Education Loan in India- Uco Bank Skill Loan.

Published: Thursday November 28, 2019 18:36

Objective

Skill Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses.

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/-

Moratorium Period

1. For courses of duration upto 1 year - 6 months from the completion of the course.
2. 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).

1. Simple Interest will be charged during the course period and up to commencement of repayment.
2. Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students.
3. 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

1. Loans upto Rs. 50,000 - Upto 3 years
2. Loans between Rs. 50,000 to Rs.1 lakh - Upto 5 years
3. Loans above Rs. 1 lakh - Upto 7 years

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