UCO ASPIRE 2.0 LOAN SCHEME

About the UCO ASPIRE 2.0 LOAN SCHEME

The UCO Aspire 2.0 Loan Scheme helps top-performing students attend prestigious universities in India or abroad. This education loan has low interest rates, no processing or documentation fees, and flexible payback terms. It covers expenses such as tuition fees, books, insurance, travel, accommodation, and other academic costs. It also supports structured planning for eligible families, including child education allowance.

UCO ASPIRE 2.0 LOAN SCHEME- Rates of Interest

The interest rates under the UCO ASPIRE 2.0 Education Loan Scheme are linked to the UCO Float Rate, which is currently 8.80% per annum.

The interest rate you get depends on the rank of the institute and the collateral offered:

For Students in Top 200-Ranked Institutes

• With 100% collateral: 8.05% p.a. (Float – 0.25%)

• With less than 100% collateral: 8.25% p.a. (Float – 0.05%)

For Institutes Ranked 201 to 500

• Interest rate ranges between 8.30% and 8.55% p.a., based on collateral and other eligibility factors.

For Institutes Ranked 501 to 1500

• Interest rate ranges between 8.55% and 9.05% p.a.

Note: The above rate is based on the updated interest terms as of June 23, 2025, and is subject to change by RBI guidelines or internal lending policies.

Features of UCO ASPIRE 2.0 LOAN SCHEME

Here are the core features of the UCO ASPIRE 2.0 scheme:

• Tax Advantages: Under Section 80E of the Income Tax Act, you can reduce the interest you pay on the loan.

• Flexible Repayment: Repayment begins after course completion plus 1 year, or 6 months after getting a job, whichever is earlier. Payments are made via EMIs through ECS, post-dated cheques, or online banking.

• Inclusive Funding Support: Offers flexible, need-based education loans covering tuition, travel, books, and living expenses for diverse academic backgrounds. 

• Ideal for Future Planning: Perfect for parents planning with a structured child investment plan to support their child’s academic journey.

• Quick Processing: Not much paperwork is needed, and there are no handling fees up to ₹7.5 lakh. Here's where applications can be sent:

  • By Phone: Contact UCO Bank customer care

  • Visit a Branch: Walk into any UCO Bank branch

  • Online: Apply via ucobank.com or Vidya Lakshmi Portal

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

Eligibility For UCO ASPIRE 2.0 LOAN SCHEME

Those who want to apply for the UCO Bank education loan under the UCO Aspire 2.0 Loan Scheme must meet the following requirements:

• Must be an Indian national

• Admission to a recognised graduate or postgraduate course in India or abroad via an entrance test or merit-based selection.

Documents Required for UCO ASPIRE 2.0 LOAN SCHEME

The following paperwork must be submitted before the UCO Aspire 2.0 Loan Scheme application is processed:

• Identity Proof: Passport, Aadhaar, Voter ID, or PAN Card of the student and the parent/guardian

• Address Proof: Utility bill, Aadhaar, Passport, Ration Card, or Rental Agreement

• Photographs: Two recent passport-sized photos of the student and co-applicant

• Education Records: Mark sheets, degree/certificate of the last qualifying exam

• Admission Proof: Offer/admission letter, I-20 (for overseas), the institute’s fee structure, and brochure detailing tuition, hostel, books, etc.

• Income Proof: Parent/guardian's salary slips, Form 16 or ITR, and bank statements

Most Important Terms and Conditions

Here are key terms and conditions about the UCO ASPIRE 2.0 Education Loan Scheme:

• Interest Payment: Simple interest applies during the moratorium (course period + 1 year).

• Discontinuation Clause: Repayment is obligatory even if the course is not completed.

• Margin: Nil for loans up to ₹4 lakhs; 5%–15% for higher amounts.

• Subsidy: Interest subsidy available under the Central Scheme for eligible candidates.