UCO Education Loan offers need-based loans to students who want to pursue undergraduate, postgraduate, and postgraduate diploma courses in India and abroad hassle-free and available to Indian citizens with attractive ROI.
The Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) scheme is a significant initiative aimed at providing financial support to meritorious students across India, ensuring that financial constraints do not hinder their pursuit of quality higher education.
The scheme will cover students admitted to the top 860 Quality Higher Educational Institutiions (QHEIs).
Eligibility
The main conditions for eligibility include
1. Student must be an Indian National
2. Secured admission in the 860 QHEIs in India for degree/diploma programmes through open competitive examinations/ merit based admission.
Age limit
No minimum and maximum age criteria.
Quantum of loan
Need based loan
Eligible Courses
Approved courses leading to graduate/post graduate (Masters & PhD) degree and PG diplomas conducted by the top 860 quality Higher Educational Institutions (QHEIs).
Institution List
As per list provided
Security
Nil Collateral
Margin
Up to 20%
Rate of Interest
8.10% to 9.55%
Repayment Period
15 years (180 EMI) for all categories of loan after moratorium period
Repayment holiday / Moratorium Period
Course period + 1 year after completion of studies for all categories
Insurance
Group Life Insurance Cover Scheme for Educational Loan Borrowers to cover the outstanding loan in case of accidental or natural death of borrower
Processing Charge: Nil
Disbursement
Disbursement in stages as per the requirement directly to institutions.
Credit Guarantee Fund Scheme for Education Loan (CGFSEL)
CGFSEL of 75% shall be applicable for loan amount upto Rs.7.5 Lac.
Interest Subvention:
Full Interest Subsidy for students having annual family income upto Rs.4.5 Lac and education loan upto Rs.10 Lac.
3% interest subvention for students having annual family income up to Rs.8 Lac and education loan upto Rs. 10 Lac.
Regular full-time Degree/ Diploma courses and Part-time courses offered by Institutes eligible under the scheme, admission in which is obtained through an Entrance Test/Selection Process/ Percentage of marks as prescribed by the Institute would be allowed.
Age Limit : No minimum and maximum age criteria.
Quantum of Finance: Need Based
Margin
Up to Rs. 30 lacs : No Margin Above Rs. 30 lacs : 15%.
Security :
Category of Educational Institutes
No Security, only Parent/ Spouse/ Guardian as co-borrower
With tangible collateral 100% of full value and Parent/Spouse/ Guardian as co-borrower
List 'A'
Rs. 40 lacs
Above Rs. 40 lacs
List 'B'
Rs. 30 lacs
Above Rs. 30 lacs
List 'C'
Rs. 10 lacs
Above Rs. 10 lacs
Repayment :
Repayment of the loan will be maximum 180 equated monthly installments (EMIs*). (i.e. 15 years maximum)
Holiday Period/Moratorium: Course Period + 1 Year
Processing Charge : NIL
Documentation Charge : NIL
Rate of Interest:
List
With Nil collateral
A
With at least 100% collateral
B
With less than 100% collateral*
A
UCO Float -0.40% i.e. 8.90% p.a. at present.
UCO Float - 0.70% i.e. 8.60% p.a. at present.
UCO Float - 0.50% i.e. 8.80% p.a. at present.
B
UCO Float i.e. 9.30% p.a. at present.
UCO Float - 0.40% i.e. 8.90% p.a. at present.
UCO Float - 0.15% i.e. 9.15% p.a. at present.
C
UCO Float + 1.70% i.e. 11.00% p.a. at present.
UCO Float + 0.70%
i.e. 10.00% p.a. at present.
UCO Float + 1.20% i.e. 10.50% p.a. at present.
Float rate (9.30% at present) is subject to change as and when Repo rate changes.
UCO Udaan Scheme aims at providing financial support from the banking system to meritorious female students at preferential terms, who have secured admissions in Premier Educational Institutes of the country.
Regular full-time Degree/ Diploma courses and Part-time courses offered by Institutes eligible under the scheme, admission in which is obtained through an Entrance Test/Selection Process/ Percentage of marks as prescribed by the Institute would be allowed.
Age Limit : No minimum and maximum age criteria.
