UCO Bank Education Loan

✓ Easy and Fast Education Loan Process

✓ At starting interest rate of 9% P.A.

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Table of content

UCO Bank Abroad Education Loan Schemes:
UCO Education Loan Schemes to Study in India
Government Subsidy Schemes
UCO Bank Processing Fee
Documents Required for UCO Bank Education Loan
UCO Bank Education Loan Insurance
UCO Bank loan Margin Calculation
How to apply for an education loan from UCO Bank?
Why go through WeMakeScholars?
Why and How to transfer your education loan to UCO Bank?
UCO bank Education loan EMI Calculation as per Interest Rate
UCO Bank Education Loan Repayment Process
FAQ's
Need Help? Ask Here!

UCO bank prioritizes the need for quality education among Indian students and hence provides a long list of education loan products for students to study in India or abroad. Here are some of the UCO bank education loan schemes.

UCO education loan to study abroad
UCO premier education loan scheme to study abroad
UCO Aspire education loan to study abroad
UCO education loan to study in India
UCO premier education loan scheme to study in India
UCO super premier education loan scheme
UCO Aspire education loan to study in India
UCO skill loan to study in India

UCO Bank Abroad Education Loan Schemes:

The UCO bank offers a range of abroad education loan products to Indian students to study abroad.

UCO education loan to study abroad
UCO premier education loan scheme to study abroad
UCO Aspire education loan to study abroad

UCO Education Loan Schemes to Study Abroad

Under the UCO education loan to study abroad scheme, the bank provides up to 20 lacs of the loan at an attractive rate of interest starting from 9% per annum.

Parameter	Details
Loan Limit	Up to 20 lacs Look for a high amount if the profile is good enough
Expenses covered	Study costs Fee for admission Tuition fee purchase of books Fee for examination Lab/library fee Computer or Laptop purchase Living expenses Fee for hostel Food Caution fee Other Expenses for travel Health insurance Miscellaneous expenses
Accepted co-applicant	Parents, parents-in-law, siblings, spouse
UCO Bank Education loan interest rate/rate of interest	9 to11% for collateral loans 12-14% for non-collateral loans Interest changes with the change in repo rate
Moratorium Period	1 year after the course duration
Repayment Duration	15 years of repayment tenor
Repayment policies	Students have the option to pay interest during the moratorium period
Eligibility Criteria	Indian citizen Should have secured admission to a foreign university through an entrance test/merit-based selection The age limit to apply for the education loan is of 28 years for graduation and 30 years for post-graduation for general category candidates
Value of Collateral (only if it is a collateralized education loan)	125% loan sanction amount
Accepted Collateral	House, Flat, land, and FD

Tip: The UCO bank values students going for job-oriented technical and professional courses in PG, MCA, MBA, MS, etc. So choose related courses to have the best chance of an abroad education loan sanction from UCO bank. Talk to your financial officer from WeMakeScholars for more such tips.

UCO Premier Education Loan Scheme to Study Abroad

Parameter	Details
Loan Limit	Up to 30 lacs( can be extended provided your profile is good enough)
Expenses covered	Study costs Admission fee Fee for tuition Purchasing books Fee for examination Lab/library fee purchase of Laptop(if needed) Living expenses hostel fee Food expenses Caution fee Other Travel expenses Health insurance miscellaneous expenses
Accepted co-applicant	Parents, parents-in-law, siblings, spouse
UCO Bank Education loan interest rate/rate of interest	The interest rates for education loans abroad are For collateral loans- 9 to11% For Non-collateral loans- 12-14%
Moratorium Period	Course duration plus 1 year
Repayment Duration	The repayment tenure can be up to 15 years after the moratorium period
Repayment policies	Paying interest in the moratorium period is optional
Eligibility Criteria	Citizen of India Should have been enrolled in a top-ranked university Age limit- 38 years for general candidates and 40 years for SC/ST candidates
Value of Collateral (only if it is collateralized education loan)	Equal to 100% of the sanctioned loan amount
Accepted Collateral	House, Flat, land and FD

Tip: Students applying for a UCO Premier education loan scheme to study abroad should select a top-rated university to obtain a maximum loan. For more tips on the UCO premier education loan scheme to study abroad, request a callback from WeMakeScholars and talk to our financial officer.

UCO Aspire Education Loan to Study Abroad

The UCO Aspire education loan to study abroad is designed for students pursuing medical courses abroad. However, it also funds other courses.

