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Get the details of the UCO Bank education loan for studies in India & abroad. Know the interest rate, eligibility criteria, margin money, repayment tenure, and more.
Did you know that over the last 10 years, there has been a threefold increase in the number of students obtaining education loans for studying abroad from public sector banks? Similarly, the sanctioned loan amounts have also witnessed a sixfold rise during this period, with a total amount of about 7,500 Cr INR. UCO Bank has also been one of the public banks that contributed to this growth. For the fiscal year 2021-2022, UCO Bank sanctioned about 43 Cr INR, making it a considerable choice for obtaining a secured education loan. Let’s have a look at different aspects of UCO Bank and explore what makes it a good choice.
Established in the year 1943, UCO Bank is a commercial bank that operates as a government entity under the jurisdiction of the Government of India. Its Board of Directors is composed of government officials representing the Government of India and the Reserve Bank of India. UCO Bank recorded an impressive 110% growth in net profit during the third quarter of FY23, reaching 653 Crore INR, compared to 310 Crore INR in the same period last year.
Check Your Education Loan Eligibility
Here are the eligibility requirements that you must meet to qualify for an overseas education loan from UCO Bank. While applying, additional specific criteria may also be presented by the bank. The general prerequisites include:
The various expenditures that will be included when obtaining an overseas education loan from UCO Bank encompass:
UCO Bank, much like other public sector banks, is a preferred choice when individuals require a secured education loan, which involves collateral. The primary reason for this preference is that opting for a secured education loan from UCO Bank offers several advantages, including higher approved loan amounts, lower interest rates, and various other benefits. Here are the details of UCO Bank's abroad education loan:
Feature | Detail |
---|---|
Loan Amount |
Up to 20 Lakh INR (Education Loan Scheme) Up to 30 Lakh INR (UCO Premier Loan Scheme) |
Interest rate type |
Floating |
|
|
Collateral requirement |
For Education Loan Scheme:
For UCO Premier Loan Scheme:
|
Loan Tenure |
Up to 15 years |
Course + 1 year |
|
Processing fee |
Nil |
Yes |
|
Prepayment penalty |
No |
15% (Education Loan Scheme) 5 % (UCO Premier Loan Scheme) |
|
Insurance |
Group Life Insurance Cover Scheme |
*Interest Rate as of September 2023
Required documents for UCO Bank abroad education loan
The different documents that will be required in order to apply for an abroad education loan via UCO Bank are -
The application process for a UCO Bank abroad education loan is easy. You can initiate the loan application by either personally visiting a branch or filling out an online application form, and then following the subsequent steps given below -
Get the Funds you need to Study Abroad
Selecting the ideal lender requires thoughtful consideration of various aspects to align with your specific needs. While public sector banks are a better choice for secured education loans, options like SBI and UBI also provide competitive terms. Therefore, it's crucial to analyze factors such as interest rates, loan amounts, eligibility criteria, margin money, processing charges, and more before making a final decision on a lender. We acknowledge that evaluating all these aspects can be a difficult task, which is why GyanDhan is available to help you identify the most suitable lender tailored to your requirements. All you need to do is check your eligibility, and you can easily secure your overseas education loan through UCO Bank.
Read also:
You can get up to 30 Lakh INR in case your target university comes under the World's top 150 universities as per this website www.webometrics.info. Apart from it in case your target university is not on the list then you can get up to 20 Lakh INR.
UCO Bank is a commercial bank that operates as a government entity under the jurisdiction of the Government of India.
Students can apply for a UCO Bank education loan at any branch in or near his/her place of domicile.
You can get your loan approved via UCO Bank in about 15-20 working days once all the documents have been submitted to the bank officials.
The interest rate for the UCO Bank can range between 10.85% - 12.10%. The interest rate that you can get depends on the application profile, eligible scheme, targeted university/college, country, and more.
Check Your Education Loan Eligibility
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