EDUCATION LOAN
Scope:
The scheme extends a helping hand to meritorious students desirous of pursuing basic/higher/professional/technical education either in India or abroad. The parents will become co-borrowers with their dependant (student) if the latter applies for educational loan.
Studies in India
School education including plus 2 stage.
Graduation courses leading to degrees like B.A., B.Sc., and B.Com. etc.
Post Graduate courses leading to Masters degrees as also Ph.D.
Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
Computer Certificate courses of reputed institutes accredited to Universities or DoE.
Courses like ICWA, CA, CFA, etc.
Studies Abroad
Graduation : Job oriented professional / technical courses offered by reputed Universities.
Post Graduation : MCA, MBA, MS, etc.
Courses conducted by CIMA – London, CPA in U.S.A., etc.
Eligibility
Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
Secured admission to foreign University / Institution.
No maximum or minimum income is prescribed for parents/family
Age limit:
18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
21 to 28 years for post-graduation course etc. – may be extended from 30 -33 years for general & SC/ST candidates respectively.
Quantum of loan
Need based finance subject to repaying capacity of parents/students with following ceilings:
Studies in India: Maximum Rs. 7.50 Lac
Studies Abroad: Maximum Rs. 15 Lac.
The loan amount under the scheme would be for meeting the following expenses :
Security
Upto Rs.4.00 lacs – No security
Above Rs.4.00 lacs – Collateral securities of suitable value.
Service Charge : There is no processing fee /upfront /service charge
Margin
| Upto Rs. 4 Lac | Nil | |
| Above Rs. 4 Lac | Studies in India | 5% |
| Studies in India | 15% |
Repayment
The loan will be repaid in 5-7years after commencement of repayment. There will be moratorium for repayment during "the course period+1 year or 6 months after getting job, which ever is earlier".
1% interest concession may be provided, if the interest is serviced during moratorium period.
For more details, please contact your nearest UCO Bank branch.
