UCO Bank


"UCO Bank is a commercial bank and a Government of India undertaking offering loans to deserving and meritorious students who are looking to pursue higher education in India or abroad. Students must be Indian nationals and have secured admission to a higher education course through selection process based on merit or through the entrance tests after completion of HSC (10 plus 2 or equivalent)."

Loan Interest Rates:

Uco Education Loan:
Loan Amount Interest rate Effective rate
Up to Rs.7.50 lakhs Base rate + 2.50% 11.20%
Above Rs.7.50 lakhs Base Rate + 225% 12.20%

UCO Premier Educational Loan:
"The UCO Bank rate of interest is the base rate + 1.00% i.e. currently 11.20% p.a."

Loan Eligibility:

Courses Eligible For Loan:
Uco Education Loan:
  • Graduate or post graduate (Masters and PhD) degree and PG diplomas. Approved courses conducted by recognized universities recognized by Government, UGC, AICTE, AIBMS, ICMR, etc.
  • Courses conducted by ICWA, CA, CFA, IIT, IIM, NIFT, IISC, XLRI, NID.
  • Degree or diploma courses for pilot training, aeronautical, and shipping. If the course is pursued in India, it should be approved by Director General of Civil Aviation or Shipping.
  • Professional Courses such as Engineering, Law, Medical, Dental, Veterinary, Agriculture, Management, and Computers.
  • Computer Certificate Courses offered by reputed institutes attributed to universities or accredited to DOE.
  • Approved courses offered in India by reputed foreign universities.
  • Courses from National Institutes and reputed private institutions.
  • Evening courses offered from recognised institutes.
  • Graduation: For job oriented professional / technical courses being offered by reputed universities.
  • Post-Graduation: Degrees like MCA, MBA, MS, etc.

UCO Premier Educational Loan:
  • Full-time degree or diploma and part-time courses offered by these institutions. The age limit for general applicants is 38 years. For SC/ST, it is 40 years.

Documents Required:
  • Statement of means of the applicant.
  • Two passport size photographs of the applicant.
  • Two documents for proof of age and identity. (Any two from the following: Ration card, PAN card, Voter's ID, Driving Licence, Passport, Office identity card, School leaving certificate, Birth certificate).
  • Mark sheet or degree certificate of the last examination passed.
  • Letter of admission from the institution or university.
  • Proof of admission, scholarship, Identity card, etc., from the institution.
  • Schedule of expenses issued by the institution. Brochure of the institution with information about the course, duration, fees, other expenses, hostel facilities and charges, etc.
  • Statement of bank account for the last six months, or bank pass book of the applicant and the co-applicant or guarantor.

Candidate Education Loan Eligibility:
"Student must be an Indian National and have secured admission to a course offered by a recognised or reputed university for higher education in India or abroad. Course admission should be acquired through entrance test or selection process after completion of HSC (10 + 2 equivalent).There is no minimum age criteria. In the case of minors, the loan will be jointly executed in the name of the parents. The student shall ratify the borrowing on attaining 18 years of age (major status) by acknowledging the debt. The maximum age limit is as follows: For GENERAL CANDIDATES Age limit is (Graduation)28 years and (Post-graduation)30 years. For SC/ST CANDIDATES Age limit is (Graduation/diploma)30 years and (Post-graduation)33 years."
Processing Fees:
"This loan does not carry any processing fee or any other charges."

Expenses Covered under Education Loan:

  • Course or tuition fees
  • Purchase of books, equipment, instruments, uniforms, stationery
  • Building fund or caution deposit or refundable deposit supported by institution bill
  • Travel expenses incurred for studies abroad
  • Boarding or hostel costs run by the institution, paying guest accommodation or private hostel
  • Reasonable lodging or boarding charges for students who opt for or have to find outside accommodation will be considered
  • Purchase of computers required for completion of the course
  • Any other expenses required to complete the course like thesis, study tours, project work, etc.
  • Group Life Insurance Cover Scheme for Educational Loan Borrowers to cover the outstanding loan in the event of death of borrower, accidental or natural.

Loan Repayment:

Loan Amount Repayment Period
Up to Rs 7.50 lakh Within a maximum period of 10 years
Above Rs 7.50 lakh Within a period of 15 years after the repayment period begins

Security Required:

Uco Education Loan:
  • For loans up to Rs.4 lakhs, there is no security required. Co-obligation of Parents will suffice.
  • For loans of Rs.4 lakhs to Rs.7.5 lakhs, the co-obligation of parents, and collateral in the form of an acceptable third party guarantor is required.
  • For loans above Rs.7.5 lakhs, the co-obligation of parents is required along with tangible security equivalent to the full amount of the loan.

