UCO Bank Education Loan: Interest Rates and How to Apply?

UCO Bank Education Loan - Eligibility and Interest Rates (2024)

Ever dreamt of getting ahead academically but lacking the funds to make it happen? A UCO Bank Education Loan can help you bridge the gap and reach your academic and professional goals!

This guide will walk you through everything you need to know about these UCO Bank Education Loan types, including their features, eligibility requirements, documents needed, and much more.

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UCO Bank Education Loan Overview

College can get expensive, and it's not always just tuition that hurts your wallet. Rent, groceries, books, and other fees can add up quickly. That's where UCO Bank Education Loan steps in.

It is also super convenient to get this loan as the application process is 100% digital.

Here's what the loan covers.

1. Fees for the course, examination, library, and laboratory
2. Books, stationery & equipment, instruments, journals, and uniforms
3. Travel expenses and passage money for studies abroad
4. Purchase of computer (if essential for the course)
5. Boarding cost and hostel charges
6. Any other expenses related to your studies

With UCO Bank Education Loan, you can focus on what truly matters - getting your degree and achieving your academic and professional goals!

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Also read: Bank of Baroda Education Loan - Eligibility & Interest Rates

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UCO Bank Education Loan Interest Rate

UCO Bank gets it - financing your education shouldn't break the bank! That's why they offer competitive interest rates and loan options that fit your needs. 

Here's a table overview of UCO bank education loan interest rate.

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Lets see what these types are: 

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Types of UCO Bank Education Loan

Here's a list of different types of education loans available at UCO Bank.

*Please Note:  The moratorium period in an education loan is a pause on repayments. It's like a time-out after you graduate where you don't have to make the regular payments yet. Interest on the loan keeps adding up during this time and gets added to your total amount to repay later.

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Also read: Education Loan Moratorium Period - All you need to know!

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UCO Bank Education Loan Calculator

Understanding your Equated Monthly Instalment (EMI) for your UCO Bank education loan is crucial for effective financial planning and expense management. You can use the UCO Bank Education Loan calculator to easily determine your EMIs.

For instance, if you wish to apply for an education loan of INR 30,000 at an annual interest rate of 10.90% for around 12 months, then the estimated EMI would be around INR 2777.6 for 12 months. At the end of your loan period, you would have paid an interest of INR 3,331.2, making the total payable amount INR 33,331.2.

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Features of UCO Bank Education Loan

The following are some general characteristics of UCO Bank education loans.

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Advantages of UCO Bank Education Loan

Now that you know the key features of the UCO Bank Education Loan, continue reading about its advantages. UCO Bank has designed this loan to make financing your higher education as smooth as possible.

Here's why it is a great option for you.

1. Fast decisions

UCO gets your application moving quickly, so you don't wait around for an answer. Their wide network, streamlined documents, and digital tools have made applying easier.

2. All digital, all easy

UCO's application is completely online. Just provide your PAN and Aadhaar details, and if you meet the eligibility, the funds can be deposited straight into your account.

3. Competitive rates

UCO's interest rates are tough to beat, starting as low as (8.50%). This means you'll owe less money in the long run.

4. Potential tax benefits

While the loan itself might not offer tax breaks, as you will be using the money for education, you might qualify for deductions under Section 80E of the Income Tax Act. That means you could save money on your taxes!

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Also checkout: HDFC Education Loan - Eligibility & Interest Rates (2024)

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How to Plan a UCO Bank Education Loan for Higher Education?

This step-by-step guide will show you how to make the most of a UCO Bank Education Loan and turn your academic dreams into reality!

Step 1: Estimate the Numbers

First things first, figure out your total expenses. If you're studying abroad, factor in travel, books, visa fees, and finding a place to live. Don't forget the tuition!

Step 2: Plan Your Payback

Choose a repayment term that fits your budget. The longer you take to repay, the lower your monthly payments (EMIs) will be, but you'll end up paying more interest overall. Find a balance that works for you.

