September 8, 2024

Types of Personal Loan offered by UCO Bank

kriankita014011 mins

Personal Loans can be used to plan a vacation, or home renovation, fund the vacation purpose, and plan a dream wedding. UCO Bank fulfills all these requirements with minimal paperwork and quick approval. It offers the same @12.45% p.a. onwards for amounts up to INR 15 lakh and for a period of up to 7 years. And for pensioners, it is offered @12.85% for loan amounts up to INR 10 lakh and for a period of up to 4 years.

UCO Bank Personal Loan Highlights
Interest rate12.45%-12.85% p.a.
Loan AmountUp to INR 15 lakh
TenureFor State/Central Government Employees: Up to 7 years For other than government employees: Up to 5 years For Pensioners: Up to 4 years
Processing Fees1% of the loan amount (minimum INR 750/-)
Minimum Monthly SalaryINR 10,000

How to Apply for UCO Bank Personal Loan

Step 1: Evaluate the need to analyze the exact amount for which the loan is to be raised.

Step 2: Using the UCO Bank Personal Loan eligibility calculator, analyze how much amount is to be repaid during a month after taking into consideration the existing loan or credit card dues.

Step 3: Check the eligibility criteria so as to know whether the income and employment status meets the same or not. 

Step 4: Check with the interest rates offered by the bank. 

Step 5: In the case of an existing customer, a personal loan can be applied via a mobile app or Internet banking account. In case of a new customer, the application can be downloaded from the bank’s website or by visiting the branch.

Step 6: Provide KYC documents, address proof, and income proof, along with the application form and cheque for the processing fees.

Step 7: Post verification, the bank will sanction the loan and approve the loan amount on the basis of eligibility followed by a signature.

Step 8: The loan amount will then be credited to the bank account within 30 days and the account balance can be checked either by giving a missed call or by sending a message to the UCO Bank Balance Check Number.

Types of Personal Loan offered by UCO Bank

Below mentioned are the types of UCO Bank Personal Loan:

  1. UCO Cash:
  • Purpose: To extend financial assistance to certain segments to meet expenses like marriage, education, social obligations, Agricultural needs, etc.
  • Eligibility:
  • An applicant shall complete 2 years of service in the same organization and in case an applicant is a borrower, he shall also have a salary account with UCO Bank.
  • An applicant shall be a permanent & confirmed employee of:
  1. Central/State Government:
    1. Departments/Undertakings/Entities
    1. Public Sector Undertakings
    1. Educational Institutions/Aided Educational Institutions
    1. Autonomous Bodies
  2. Private Universities/Colleges/Schools Teaching Staff)
  • Income Criteria:

Net take-home pay should not be less than 40% of gross salary after deduction of PF, IT, and other statutory deductions including proposed EMI of UCO Cash Loan, loans granted by the employer of the applicant, and any other loans, subject to the minimum monthly take-home pay of INR 10,000

  • Security:

No collateral security is required.

  • Rate of Interest:

a) For Employees of Central/State Government as defined under Eligibility

  UCO Float Rate + 3.15% i.e. 9.40% + 3.15% presently 12.55 % p.a.

b) For other than Government Employees

 UCO Float Rate + 3.40% i.e., 9.40% + 3.40% presently 12.80 % p.a.

  • Repayment:

a) For Employees of Central/State Government as defined under Eligibility

   84 Equated Monthly Instalments

b) For other than Government Employees

  60 Equated Monthly Instalments

  • Processing Charge:

1% of the loan amount (minimum INR 750/-)

  1. UCO Pensioner Loan:
  • Purpose:
  1. Medical Exp. For self/spouse/dependent children
  2. Payment of Mediclaim premium for self & dependents
  3. Marriage expenses in the family
  4. Educational expenses of dependent children
  5. Traveling expenses.
  6. Repairs to house property/dwelling.
  7. Funeral expenses.
  8. Agricultural needs
  • Processing Charges:

There is no processing charge or service charge.

  • Rate of Interest:

a) For Employees of Central/State Government as defined under Eligibility

  UCO Float Rate + 3.15% i.e. 9.40% + 3.15% presently 12.55 % p.a.

b) For other than Government Employees

  UCO Float Rate + 3.40% i.e., 9.40% + 3.40% presently 12.80 % p.a.

  1. UCO Shopper Loan Scheme:
  • Purpose: 

To purchase of consumer durables such as Television, Refrigerator, Air Conditioner, Computer or any other Electrical or Electronics gadgets, etc.

  • Eligibility
  • Existing customer of UCO Bank for a minimum period of six months
  • A self-employed/Professional/Businessman or permanent employee of Govt. / Semi Govt./PSU/Universities or reputed private concerns with minimum service of 1 year and minimum remaining period of service of 5 years.
  • Income Criteria
  • Salaried borrower
    • Minimum gross salary of Rs.30000/-p.m at Metro Centres and Rs.20000/-p.m for other centres.
    • Minimum take home income of 40% p.m. after all deductions and EMI of the proposed loan or Rs.10000/-whichever is higher.
  • Non-salaried borrower
    • Minimum income of Rs. 4 lac p.a at all centres as per latest IT Return.
    • Minimum 40% surplus after considering EMI of proposed personal loans and Income Tax and any other obligations or Rs.10000/- whichever is higher.
  • Age Criteria
  • Salaried Borrower : 21 to 60 years
  • Non-Salaried Borrower : 21 to 65 years
  • Processing Charge

1.00% of the loan amount with MinimumRs.1000/-

Margin

20% of the total article cost

Rate of Interest

a) For Employees of Central/State Government as defined under Eligibility

  UCO Float Rate + 3.15% i.e. 9.40% + 3.15% presently 12.55 % p.a

b) For other than Government Employees

  UCO Float Rate + 3.40% i.e., 9.40% + 3.40% presently 12.80 % p.a.

  1. UCO Securities:
  • Nature of Facility

Demand Loan, Overdraft, Cash Credit

  • Eligibility
  • The securities should be in the name of the borrower or any one of the joint borrowers.
  • The securities should be transferable and can be assigned/pledged in favor of the Bank or transferred in the name of the Bank.
  • Rate of Interest

a) For Employees of Central/State Government as defined under Eligibility

  UCO Float Rate + 3.15% i.e. 9.40% + 3.15% presently 12.55 % p.a.

b) For other than Government Employees

  UCO Float Rate + 3.40% i.e., 9.40% + 3.40% presently 12.80 % p.a.

  • Processing Charges

 Rs.250 per case

  1. Gold Loan Scheme:
  • Purpose:

To enable Borrowers in Rural/ Semi-urban/Urban/Metropolitan areas to avail of easy and instant credit facilities 

  • Rate of Interest:

a) For Employees of Central/State Government as defined under Eligibility

  UCO Float Rate + 3.15% i.e. 9.40% + 3.15% presently 12.55 % p.a

b) For other than Government Employees

  UCO Float Rate + 3.40% i.e., 9.40% + 3.40% presently 12.80 % p.a.

  • Service Charges

(A) For Priority Sector

  1. Up to INR 10 Lac : INR 250/-
  2. Above INR 10 Lac: INR 500/-

(B) For Non-Priority Sector

  1. Up to INR 5 Lac: Rs.500/-
  2. Above INR 5 Lac to INR 10 Lac: Rs.1000/-
  3. Above Rs.10 Lac @0.20% on the quantum of loan subject to a maximum of INR 5000/-.

Related News