UCO Bank Aspire Education Loan

UCO Bank Aspire Loan Scheme for Pursuing Medical Courses in India and Studying Abroad

The UCO Bank Aspire Loan Scheme helps students who want to pursue medical courses in India afford the cost of the study programme and related expenses. Students who want to pursue non-medical higher education in a foreign country can also apply for this loan. The maximum loan amount you can get under this student loan scheme is Rs. 75 lakh.

Features of UCO Bank Aspire Study Loan

Why this Loan?

  • The loan is meant to help students fulfil their dreams of pursuing medical courses in India
  • Students who want to pursue job-oriented professional or technical courses abroad at the undergraduate level or postgraduate degree level are also eligible for this loan
  • The loan can be taken for all institution fees as well as related expenses including purchase of books, laptops, hostel fees, lab fees, exam fees and so on
  • The loan is disbursed as a series of payments over the required number of year directly to the institution

Loan Amount

  • For Studying in India: The minimum loan amount for studying in India is Rs. 10 lakh while the maximum loan sanctioned by the bank for this loan scheme is Rs. 75 lakh
  • For Studying Abroad: The minimum loan amount for studying in a foreign country is Rs. 20 lakh while the maximum loan sanctioned by the bank is Rs. 75 lakh


  • The rate of interest for the UCO Aspire Loan is the sum of UCO Float Rate, which is 6.90% and a 2.40% spread, making the effective rate 9.30%. The UCO Float Rate is based on the Repo Rate


  • The loan amount for each year is repayable in equated monthly instalments upto a period of 15 years (180 EMIs) after the end of the moratorium period
  • The interest accrued during the loan moratorium period is added to the principal to calculate EMIs for repayment
  • Moratorium period for this loan scheme is course period plus 12 months after the completion of the course

Security Needed

  • Loans upto Rs. 7.5 lakh: Parents must be joint applicants. No collateral security is required
  • Loans Above Rs. 7.5 lakh: Parents must be joint applicants. Tangible collateral security of 125% of the loan amount


  • The applicant must be an Indian national
  • The student must have secured admission in a higher studies programme at a recognised educational institute in India or abroad after class 12, HSC or equivalent level

Eligible Courses

  • For India Studies:
    • Medical degree and diploma courses at graduate and postgraduate levels recognised by the National Medical Commission (previously called Medical Council of India)
  • For Foreign Studies
    • Job-oriented professional or technical courses at graduate level
    • MCA, MBA and MS postgraduation courses
    • Other higher education courses in foreign countries offered by the top 2,500 institutes or universities. Ranking to be taken from Webometrics (www.webometrics.info/en)
    • Job-oriented degree and diploma courses in aviation and shipping recognised by competent regulatory bodies in India or abroad
    • Courses conducted by CIMA-London, CPA in the US and so on

Margin Money (Borrower Contribution to the Total Cost)

  • Loans upto Rs. 4 Lakh: Borrowers do not have to offer any margin money to get the loan
  • Loans above Rs. 4 Lakh: Borrowers must offer 10% of the total course cost as margin money to get the loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. Suppose a course costs Rs. 20 lakh in which case the borrower will have to provide margin money of Rs. 2 lakh (10% of Rs. 20 lakh) while the UCO Bank offers the rest.

Processing and Other Charges

  • UCO Bank charges 0.50% of the loan amount subject to a maximum of Rs. 10,000 plus GST charges for processing this loan

Uses of the Loan

  • Course, examination, library and laboratory fees
  • Cost of books, stationery, equipment, instrument, journals and uniforms
  • Caution deposit, building fund or refundable deposit required by the institution
  • Travel expenses including overseas travel expenses when studying abroad
  • Hostel or boarding fees or reasonable charges of private hostel or paying guest accommodation, etc.
  • Cost of computers needed for the course
  • Any other expenses required to complete the course including expenses for study tours, project, thesis, etc.

Other Features to Know

  • The loan comes with an age limit. For graduation, it is 28 years for general candidates and 30 years for SC or ST students. For postgraduation, it is 30 years for general candidates and 33 years for SC or ST candidates
  • The loan is granted jointly with the parent/guardian (co-borrower) of the applicant
  • The bank may ask the borrower to submit progress reports during the course
  • The loan is disbursed directly to the school, bookseller or publisher, computer seller, and so on and not to the applicant(s)

Documents Needed

  • Application Form duly filled and signed by applicant and/or guarantor along with details of applicant and/or guarantor and family
  • Two Passport Size Photographs of student, applicant and/or guarantor
  • Personal Identification Proofs (Any One) of the Student and Co-borrower: Electoral I-Card, Passport, Driving License, PAN Card or Aadhaar Card
  • Residential Address Proof (Any One) of the Student and Co-borrower: Electricity Bill, Landline Telephone Bill, Electoral or Voter ID Card or Passport
  • Admission Letter, Course Details and Prospectus
  • Statement of the cost of study and Fee Details with Demand of Fee by the Institution
  • All Proofs of Past Academic Record including Mark Sheets and Certificates
  • Copy of Passport is mandatory for foreign studies
  • Proof of Income of the Co-borrower (Salaried): Salary Slip of last 3 months, Copy of Form 16 of last 2 years and Bank Account Statement of last 6 months
  • Proof of Income of the Co-borrower (Self-employed): Business Address Proof, IT return of last 2 years, TDS Certificate, Bank Account Statement of last 6 months and Certificate of Qualification if Doctor, CA, etc.
  • All documents must be self-attested

Reference Facts

  • UCO Bank Website: www.ucobank.com and www.ucobanking.com (net banking)
  • Headquarters: Kolkata,West Bengal
  • Call Centre Toll-Free Number: 1800 274 0123