Organisation : UCO Bank
Service Name : Skill Loan Scheme
Applicable For : UCO Bank Account Holders
Applicable States/ UTs : All Over India
Home Page : https://www.ucobank.com/english/home.aspx
Details Here : https://www.ucobank.com/English/Personal-Loans-Advances.aspx
UCO Skill Loan Scheme
Skill Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses.
Related / Similar Facility : UCO Bank Customer Grievance Redressal
Courses Eligible
Course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan.
Quantum of Finance
Minimum : 5,000/- and
Maximum : 1,50,000/-
Margin – NIL
Moratorium Period
** For courses of duration upto 1 year – 6 months from the completion of the course.
** For courses of duration above 1 year – 12 months from the completion of the course.
Rate of Interest
ROI at MCLR of 1 Year + 1.50% p.a. (simple interest during moratorium period).
** Simple Interest will be charged during the course period and up to commencement of repayment.
** Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students.
** 1% interest concession may be provided by the Bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.
Security
No collateral or third party guarantee will be taken. However, the parent will execute loan document along with the student borrower as joint borrower. Credit guarantee coverage by NCGTC at nominal fee of 0.50% of the amount outstanding. This guarantee fee will be borne by the Bank.
Repayment
** Loans upto Rs. 50,000 – Upto 3 years
** Loans between Rs. 50,000 to Rs.1 lakh – Upto 5 years
** Loans above Rs. 1 lakh – Upto 7 years
Super Premier Educational Loan Scheme
Providing financial support at preferential terms to students who have secured admission in 8 premier educational institutes in the country.
Eligible Institutes
** Indian Institute of Management, Ahmedabad
** Indian Institute of Management, Bangalore
** Indian Institute of Management, Kolkata
** Indian Institute of Management, Indore
** Indian Institute of Management, Lucknow
** Indian Institute of Management, Kozhikhode
** Xavier Labour Relation Institute, Jamshedpur
** Indian School of Business, Hyderabad
Rate of Interest
MCLR of 1 Year
** Simple interest to be charged during the Repayment holiday/ Moratorium period.
** Servicing of interest during moratorium period is optional. Accrued interest will be added to the principal amount borrowed while fixing EMI for repayment.
** Penal interest @2% p.a. to be charged on overdue amount for the overdue period only for limits above Rs. 4 Lacs.
Premier Educational Loan Scheme
Providing financial support at preferential terms to students who have secured admissions in premier educational Institutes of the country and abroad.
Courses Eligible
Regular full-time Degree/ Diploma courses and Part-time courses offered by Institutes eligible under the scheme, admission in which is obtained through an Entrance Test/Selection Process/ Percentage of marks as prescribed by the Institute would be allowed.