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Digital Education Loan
Digital Education Loan
Utkarsh & Udaan and PM-VidyaLaxmi: UCO bank is offering financial support at preferential terms to students admitted to premier educational institutions in India, under UCO Utkarsh (Male Students) & UCO Udaan (Female Students) schemes, with in-principle sanction within 15 minutes. Students can also apply under PM-VidyaLaxmi for admission in the top 902 Quality Higher Educational Institutions (QHEIs) in India.
KEY FACT STATEMENT (Illustration) – Utkarsh & Udaan
Purpose
To offer financial support at preferential terms to students admitted to premier educational institutions in India, under an STP (Straight Through Processing) journey.
Eligibility Criteria
Resident Indian nationals (Both ETB/NTB customer)
Nature of facility
Term Loan
Minimum & Maximum Loan Amount
Minimum: Rs.2.5 lakh
Maximum: Rs.40.00 lakh
Credit Score Requirement
No minimum CIBIL Score required.
Margin
For A & B listed college
Up to Rs.30 lakh - Nil margin
Above Rs.30 lakh - 15% of total fee i.e. Course fee and other expenses.
For C listed college
Up to Rs.4 lakh - No margin
Above Rs.4 lakh up to Rs.7.5 lakh - 10% margin
Above Rs.7.5 lakh - 15% margin
Rate of Interest (Floating)
List |
UCO Float Rate |
Spread |
Effective ROI |
A |
8.30% |
-0.40% |
7.90% |
B |
8.30% |
0.40% |
8.70% |
C |
8.30% |
2.35% |
10.64% |
Repayment Tenor & Moratorium Period
Maximum - 180 months excluding moratorium period.
Moratorium Period – Course period + 6 months
Security
No collateral security is required.
CIBIL Charges
Rs.150 /- + GST to be deducted upfront.
Documentation/Processing Charges
Nil
Cooling off / look-up period
Three days from the date of sanction/disbursement.
Penal Charges
In case of default in repayment/delay in repayment/non-compliance of terms of sanction, penal charge on outstanding amount @ 2% + GST on yearly basis will be charged.
Default charges to be calculated on daily basis for the entire period of irregularity.
Documentation
Manual
Repayment of Loan Installment
Repayment of loan installments will be through Auto Recovery mode.
Disbursement
Eligible loan amount shall be disbursed on demand.
Point of Contact
For any query please contact Base Branch
Customer Care: 18008910
For Technical issues
Landline: 03344559409 / 03344559312
Email: digital.lending@ucobank.co.in
Quick Links
RBI Sachet Portal
https://sachet.rbi.org.in
Nodal Grievance Redressal Officer for FinTech / Digital lending
Chief Manager, OSD & Transaction Monitoring Vertical, 1st Floor, 2 India Exchange Place, Kolkata 700001,
Ph.: 033 44557120
Website link of Nodal grievance redressal officer
https://ucobank.com/nodal-grievance-redressal-officer-for-fintech/-digital-lending
KEY FACT STATEMENT (Illustration) – PM-VidyaLaxmi Scheme
Purpose
To offer financial support at preferential terms to students to provide financial assistance to meritorious students pursuing higher education, who get admission in the top 902 Quality Higher Educational Institutions (QHEIs) in India, under the Pradhan Mantri VidyaLaxmi (PM VidyaLaxmi) Scheme, an STP (Straight Through Processing) journey.
Eligibility Criteria
Resident Indian nationals (Both ETB/NTB customers)
Nature of Facility
Term Loan
Minimum & Maximum Loan Amount
Need based. There is no cut-off on highest amount of education loan.
Credit Score Requirement
No minimum CIBIL Score required.
Margin
A) For students with gross annual family income > Rs.15 lakh
B) For students with gross annual family income up to Rs.6 lakh - Nil margin for admission into any college/institute irrespective of list and loan amount. C) With gross annual family income > Rs.6 lakh & < Rs.15 lakh With annual income more than or equal to 2 times of margin amount, margin as stipulated in above table. With annual income less than 2 times of margin amount - Margin as applicable or 50% of gross annual income (whichever is lower), irrespective of list and loan amount. Note: Income to be assessed from ITR (if available) / Income certificate from competent authority. |
Rate of Interest (Floating)
| List | UCO Float Rate* | Spread | Effective ROI |
| AAA | 8.3% | -1.15% | 7.15% |
| AA | 8.3% | -0.90% | 7.40% |
| A | 8.3% | -0.50% | 7.80% |
| B | 8.3% | +0.20% | 8.50% |
| C | 8.3% | +0.50% | 8.80% |
*UCO Float Rate at present 8.30% p.a.
i. Interest to be charged at rates linked to the UCO Float Rate.
ii. Simple interest to be charged during holiday/moratorium period.
iii. 0.50% concession in ROI to children of staff.
Security
No collateral security is required.
CIBIL Charges
Rs.150/- + GST to be deducted upfront.
Documentation/Processing Charges
Nil
Cooling Off / Look-up Period
Three days from the date of sanction/disbursement.
Penal Charges
In case of default/delay/non-compliance of terms of sanction, penal charge on outstanding amount @ 2% + GST (yearly basis) will be charged.
Default charges to be calculated on daily basis for the entire period of irregularity.
Documentation
Manual
Repayment of Loan Installment
Repayment of loan installments will be through Auto Recovery mode.
Disbursement
Eligible loan amount shall be disbursed on demand.
Point of Contact
For any query please contact Base Branch
Customer Care: 18008910
For Technical issues: 033-44559409 / 033-44559312
Email: digital.lending@ucobank.co.in
Quick Links
RBI Sachet Portal – https://sachet.rbi.org.in
Nodal Grievance Redressal Officer for FinTech/Digital Lending
Chief Manager, OSD & Transaction Monitoring Vertical,
1st Floor, 2 India Exchange Place, Kolkata 700001
Ph.: 033-44557120
Website link of Nodal grievance redressal officer:
https://ucobank.com/nodal-grievance-redressal-officer-for-fintech/-digital-lending
Link for Online Complaint Lodgement