Parameter	Details
Loan Limit	Up to 75 lacs A higher amount can be offered to applicants with good profile
Expenses covered	Study costs Admission fee Tuition fee purchase of books Fee for examination Lab/library fee Laptop purchase, if needed Living expenses Fee for hostel Food cost Caution fee Other Travel expenses Health insurance miscellaneous expenses
Accepted co-applicant	Parents, parents-in-law, siblings, spouse
UCO Bank Education loan interest rate/rate of interest	UCO aspire education loan interest rates: For collateral loans- 9 to11% For Non-collateral loans- 12-14% Interest changes with the change in repo rate
Moratorium Period	Course duration plus 1-year
Repayment Duration	15 years repayment tenor
Repayment policies	Payment of interest is optional in the moratorium period
Eligibility Criteria	Indian citizen Merit-based selection or through entrance exam Age limit: General candidates- 28 years for graduation and 30 years for post-graduation SC/ST candidates- 30 years for graduates and 33 years for post-graduation
Value of Collateral (only if it is a collateralized education loan)	Up to 125% loan sanction amount
Accepted Collateral	House, Flat, land, and FD

Courses eligible for UCO Aspire Abroad Education Loan

Graduation: Job-oriented professional or technical courses from reputed universities
Post-graduation: MS, MBA, MCA, etc
Courses conducted by CPA in USA, CIMA-London, etc
Diploma/degree courses like aeronautical, shipping, pilot training, etc.

Fly abroad for higher education with UCO abroad education loan schemes!!

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UCO Education Loan Schemes to Study in India

UCO bank offers several education loan products to study in India.

UCO education loan to study in India
UCO premier education loan scheme to study in India
UCO super premier education loan scheme
UCO Aspire education loan to study in India
UCO skill loan to study in India

UCO Education Loan to Study in India

Through the Education loan to study in India scheme, UCO bank offers up to 10 lacs per annum.

Parameter	Details
Loan Limit	Up to 10 lacs Try for a higher amount with a good co-applicant
Expenses covered	Study costs Fee for tuition Examination fee Library/lab fee Expenses for books Purchase of laptop or computer(if needed) Living expenses Hostel fee Accommodation cost Other Insurance Travel expenses and Other miscellaneous expenses
Accepted co-applicant	Parents, parents-in-law, siblings, spouse
UCO Education loan interest rate/rate of interest	UCO education loan to study in India is offered at an interest rate of 9 to11% for collateral loans 12-14% for Non-collateral loans Repo rate affects the change in interest rates
Moratorium Period	Duration of the course plus 1 year
Repayment Duration	15 years post moratorium period
Repayment policies	Paying interest in the moratorium period is optional
Eligibility Criteria	Should be an Indian resident Secured admission to a university recognized by the state or central government
Value of Collateral (only if it is collateralized education loan)	Collateral of up to 100% value of the loan amount
Accepted collateral	House, flat, land and FD

Tip: There is no collateral requirement for loans up to 7.5 lacs. Speak to your financial officer from WeMakeScholars to know more about the UCO education loan to study in India.

UCO Premier Education Loan Scheme to Study in India

The UCO premier education loan is provided to students who have secured admission to premier institutes in India.

Parameter	Details
Loan Limit	Up to 30 lacs Try for a higher amount if eligible
Expenses covered	Study costs Tuition fee Fee for examination Library/lab fee Books expenses Purchase of laptop or computer(if needed) Living expenses Hostel fee Accommodation cost Other Insurance Travel expenses and Other miscellaneous expenses
Accepted co-applicant	Parents, parents-in-law, siblings, spouse
UCO Education loan interest rate/rate of interest	The usual interest rates for UCO Bank study loan are For collateral loans- 9 to11% For Non-collateral loans- 12-14%
Moratorium Period	Course Duration plus 1 year
Repayment Duration	Tenor is 15 years excluding the moratorium period
Repayment policies	Interest payment in the moratorium period is not mandatory
Eligibility Criteria	Should be a resident of India Secured admission to a premier institute of India Age limit: 38 year for general and 40 years for SC/ST candidates
Value of Collateral (only if it is collateralized education loan)	May require collateral of up to 100% value of the loan amount( no security for loans up to 15 lacs)
Accepted collateral	House, land, flat and FD

Tip: Choose a top-ranked university to stand the best chance of obtaining a UCO premier education loan sanction. Talk to your financial officer from WeMakeScholars for more details about the UCO bank student loan.

UCO Super Premier Education Loan Scheme

The UCO super premier education loan is provided to study in the below top institutes.

