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 :

• Course Fees
• Hostel/Boarding Fees including caution deposit/building fund etc.
• Books, Stationery & Equipment required for the course, including Computers.
• Examination/Library/Laboratory fees.
• Travel Expenses/Passage for studies abroad.

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

  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.