Quantum of Finance: Need Based
Margin
Up to Rs. 30 lacs : No Margin. Above Rs. 30 lacs : 15%.
Security :
Category of Educational Institutes
No Security, only Parent/ Spouse/ Guardian as co-borrower
With tangible collateral 100% of full value and Parent/Spouse/ Guardian as co-borrower
List 'A'
Rs. 40 lacs
Above Rs. 40 lacs
List 'B'
Rs. 30 lacs
Above Rs. 30 lacs
List 'C'
Rs. 10 lacs
Above Rs. 10 lacs
Repayment :
Repayment of the loan will be maximum 180 equated monthly installments (EMIs*). (i.e. 15 years maximum)
Holiday Period/Moratorium: Course Period + 1 Year
Processing Charge : NIL
Documentation Charge : NIL
Rate of Interest:
List
With Nil collateral
A
With at least 100% collateral
B
With less than 100% collateral*
A
UCO Float - 0.50% i.e. 8.80% p.a. at present.
UCO Float - 0.80% i.e. 8.50% p.a. at present.
UCO Float - 0.60% i.e. 8.70% p.a. at present.
B
UCO Float - 0.10% i.e. 9.20% p.a. at present.
UCO Float - 0.50% i.e. 8.80% p.a. at present.
UCO Float - 0.25% i.e. 9.05% p.a. at present.
C
UCO Float + 1.60% i.e. 10.90% p.a. at present.
UCO Float + 0.60%
i.e. 9.90% p.a. at present.
UCO Float + 1.10% i.e. 10.40% p.a. at present.
Float rate (9.30% at present) is subject to change as and when Repo rate changes.
UCO Aspire Scheme aims at providing financial support from the banking system to meritorious students who have Secured admission to a higher education course abroad
Courses eligible:
All existing courses offered by Institutes/ Universities with world ranking up to 1500 as available in the website www.webometrics.info
Age Limit : NNo minimum and maximum age criteria.
Quantum of Finance: Need Based
Margin : 10% to 15%.
Security : Co-obligation of Parents/ spouse/guardian and Tangible collateral security as applicable
Repayment :
Repayment of the loan will be maximum 180 equated monthly installments (EMIs*). (i.e. 15 years maximum)
Holiday Period/Moratorium: Course Period + 6 Months
Processing Charge : Processing Fee of 0.50 % of Loan amount subject to maximum of Rs.10,000/- + applicable GST.
Documentation Charge : Up to Rs.25,000/- : Nil
Above Rs.25,000/-: Rs.250/- per Lac subject to maximum* Rs.25,000/-
Rate of Interest:
Webometrics Ranking
A
With at least 100% collateral
B
With less than 100% collateral *
UP TO 200
UCO Float - 0.35% i.e. 8.95% p.a. at present.
UCO Float - 0.15% i.e. 9.15% p.a. at present.
201-500
UCO Float - 0.25% i.e. 9.05% p.a. at present.
UCO Float i.e. 9.30% p.a. at present.
501-1500
UCO Float i.e. 9.30% p.a. at present.
UCO Float + 0.50% i.e. 9.80% p.a. at present.
Float rate (9.30% at present) is subject to change as and when Repo rate changes.
Skill Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses
Courses Eligible
Course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan.
Minimum Age
No minimum age.
Quantum of Finance
Minimum: 5,000/- and
Maximum: 7,50,000/-
Margin
Up to Rs. 4 Lakh- NIL
Above Rs.4 Lakh : 5%
Moratorium Period
For courses of duration upto 1 year - 6 months from the completion of the course.
For courses of duration above 1 year - 12 months from the completion of the course.
Simple Interest will be charged during the course period and up to commencement of repayment.
Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students.
1% interest concession may be provided by the Bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.
Processing Charges
NIL
Security
No collateral or third party guarantee will be taken. However, the parent will execute loan document along with the student borrower as joint borrower. Credit guarantee coverage by NCGTC at nominal fee of 0.50% of the amount outstanding. This guarantee fee will be borne by the Bank.
Repayment
Loans upto Rs. 50,000 - Upto 3 years
Loans between Rs. 50,000 to Rs.1 lakh - Upto 5 years