Indian Institute of Management, Ahmedabad
Indian Institute of Management, Bangalore
Indian Institute of Management, Kolkata
Indian Institute of Management, Indore
Indian Institute of Management, Lucknow
Indian Institute of Management, Kozhikode
Xavier Labour Relation Institute, Jamshedpur
Indian School of Business, Hyderabad

Below in the table are the features of UCO super premium education loan

Parameter	Details
Loan Limit	Up to 30 lacs Try for a higher amount if your expenses are high
Expenses covered	Study costs Fee for the university, like tuition and examination fee Lab/library fee Expenses for books Laptop or computer purchase(if needed) Living expenses Hostel fee Accommodation cost Other Insurance Travel expenses Miscellaneous expenses
Accepted co-applicant	Parents, parents-in-law, siblings, spouse
UCO Education loan interest rate/rate of interest	UCO float rate+ 0.40% The interest rates change with the repo rate
Moratorium Period	Course Duration plus 1 year
Repayment Duration	15 years post moratorium period
Repayment policies	Paying interest in the moratorium period is optional
Eligibility Criteria	Should be an Indian resident Secured admission in one of the top 8 institutes listed above the table Age limit: 38 year for general and 40 years for SC/ST candidates

Tip: Security is not required to pledge for UCO super premier education loan. However, you may require a good co-applicant to avail of the best education loan. Ask your financial officer from WeMakeScholars, what exactly is a strong co-applicant.

UCO Aspire Education Loan to Study in India

UCO aspire education loan funds students pursuing medical courses in India.

Parameter	Details
Loan Limit	Up to 75 lacs Can try for a higher amount
Expenses covered	Study costs Tuition fee Fee for examination Fee for library or lap Books expenses Purchase of laptop or computer(if needed) Living expenses Hostel fee/accommodation cost Other Purchase of insurance Travel expenses Miscellaneous expenses
Accepted co-applicant	Parents, parents-in-law, siblings, spouse
UCO Education loan interest rate/rate of interest	UCO float rate+ 0.40% The interest rates will change along with the repo rate
Moratorium Period	1-year after the course duration
Repayment Duration	15 years after the moratorium period
Repayment policies	Interest payment is not mandatory in the moratorium period
Eligibility Criteria	Should be an Indian resident Secured admission in a recognized university Age limit: For General/OC candidates- 28 years for UG and 30 years for PG For SC/ST candidates- 30 years for UG and 33 years for PG
Value of Collateral (only if it is collateralized education loan)	125% of the loan amount
Accepted collateral	House, land, flat and FD

Tip: Choose medical courses from institutes/colleges/universities approved by MCI to stand a chance of getting a UCO Aspire education loan sanction. For detailed information on the UCO education loan, talk to a financial officer from WeMakeScholars.

UCO Skill Loan to Study in India

The UCO skill loan is provided to students who are keen on taking up skill development courses in India.

Parameter	Details
Loan Limit	Up to 1,50,000 If not enough, try for a higher amount with a good co-applicant
Expenses covered	Study costs Tuition fee Examination fee Fee for lab/library Books expenses Purchase of a laptop or computer Living expenses Hostel fee Cost of accommodation Other Insurance Expenses for travel Miscellaneous expenses
Accepted co-applicant	Parents
UCO Education loan interest rate/rate of interest	UCO float rate+ 0.90% per annum The interest rates may change due to changes in the repo rate
Moratorium Period	For Courses up to 1 year course duration- course duration plus 6 months For Courses above 1-year course duration- Course duration plus 12 months
Repayment Duration	It varies with the loan amount Loans up to 50,000- Up to 3 years Loans between 50,000 to 1 lakh- up to 5 years Loans above 1 lakh- Up to 7 years
Repayment policies	Simple interest will be charged in the moratorium period Interest payment in the moratorium period is optional, however, if a student decides to pay in the moratorium period, the student will have a 1% interest concession.
Eligibility Criteria	Should be an Indian resident Take up a skill development course, according to the National Skill Qualification Framework.

Tips:

Collateral is not required to pledge against a UCO skill loan to study in India, so you do not need to worry about it.
Courses run by the below-mentioned institutes are eligible for the UCO skill loan to study in India

Industrial Training institutes(ITI)
Polytechnics or schools recognized by central or state education boards or recognized university
Training partners affiliated with National Skill Development Corporation(NSDC)/Sector skills council, State skill mission, State Skill Corporation

Want more tips to have the best chance at a UCO skill education loan? Talk to a financial officer from WeMakeScholars.

Customized Education Loan Schemes for students according to their requirements!

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Government Subsidy Schemes

The government has introduced certain schemes to provide interest subsidies for students of backward classes or castes who are taking UCO bank student loans.

