Education opens the door to endless opportunities, but rising tuition fees often become a hurdle for students aspiring to pursue higher education. To support ambitious learners across India, UCO Bank offers a range of Education Loan Schemes tailored to meet the financial needs of students pursuing undergraduate, postgraduate, diploma, or skill-based courses both in India and abroad.
With the motto “Honge Har Sapne Sakar”, UCO Bank ensures that no deserving student is deprived of education due to financial constraints.
Why Choose UCO Bank Education Loans?
UCO Bank provides need-based financial assistance at attractive interest rates and flexible repayment options. The loans are designed to cover a wide range of expenses, ensuring a smooth learning journey without financial stress.
Key Benefits:
- Competitive interest rates (ROI)
- Easy application process via the Vidya Lakshmi Portal
- Need-based financing for domestic and overseas education
- Moratorium during course period + 1 year after completion
- No hidden charges or prepayment penalties
Major UCO Bank Education Loan Schemes
1. UCO PM Vidyalakshmi Education Loan
A flagship scheme under the Government of India’s initiative, helping students apply to multiple banks through the Vidya Lakshmi Portal using a single form.
- For Indian students pursuing higher studies in recognized institutions in India or abroad
- Covers tuition fees, examination, hostel, travel, and book expenses
- Interest subsidy available for eligible applicants
2. UCO Utkarsh Loan Scheme
Designed for students securing admission through merit or entrance exams in professional courses such as Engineering, Medicine, Management, and Law.
- Need-based finance up to ₹10 lakh (India) / ₹20 lakh (abroad)
- No collateral up to ₹4 lakh
- Repayment tenure: Course + 1 year moratorium + 15 years
3. UCO Udaan Loan Scheme
This scheme supports Indian students pursuing education abroad in recognized universities.
- Loan amount up to ₹20 lakh
- Covers travel, tuition, and living expenses
- Collateral security may be required depending on loan amount
4. UCO Aspire 2.0 Loan Scheme
Tailored for students enrolled in vocational, skill development, or short-term training courses recognized by NSDC or equivalent bodies.
- Loan up to ₹1.5 lakh
- Simple documentation and faster approval
- Repayment within 5–7 years
5. UCO Skill Loan Scheme
Focused on students undertaking skill-based courses to improve employability.
- Available for courses from recognized training institutions
- Loan amount between ₹5,000 and ₹1.5 lakh
- No collateral required
- Repayment in easy EMIs post-course completion
Expenses Covered
- Tuition, hostel, and examination fees
- Cost of books, equipment, and uniforms
- Travel and project work expenses
- Caution deposit and other institution-related charges
Eligibility Criteria
- Applicant must be an Indian citizen
- Admission to recognized institutions through merit or entrance exams
- Valid income proof for family income verification
- Co-applicant (parent/guardian) required
Repayment Terms
Course Duration + 1 Year Moratorium + Up to 15 Years Repayment Period This gives students enough time to begin earning before repayments start.
How to Apply
Students can apply online via the Vidya Lakshmi Portal or visit the nearest UCO Bank branch for personalized assistance.
Published on Scholarlify
This blog is published on Scholarlify, a student-centric platform that simplifies access to education loans, scholarships, and grants across India. Scholarlify’s mission is to empower students with verified financial aid information, helping them make informed decisions for a brighter future.