UCO Bank Education Loan For Abroad 2024

Did you know that over the last 10 years, there has been a threefold increase in the number of students obtaining education loans for studying abroad from public sector banks? Similarly, the sanctioned loan amounts have also witnessed a sixfold rise during this period, with a total amount of about 7,500 Cr INR. UCO Bank has also been one of the public banks that contributed to this growth. For the fiscal year 2021-2022, UCO Bank sanctioned about 43 Cr INR, making it a considerable choice for obtaining a secured education loan. Let’s have a look at UCO Bank education loan details and explore what makes it a good choice. 

Overview of UCO Bank

Established in the year 1943, UCO Bank is a commercial bank that operates as a government entity under the jurisdiction of the Government of India. Its Board of Directors is composed of government officials representing the Government of India and the Reserve Bank of India. UCO Bank recorded an impressive 110% growth in net profit during the third quarter of FY23, reaching 653 Crore INR, compared to 310 Crore INR in the same period last year.

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Eligibility criteria for UCO Bank Education Loan

Here are the eligibility requirements that you must meet to qualify for UCO education loan. While applying, additional specific criteria may also be presented by the bank. The general prerequisites include:

• You must be an Indian student aged 18 years or older.
• You should have a strong academic track record.
• The Institute/University must be ranked in World's top 150 universities as per (www.webometrics.info) on the date of application to get a loan of up to 30 Lakh INR as per UCO Premier Education Loan Scheme otherwise you will get a maximum of 20 Lakh INR as per normal education loan scheme.
• Successful completion of essential exams like IELTS, TOEFL, GRE, or GMAT is mandatory.
• Admission to a well-regarded international university is necessary.
• Eligible programs include full-time undergraduate/postgraduate courses, PG diploma programs, and more.
• The universities you choose should be among the top 1,000 ranked institutions.

Expenses covered under UCO Bank Education Loan

The various expenditures that will be included when obtaining UCO Bank student loan. They are - 

• Tuition fees
• Accommodation fees
• Travel costs
• Living expenses
• Procurement of educational materials such as books and laptops, among others.
• Registration or subscription fees for facilities like libraries and laboratories, and similar expenses.
• Any additional charges or outlays, including security deposits, healthcare expenses, or other essential items.

Features of UCO Bank Education Loan For Abroad Study

UCO Bank, much like other public sector banks, is a preferred choice when individuals require a secured education loan, which involves collateral. The primary reason for this preference is that opting for a secured education loan from UCO Bank offers several advantages, including higher approved loan amounts, lower interest rates, and various other benefits. Here are the details of UCO Bank's abroad education loan:

*UCO Bank education loan interest rate as of 2023

UCO Bank Education Loan Documents Required

The different documents that will be required in order to apply for an abroad education loan via UCO Bank are - 

• Address proof: passport, voter ID, electricity bill, etc.
• Academic record: 10th/12th mark sheet for undergrad students and graduation degree & mark sheet for PG students.
• Age proof
• Community certificate
• Family income proof: ITR, salary certificate, pension certificate of parent/guardian.
• Admission certificate or I20 from the college/university
• Tuition Fee details
• Collateral documents (if applicable): LIC policy, valuation certificate, registry documents, etc.

Application Process for UCO Bank education loan

The application process for a UCO Bank abroad education loan is easy. You can initiate the loan application by either personally visiting a branch or filling out an online application form, and then following the subsequent steps given below - 

1. Visit the official website of UCO Bank. 

2. On the home page, you can see several options on the left-hand side. Choose the ‘Borrow’ option for it. 

3. A new menu will appear in which you need to select the education loan option. 

4. A new webpage will open in which you will be able to find several education loan schemes and their details. Choose the scheme as per your requirements and click the ‘Apply Now’ option.

5. An application form will open, fill in the required details, and attach the required documents. Once all of this is done your application can be successfully submitted to the bank. 

Selecting the ideal lender requires thoughtful consideration of various aspects to align with your specific needs. While public sector banks are a better choice for secured education loans, options like SBI and UBI also provide competitive terms. Therefore, it's crucial to analyze factors such as interest rates, loan amounts, eligibility criteria, margin money, processing charges, and more before making a final decision on a lender. We acknowledge that evaluating all these aspects can be a difficult task, which is why GyanDhan is available to help you identify the most suitable lender tailored to your requirements. All you need to do is check your eligibility, and you can easily secure your overseas education loan through UCO Bank.

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Frequently asked questions