Step 3: Check Your Eligibility

Head over to the UCO Bank official website to see if you qualify for the loan. It's usually pretty straightforward!

Step 4: Apply Online

Skip the long lines - UCO Bank lets you apply for your loan entirely online. No need to print a ton of paperwork!

Step 5: Gear Up for Success!

Once you're approved, it's time to get ready to hit the books. Use the loan funds to cover all your education costs and focus on what matters most - getting that degree!

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UCO Bank Education Loan Eligibility Criteria

Here are the eligibility requirements that you need to check before you apply for an Education Loan from the UCO Bank.

1. You should be an Indian citizen.
2. You should have a good academic record
3. You should at least be a 10+2 diploma holder
4. You should have completed essential exams like IELTS, TOEFL, GMAT and GRE if you are looking to study abroad.
5. The university you chose should be among the top 1,000 universities
6. Your maximum age should be as mentioned in the table below

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UCO Bank Education Loan College List

Both the UCO Utkarsh and Udaan Loan Schemes have specific requirements regarding loan disbursement. These schemes have a pre-approved list of institutions where admission is mandatory to qualify for the loan.

The loan amount and interest rate depend on the category (A, B, or C) assigned to your chosen institution.

Here is the UCO bank education loan college list A, B, and C.

Please Note: We have mentioned only 10 institutions from each category. It is important to remember that each category (A, B, and C) includes a significant number of colleges, which can be checked from UCO Bank’s official website.

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Documents Required for UCO Bank Education Loan 

To land your UCO Bank Education Loan, you'll need to gather some documents to prove you're a good fit. These documents help UCO Bank get a clear picture of your eligibility, finances, and academic background. 

Here's the list of documents that you need.

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Also checkout: SBI Education Loan - Eligibility and Interest Rates (2024)

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How to Apply for a UCO  Bank Education Loan?

Now that you know how UCO Bank's education can support your studies without compromising quality, let's learn how to apply for the UCO Bank Education Loan.

You may follow these easy steps to apply for an education loan offline and online.

Offline

1. Step 1: Arrive at your nearest UCO branch with the required paperwork. 
2. Step 2: Ask for the application form and get any queries cleared from the bank loan team.
3. Step 3: Complete and submit the application form

Online

1. Step 1: Visit the UCO Bank's official website
2. Step 2: Go to the section on Education Loans
3. Step 3: Select your lending option
4. Step 4: Click 'Apply Now'
5. Step 5: Input all required details and register
6. Step 6: Apply for the loan.
7. Step 7: A representative from the bank will contact you

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Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.

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UCO Education Loan Repayment Process

Repaying your UCO Bank Education Loan is designed to be stress-free! The Bank understands that you need time to focus on your studies first. That's why you won't start repaying until after your graduation and the end of the moratorium period. 

Plus, you'll have up to 15 years in most loan schemes except UCO skill loan to pay back the loan in manageable monthly instalments (EMIs). These EMIs take into account any interest that builds up while you're in school, so there are no surprises. 

And the best part is that you can even prepay the loan anytime without any penalty if you come into some extra cash! 

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UCO Bank Education Loan Disbursement Process

Did you know? More than 17 thousand crore worth of education loans were disbursed by the end of the year 2023. That massive number shows the power of education loans to help students achieve their dreams. 

Getting the money or disbursement of the UCO education loan is easy. 

• Once your loan is approved, all you need to do is sign the agreement, and they'll get to work. 
• Once the education loan is approved, the funds go directly to your university to cover your tuition and accommodation fees. 

So, there you have it! A UCO Bank Education Loan can be the key to your academic dreams, whether you're studying in India or abroad. It covers all your essential expenses, from tuition and housing to books and travel.

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Want a faster loan application process?

If yes, then Propelld is your dependable partner. We simplify the loan application with personalised support and expert guidance. The best part is that our loan application process is 100% digital. 

