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Educational Loans from UCO
Posted Date: 30 Apr 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: Shreshtha Member Level: Diamond
Rating:  Points: 5
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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., 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.
Margin
• Upto Rs. 4 Lac - Nil
• Above Rs. 4 Lac Studies in India - 5%
• Studies Abroad - 15%
• Service Charge : There is no processing fee /upfront /service charge
Interest Rates-
Click here to view the rate of Interest
Repayment
The loan will be repaid in 5-7 years 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.
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Responses
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| Author: Vidya 27 May 2008 | Member Level: Diamond Points : 2 | useful article
| | Author: Shinu 31 May 2008 | Member Level: Gold Points : 2 | I was looking for information on loans. I have been interested in this and happy to read more about it.Thanks for the information
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