Uco Premier Education Loan:
No Security, only Parent, spouse, or Guardian as co-borrower is required in the following cases:
Category of Educational InstitutesLoan amount
List ARs.20 lakhs
List BRs.15 lakhs
List CRs.10 lakhs

List of educational institutes under UCO Premier Education Loan Scheme:

"133 premier educational institutions in India are eligible. The full list of institutions is available on the UCO Bank website. Some of the institutions are listed below:"
    LIST A:
  • Indian Institute of Management (IIM), Ahmedabad, Bangalore, Kolkata, Indore, Lucknow, Raipur, Ranchi, Rohtak, Trichy, Udaipur, Kashipur
  • Indian School of Business, Hyderabad, and ISB - Mohali Campus
  • Indian Institute of Technology (IIT), Mumbai, Kanpur, Chennai, Kharagpur, Guwahati, Delhi, Roorkee, Gandhinagar Roopnagar, Jodhpur, Hyderabad, Patna, Bhubaneshwar, Mandi, Indore.
  • Indian Institute of Science (IISC) - Bangalore
  • Xavier Labour Relations Institute (XLRI), Jamshedpur
  • National Law School of India University, Bangalore (NLSIU)
  • Birla Institute of Technology & Science (BITS), Pilani
  • Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
  • Christian Medical College (CMC), Vellore
  • NALSAR University of Law, Hyderabad (NALSAR)
    LIST B:
  • Indian Institute of Foreign Trade (IIFT), Delhi, Kolkata campus
  • National Institute of Technology (NIT), Warangal, Tiruchirapalli, Surathkal, Raipur, Rourkela, Kurukshetra, Calicut, Durgapur, Jamshedpur, Patna, Silchar, Agartala, Hamirpur, Srinagar.
  • IIIT, Allahabad, Bangalore, Delhi, Bhubaneshwar, Jabalpur, Gwalior, Kolkata
  • All India Institute of Medical Sciences (AIIMS), Bhopal, Raipur
  • Christian Medical College (CMC), Ludhiana
  • IIT-SJSOM, Mumbai
  • Xavier Institute of Management (XIM), Bhubaneswar
  • Kasturba Medical College (KMC), Manipal, Mangalore
  • Indian Institute of Forest Management (IIFM), Bhopal
  • Tata Institute of Social Sciences (TISS), Mumbai
    LIST C:
  • ASCI, Hyderabad
  • NIBM, Pune
  • National Law Institute University, Bhopal (NLIU)
  • Loyola Institute of Business Management (LIBA), Chennai
  • National Law University, Jodhpur (NLUJ)
  • Manipal Institute of Technology, Manipal
  • Gujarat National Law University, Gandhinagar (GNLU)
  • Dr. Ram Manohar Lohiya National Law University, Lucknow (RMLNLU)
  • International Management Institute, New Delhi
  • Birla Institute of Management Technology, Greater Noida


1.What kind of collateral can I offer?
Ans. Collateral can be in the form of a suitable third party guarantor or tangible security such as land (non-agricultural), property or building. Collateral is accepted at the discretion of the bank. Banks may require tangible security to be attested by an advocate on its resale value and selling ability. Units of UTI, NSC, LIC policy, Public Sector bonds, gold, share/mutual fund, and bank deposit in the name of the student are also considered. Contact the bank for more details on acceptable collateral.

2.What is a moratorium period?
Ans. Moratorium or holiday period is the time given to the applicant of the loan before the EMIs (Equated Monthly Instalments) commence. It is simply the time allowed for the student to complete the course and find suitable employment to be able to pay back the loan. The period is usually the duration of the course + 1 year or 6 months after being employed, whichever is earlier.

3.How is the loan disbursed?
Ans. The loan is disbursed on a need basis. It is given in phases as per the requirements of the course and is made directly to the institution. Refer to the UCO Bank educational loan terms and conditions.

4.Can I prepay or foreclose the loan?
Ans. Yes, you can prepay the loan at any time during the repayment period. No penalty will be levied.

5.How do I apply for an educational loan?
Ans. You can apply for the UCO education loan online, or visit the nearest branch of UCO bank or Retail Loan Hub of the city. Fill out the UCO Bank education loan form and submit it to the bank.

6.How is the interest calculated?
Ans. The interest rate is set differently by different banks based on the base rate. UCO bank offers a floating interest linked to the base rate which fluctuate. Therefore, the interest rate also fluctuates.