan in 5 to 7 years after he begins repaying.
For more information on UCO Bank Student Loans, you can go to UCO Bank