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Education Loan
Education Loan
Honge Har Sapne Sakar
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).
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)
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 :
merchantmobile
Repayment :
Repayment of the loan will be maximum 180 equated monthly installments (EMIs*). (i.e. 15 years maximum)
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.
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
