UCO Bank Education Loan: Interest Rate & How to Apply?

A better future can be achieved through education, but growing tuition costs might be a significant obstacle. UCO Bank provides school loans with flexible repayment plans and affordable interest rates to assist students in realizing their academic goals. This article will help you comprehend the eligibility requirements, application procedure, interest rates, payback periods, and benefits of a UCO Bank education loan if you consider using it to fund your further study.

UCO Bank Education Loan Overview

Eligibility CriteriaStudents who have secured admission
Loan TenureUp to 15 years
Loan AmountUp to 30 Lakhs
Interest RateUp to MCLR of 1 year + 2.40%
Processing FeesNil

What is an Education Loan?

An education loan is a loan or sum of money obtained by a person to continue their education in India or outside. Following graduation, the student’s loan repayment begins, and they are granted a six-month grace period to find or accept employment. Your choice of interest rate will influence the repayment amount; you must choose how you wish to pay back the loan. That is if you wish to begin making payments either during or after the moratorium period. The moratorium period is the duration of your study plus an additional six months or a year to find employment. You are expected to repay the loan only after this period.

You have a substantial amount to return by the time you graduate because the loan interest begins to accrue at the time the funds are disbursed. The alternative is for your guardian or parents to begin making loan payments during the actual moratorium period when the interest is computed as simple interest.

Advantages of UCO Bank Education Loan

  • Low interest rate
  • Less paperwork
  • Faster Disbursal
  • No processing fees
  • No prepayment charges
  • 0.50% concession for female students

Documents Required

  • Letter of admission
  • Statement of cost of study
  • 2 passport-size photographs
  • Filled in Loan Application Form
  • PAN Card of the student and Parent/ Guardian
  • AADHAR Card of the student and Parent/ Guardian
  • Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
  • Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)

UCO Bank Education Loan EMI Calculator

You can see clearly how much your Equated Monthly Instalment will be after you begin making loan payments with the help of the UCO Bank school loan EMI calculator. This will make it simpler to stick to a budget and assist you in planning your finances.

All you need to do is click the “calculate” button after entering the desired loan amount, current interest rate, and desired loan repayment period into the appropriate areas. An amortization chart and your loan and EMI data will appear on the screen immediately. Compared to performing the computation by hand, this is more accurate.

Eligibility Criteria for UCO Bank Education Loan

  • You ought to have a solid academic record.
  • It is essential to be admitted to a reputable foreign university.
  • You have to be at least eighteen years old and an Indian student.
  • Universities that are in the top 1,000 should be among your options.
  • It is necessary to pass important tests like the GRE, GMAT, TOEFL, or IELTS.
  • Full-time undergraduate and graduate courses, postgraduate diploma programs, and more are among the programs that qualify.

How do you apply for a UCO Bank Education Loan Online/Offline?

Offline: Bring the necessary paperwork to the closest UCO bank branch, complete the application, and hand it into a bank representative.

Online: 

  • Go to UCO Bank‘s main website.
  • Select the ‘Education Loan’ option under ‘the Borrow’ tab. 
  • Press the ‘Apply Now’ button.
  • After that, you’ll be taken to the application page to complete the necessary information. 
  • A representative from the bank will contact you with information on your loan application when you have submitted the necessary paperwork.

Conclusion

The education loan offered by UCO Bank is a great way for students who want to continue their studies without worrying about money. It guarantees a hassle-free borrowing experience with reasonable interest rates, flexible repayment plans, and no administrative costs. Applying online or offline is a quick and easy process. Seize the chance to invest in your future right now!

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