UCO Bank is offering financial support at preferential terms to students admitted to premier educational institutions in India, under UCO Utkarsh(Male Students) & UCO Udaan (Female Students) schemes, an STP (Straight Through Processing) journey, with in-principle sanction within 15 minutes.
To offer financial support at preferential terms to students admitted to premier educational institutions in India, under an STP (Straight Through Processing) journey.
Eligibility Criteria
Resident Indian nationals (Both ETB/NTB customer)
Nature of facility
Term Loan
Minimum & Maximum Loan Amount
Minimum: Rs.2,50,000/- Maximum: Rs.40.00 Lakh
Credit Score Requirement
No minimum CIBIL Score required.
Margin
For A & B listed college Up to Rs.30 lakh - Nil margin Above Rs.30 lakh - 15% of total fee i.e. Course fee and other expenses.
For C listed college Up to Rs.4 lakh - No margin Above Rs.4 lakh up to Rs.7.5 lakh - 10% margin Above Rs.7.5 lakh - 15% margin
Rate of Interest (Floating)
List
Utkarsh
(Male Students)
Udaan
(Female Students)
A
UCO Float - 0.15%.
UCO Float - 0.25%
B
UCO Float + 0.25%
UCO Float + 0.15%
C
UCO Float + 1.95%
UCO Float + 1.85%
Repayment Tenor & Moratorium Period
Maximum - 180 months Moratorium Period – Course period + 6 months
Security
No collateral security is required.
CIBIL Charges
Rs.150/- + GST to be deducted upfront from operative account.
Documentation/Processing Charges
Nil
Cooling off/ look-up period
Three days from the date of sanction/disbursement.
Penal Charges
In case of default in repayment/delay in repayment/non-compliance of terms of sanction, penal charge on outstanding amount @ 2% + GST on yearly basis will be charged. Default charges to be calculated on daily basis for the entire period of irregularity
Repayment of Loan Instalment
Repayment of loan instalments will be through Auto Recovery mode or NACH.
Disbursement
Eligible loan amount shall be disbursed on demand.
Point of Contact
For any query please contact Base Branch Customer Care: 1800 8910