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Benefits of Propelld Education Loan

Here are some more benefits of the Propelld education loan.

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FAQS About UCO Bank Education Loan

What is the UCO Bank Education Loan? 

The UCO Bank Education Loan is designed to help students cover the costs of higher education, including tuition, living expenses, books, and other related costs. It offers various loan schemes to meet the unique needs of students studying in India and abroad.

What types of education loans does UCO Bank offer? 

UCO Bank offers multiple loan schemes, including the standard UCO Bank Education Loan, UCO Utkarsh Loan Scheme, UCO Udaan Loan Scheme, UCO Aspire 2.0 Loan Scheme, and UCO Skill Loan. Each scheme caters to different educational needs and financial requirements.

Who is eligible for a UCO Bank Education Loan to study abroad? 

Eligibility criteria to apply for a loan to study abroad include being an Indian citizen, having a good academic record, and being a 10+2 diploma holder. Applicants should have completed necessary entrance exams like IELTS, TOEFL, GMAT, or GRE and should be admitted to a top 1,000 university.

What is the interest rate for UCO Bank Education Loans? 

Interest rates vary by loan scheme. The standard UCO Bank Education Loan interest rate ranges from 11.30% to 11.70% per annum. Other schemes like UCO Utkarsh and UCO Udaan offer rates starting as low as 8.50%.

Is there a processing fee for UCO Bank Education Loans? 

Most UCO Bank Education Loans have zero processing fees. However, the UCO Aspire 2.0 Loan Scheme charges 0.50% of the loan amount, with a maximum of INR 10,000 plus GST.

What documents are required to apply for a UCO Bank Education Loan? 

Required documents include a completed application form, proof of identity (such as a passport or Aadhaar card), KYC documents, and income proof like Form 16 or income tax returns for the last three years.

How do I apply for a UCO Bank Education Loan? 

You can apply online through the UCO Bank website by selecting the education loan section, filling in the required details, and submitting the application. Alternatively, you can apply offline by visiting the nearest UCO Bank branch with the necessary documents.

What is the moratorium period for UCO Bank Education Loans? 

The moratorium period is typically one year after completing the course. During this period, you do not need to start repaying the loan, giving you time to focus on your studies and find a job.

What is the UCO Bank Education Loan College List? 

The UCO Bank Education Loan College List categorises institutions into three categories (A, B, and C). Loans are offered for institutions listed in these categories, ensuring students attend recognised and reputable institutions.

What is the maximum age limit for applying for a UCO Bank Education Loan? 

For the standard UCO Bank Education Loan, the age limit is 28 years for the general category and 30 years for SC/ST for graduation. For post-graduation, the limit is 30 years for the general category and 33 years for SC/ST.

Are there any additional charges for documentation? 

Most loan schemes have zero documentation charges, but the UCO Aspire 2.0 Loan Scheme charges INR 250 per lakh for loans above INR 25,000.

Can I get a loan for studying abroad through UCO Bank? 

Yes, UCO Bank provides education loans for studying abroad, covering expenses such as tuition fees, travel, and living costs.

What is the UCO Aspire 2.0 Loan Scheme? 

The UCO Aspire 2.0 Loan Scheme is designed for students pursuing higher education with a loan limit of up to INR 75 lakh and competitive interest rates between 8.95% and 9.80% per annum.

What is the repayment structure for UCO Bank Education Loans?

Repayment typically begins after the moratorium period, with monthly EMIs that include interest accrued during the study period. The tenure can extend up to 15 years for most schemes.

Are there tax benefits for UCO Bank Education Loans? 

Yes, under Section 80E of the Income Tax Act, you can claim tax deductions on the interest paid on your education loan, which helps reduce your overall tax liability.

What are the special features of the UCO Utkarsh Loan Scheme? 

The UCO Utkarsh Loan Scheme offers loans with interest rates from 8.60% to 11% per annum and no processing fees, making it a cost-effective option for students.