Dr. Ambedkar Central Sector scheme

Interest subsidies are provided under the scheme to study abroad.

The scheme is for students belonging to

EBC(Economically backward class) having income less than 8 lacs per annum
OBC whose family income is less than 8 lacs per annum

Padho Pardesh Scheme

Provides interest subsidies for overseas education to students whose family income is less than 6 lacs per annum and who belong to minority communities (Zoroastrians, Muslims, Christians, Sikhs, Buddhists, and Jains). The scheme is for students who have taken an abroad education loan.

Note: Although the program is no longer in operation, beneficiaries who were served before March 31, 2022, will still be eligible for interest subsidies.

Central Scheme for Interest Subsidy for Economically Weaker Sections

The scheme is for students from Economically weaker sections of society with family income which is less than 4.5 lacs per annum. It is for study in India loans, where the subsidy is provided in the moratorium period.

UCO Bank Processing Fee

The UCO bank does not charge a processing fee for all of its education loan schemes except the UCO Aspire education loan to study in India and abroad. For this particular scheme, the UCO bank charges 0.50% of the loan amount (capped to a maximum of 10,000+GST). Also, the processing fee can depend on the type of education loan and hence go through different types of education loans offered by UCO bank.

The UCO education loan processing fee is to be paid directly to the bank and WeMakeScholars does not charge any fee to process your education loan.

Documents Required for UCO Bank Education Loan

Documents that are needed for applying education loan in UCO Bank are as follows: These documents provide the bank with complete information about the client and his/ her ability to repay the loan amount as per the loan application. The following table lists down the documents required for each segment of the loan application such as the application form, identification of the applicant and co-applicant financial proofs, academic documents, income proof documents, and other documents that may be asked for as and when needed. Also, depending on the type of the secured loan it may be required to have state-specific collateral documents.

Sections	Documents required
UCO bank education loan application form	It will be provided by WeMakeScholars Financial Officer. Fill it with your signature and 2 photographs
Documents for applicant	Proof of Identity and Aadhar card PAN card Passport if going abroad Proof of residence Aadhar card PAN card Voter ID card Utility bills(Electricity bill, Telephone bill) Ration card Bank account statement
Documents for co-applicant	For salaried last six months' bank account statement For self-employed 1-year business transactions Statement of personal Asset and liability
Applicant’s Academic documents	Education mark sheets(10th,12th, Degree) Letter of Admission with detailed course duration Structure of fees(If going to the US, present I20) GRE/GMAT/IELTS Scorecard Ranking of the university you are going
Income proof documents	Accept in a letter that the extra expense or the leftover expenses will be taken care of by the co-applicant(the WeMakeScholars Financial officer will provide the format) A joint affidavit, to be notarised with the student and co-applicant in the format provided by your financial officer
Additional documents(may be required)	If advance payments are made, then provide the receipt of it Loan account statements if any pending loans A letter to explain the gap you have had on 100 Rs stamp paper(format will be provided by your financial officer)

You also might be required to present collateral documents (differs from state to state) if you are going for a collateralized loan. You can go through the list to learn about the requirements for an education loan from UCO according to the state you are going from.

What are the documents according to the state that you are applying from?

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UCO Bank Education Loan Insurance

UCO Bank loan Margin Calculation

The Loan margin for UCO bank education loan according to different schemes is listed in the below table.

Scheme Name	Loan Margin
UCO Education loan to study in India	5% for loans above 4 lacs
UCO Education to Study abroad	15%
UCO Premier Education Loan Scheme to study in India and Abroad	5% of the loan amount for loans above 4 lacs
UCO Super Premier Education Loan Schemes	NIL
UCO Aspire Education Loan to study in India and Abroad	10% of the loan amount
UCO Skill Loan	NIL

How to apply for an education loan from UCO Bank?

Apply for a fast-processing education loan for UCO bank through WeMakeScholars by following the below steps.

Contact the WeMakeScholars team by requesting a callback.
The financial officer from WeMakeScholars will reach out to you and ask you a few questions to understand your loan requirement and check eligibility.
Once done with eligibility, he/she will then connect you to the suitable public or private lenders and will also send you a document uploading link to upload your documents.
The next process will be carried on by your financial officer until your loan is sanctioned. However, your financial officer will stay in touch with you throughout your process and will clear all your doubts.
The Lender will get your loan sanctioned in the time promised by your financial officer.

Why should not go directly through banks?

Going directly through banks can have certain consequences listed below.

Complicated process, as the information is not accurate
An incomplete document list is provided
Several charges will be hidden from you
The process of your student loan will take longer than usual
Your chances for a loan sanction will become thinner

Why go through WeMakeScholars?

