UCO Bank Education Loans: 5 Loans That May Help You
The five education loans from UCO Bank are:
- UCO Bank Education Loan
- UCO Premier Education Loan Scheme
- UCO Bank Super Premier Education Loan
- UCO Aspire Education Loan
- UCO Bank Skill Loan Scheme
Let us look at them in brief, and if you like what you see, you can click on the link given in the overview and get a few more details. Ready?
UCO Bank Student Loan Scheme
The UCO Bank Student Loan Scheme helps students who want to pursue higher studies in India and abroad take care of course fees and related expenses like books, laptop, hostel fees, lab fees, examination fees, etc.
This education loan scheme is based on the Indian Banks Association (IBA) Model Education Loan schemes. Loan cap for studying in India is Rs 10 lakh and for abroad it is Rs 20 lakh.
UCO Premier Education Loan Scheme
This education loan helps students study in premier colleges and institutions in India or abroad. The maximum amount you can get under this loan is supposed to be Rs 30 lakh. But you should note that the actual limit for studying in India is based on the bank’s categorisation of the institutes into three lists: A, B and C.
UCO Bank Super Premier Education Loan
This Super Premier Education Loan is for students pursuing higher studies at 8 premier educational institutes in the country, namely IIM-Ahmedabad, IIM-Bangalore, IIM-Kolkata, IIM-Indore, IIM-Lucknow, IIM-Kozhikode, XLRI-Jamshedpur and ISB-Hyderabad. The maximum loan amount is capped at Rs. 30 lakh or the 100% cost of the programme, whichever is lower.
If you look at it, there is no difference in maximum loan amount between the Premier Education Loan and the Super Premier Education Loan. Also, the cost in ISB is already over Rs 30 lakh for the regular course. So, doesn’t help you much there.
UCO Aspire Education Loan
This is a one-of-a-kind loan from UCO Bank specifically for medical students. It helps take care of the financial costs of pursuing medical courses in India or abroad. Maximum loan amount is capped at Rs 75 lakh for both India and abroad.
This loan is noteworthy for two reasons: no other public sector bank offers a special medical education loan. Secondly, the cap is quite large enough to study in India and to an extent even abroad.
UCO Bank Skill Loan Scheme
This loan helps students who have gained admission into technical courses offered by Industrial Training Institutes (ITIs), polytechnics, etc. to pay for their course fees. The loan amount starts from Rs 5,000 and can go up to Rs 1.5 lakh depending on the duration of the course.
But like we mentioned a few days back, you can do better with a few courses from online course providers for a lesser price. You can read more about courses that can double or even triple your salary here: These Programmes Help You Double and Even Triple Your Salary in Less Than a Year