If apply for a scholarship but unfortunately you haven’t get it and now you are worrying for your higher education,Don’t worry there are many Banks offers education loans in India.UCO Bank also offers Education loan,Here we compile the information about the education loan of UCO Bank.
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

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School education including plus 2 stage.
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Graduation courses leading to degrees like B.A., B.Sc., and B.Com. etc.
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Post Graduate courses leading to Masters degrees as also Ph.D.
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Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
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Computer Certificate courses of reputed institutes accredited to Universities or DoE.
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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

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Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
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Secured admission to foreign University / Institution.
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No maximum or minimum income is prescribed for parents/family

Age limit:

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18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
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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.

Service Charge : There is no processing fee /upfront /service charge

RepaymentThe loan will be repaid in 5-7years 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.

For more details Log On to

http://www.ucobank.com

Education loans are available with two options: Fixed Rate of Interest and Floating Rate of Interest. Most banks offer the floating rate option only.
Some banks that offer Study Loans

Andhra Bank

State Bank of India

Allahabad Bank

UCO Bank

Bank of India

HDFC Bank

Floating rate has revision cycles which differ from bank to bank. It can be a monthly, quarterly, half yearly or yearly reset option. When interest rates move higher you end up paying a higher amount of EMI, or else, the tenure of your loan gets extended.
Consider a few important points, and how these will affect you before you take an education loan:
1. When will the interest rate change?
Interest rates will changes at a fixed period of time and this is referred to, as the Review Date, and is specified when you sign the loan agreement. Typically, it happens every quarter or monthly.
2. How will the interest rate change?
Interest rate offered to you is based on a base rate. The bank will have a base rate which is the lender’s pre-selected internal rate. The base rate changes due to changes in the interest rates in the economy.

If interest rates in the economy rise, the base rate will rise. If interest rates in the economy fall, the base rate will drop. Different banks adopt different nomenclature to coin a word for this base rate.
3. By how much will the interest rate change?
You need to understand the technical aspect of this. There is a spread or margin on this base rate. The spread/ margin is the percentage added or subtracted from the base rate. This is meant to cover the lender’s administrative and other costs.
To the base rate, the bank will attach what is called a Spread.
Eg: Bank’s RPLR = 10.00%.
The interest rate offered to you for education loan is = RPLR – 1% = 9.00% it can also be It could also be = RPLR + 0.5%. = 10.50%
Depending on various factors, the bank will decide on the interest rate and if it is higher (premium) or lower (discount) than the base rate.