WeMakeScholars is an IT Ministry, govt of India-supported organization under the Digital India campaign. We at WeMakeScholars help students in attaining higher education through student loans. We are partnered with 14+ banks(Public/Pvt), which provides students with multiple options of lenders. We also offer all our services free of cost. Below are a few advantages of going through WeMakeScholars.

Lower interest rates: As we are partnered with 14+ banks, the students going through us automatically have a reduced interest rate of 0.5 to 2%.
Faster Loan process: We sanction education loans in a time that is 50% lesser than the bank’s average processing time.
Tax benefit: WeMakeScholars makes you aware of the tax benefits on an education loan.
End-to-end support: We assist students in disbursement and repayment along with loan sanction, even in a timezone that differs by 12 hrs.
Cashback: You earn a cashback of ₹3000 when you go through us.

Students interested in taking an education loan to study in India or abroad can request a callback from the team today!

Are you eligible for tax exemptions under section 80E when you are taking an education loan?

Find out

Why and How to transfer your education loan to UCO Bank?

Below is a simplified process to transfer your current education loan process to UCO bank.

Collect all the information regarding your education loan from your previous bank like the loan outstanding.
Contact a financial officer from WeMakeScholars by requesting a callback.
Request your financial officer to provide information on transferring your education loan to UCO bank.
He/She will then provide you with a list of documents that you need to submit to the bank
The UCO bank will clear off all your dues with your previous bank and then will start the student loan with them.

UCO bank Education loan EMI Calculation as per Interest Rate

Calculate EMI using the UCO bank education loan calculator by following the below-mentioned example.

Let’s say you have taken an education loan of 75 lacs from UCO bank. You have a course duration of 3 years with an interest rate of 11% per annum. Your moratorium period is course duration plus 1 year and the repayment period post-moratorium will be of 10 years.

Here’s how much you will pay yearly.

Timeline	EMI	Interest Portion	Principal Portion	Loan Outstanding
1st year	136752	86172	50580	9350026
2nd year	136752	80319	56433	8705658
3rd year	136752	73789	62963	7986725
4th year	136752	66503	70249	7184597
5th year	136752	58374	78379	6289648
6th year	136752	49304	87448	5291136
7th year	136752	39184	97568	4177078
8th year	136752	27894	108858	2934103
9th year	136752	15297	121455	1547291
10th year	136752	1242	135510	0

UCO Bank Education Loan Repayment Process

The UCO provides students with the option of repaying interest during the moratorium period. If the students pay interest in the moratorium period, they will also have a concession of a 1% interest rate in the UCO skill loan. If not, the interest of the moratorium period will add up in the following EMIs.

UCO bank also gives you the option of closing off your loan early in the following ways.

Choosing a shorter duration to repay the amount
Prepayment
Loan transfer to another bank

Choose WeMakeScholars for a smoother education loan process to study in India or Abroad!

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FAQs:

What is the interest rate of a UCO bank education loan?

The education loan interest in the UCO bank varies with the scheme you are going for and the type of loan. Generally, the interest rates are between 9 to 14%.
Which bank is best for an education loan?

While there are many banks offering education loans with attractive offers, UCO bank stands out with a range of products customized for students of all levels of study.
What documents are required for an education loan from UCO bank?

Documents for your identity proof, address proof, academic documents, income documents, and collateral documents(optional) are required for an education loan from UCO bank.
Can I get a 100% education loan from UCO bank?

While UCO bank has a loan margin for some loan schemes, it also offers schemes that offer 100% education loans. Check out the above article for more information.
Which bank gives a faster education loan?

Private banks have a faster education loan processing time. When going through WeMakeScholars, the process gets even faster than the private banks.
Which loan is best for students?

An education loan scheme can be considered the best based on the profile of the applicant and his/her requirement. Check out the education loan schemes from UCO bank and select the best one for you according to your requirements.
Is EMI available on UCO Bank?

Each bank like UCO bank offers the option of EMI for paying off the loan.
Who is eligible for an education loan from UCO bank?

Indian residents who have gotten admission into a university in India or abroad are eligible to take an education loan from the UCO bank.
Is an education loan easy to get?

An education loan is easy to get if you meet all the eligibility criteria requirements of the bank.
Is it OK to take a loan for education from UCO bank?

UCO bank can be preferred for an education loan as it offers competitive interest rates and also has a wide range of education loan products.

Our Education Loan team will help you with any questions

Ajay Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.

Published: 19 Nov, 2022 | Updated: 06 Aug, 2024