This article will cover the UCO Bank personal loan features, interest rates, and pros. It aims to give you a clear picture of what it is and what makes it so fantastic in order to help you make an informed decision.
UCO Bank Personal Loan Highlights
|Interest rate||Starting at 11.45% p.a.|
|Loan Amount||Up to Rs 15 lakh|
|Tenure||Up to 7 years|
|Processing Fees||1% of the loan amount|
UCO Bank Personal Loan
If you are looking for a personal loan, UCO Bank may be a good option for you. The bank offers interest rates that start at 10.45% p.a. and go up to 10.70% p.a. You can get a maximum loan amount of up to Rs 15 lakh from the bank for a tenure of up to 7 years.
UCO Bank Personal Loan to pensioners is available at 10.45% p.a. for loans of up to 10 lakhs and for terms that extend up to 4 years.
UCO Bank personal loan offers a range of products to meet the needs of borrowers, including short-term and long-term loans. The short-term loan can be used to cover immediate needs, such as emergency expenses or unexpected bills. The long-term loan can be used for larger expenses, such as home improvement or car purchases.
UCO Bank Personal Loan Interest Rates – 2022
|For Employees of Central/State Government||10.45% p.a.|
|For other||10.70% p.a.|
Read also – Bank of India Home Loan
UCO Bank Personal Loan EMI Calculator
If you are looking to take a personal loan from UCO Bank, you may be wondering how much EMIs you will be paying. Thankfully, we have made a handy EMIs calculator to help you out! Simply enter your loan amount, interest rate and tenure, and we will give you an estimate of your monthly EMIs.
Types of UCO Bank Personal Loan
There are several types of UCO Bank personal loans that borrowers can choose from.
1. UCO Cash
The UCO Bank has come up with a personal loan scheme, which will help the employees of Central/State government and private universities/colleges/school teaching staff meet their personal requirements like marriage, education, social obligations and agricultural needs.
- For Central/State Government Employees: Up to Rs 15 lakh
- For other: Up to Rs 10 lakh
- For Central/State Government Employees: Up to 7 years
- For other: Up to 5 years
- Processing Fee: 1% of the loan amount (minimum Rs.750/-)
2. UCO Pensioner Loan
The UCO Pensioner Loan is now available to pensioners and their families who are receiving their pensions through the UCO Bank. The loan can be used to meet the expenses related to marriage, medical treatments, education, medical premium payments, home improvement, travel and agricultural needs of self and dependents.
- Loan Amount: Rs 3 lakh – Rs 10 lakh
- Tenure: Up to 4 years
- Processing Fee: NIL
3. UCO Shopper Loan Scheme
The UCO Shopper Loan Scheme provides easy financing for the purchase of consumer durables such as a television, refrigerator, air conditioner, computer or any other electrical or electronics gadgets.
- Loan Amount: Up to Rs 2 lakh
- Tenure: Up to 5 years
- Processing Fee: 1.00% of the loan amount (MinimumRs.1000/-)
UCO Bank Personal Loan Eligibility Criteria
Here are some of the bank’s eligibility criteria:
Eligibility Criteria For UCO Cash
- Applicants should be permanent employees of Central/State Government (Departments/Undertakings/Entities, autonomous bodies, Public Sector Undertakings, Educational Institutions/Aided educational institutions)
- Private colleges, schools, and universities employing staff.
- The minimum net monthly income should not exceed Rs 10,000 It should not be lower than 40% of the gross salary after deductions of tax, PF and other statutory deductions.
Eligibility Criteria For UCO Shopper Loan Scheme
- UCO Bank customer for at least six months
- A self-employed/Professional/Businessman or permanent employee of Govt. / SemiGovt./PSU/Universities or reputed private concerns with minimum service of 1 year and minimum remaining 5 years service period.
- Salaried Borrower: 21-60 Years
- Non-Salaried Borrower: 21 to 65 Years
- Salary borrower
- For Metro Centres, minimum gross salary is Rs.30000/m and for other centres it is Rs.20000/m.
- After all deductions, EMI of the loan and Rs.10000/-whichever comes first, minimum take home income is 40%
- Borrower who isn’t salaried
- Minimum income of Rs. As per the latest IT Return, 4 lac per head in all centres
- Minimum 40% surplus after taking into account EMI of personal loans, Income Tax and other obligations.
- Salary borrower
UCO Bank Personal Loan Documents Required
If you are considering a personal loan from UCO Bank, there are a few documents you’ll need to provide. Here’s a list of what you’ll need to bring to the bank’s branch in order to get approved for a personal loan:
- A completed loan application form.
- Identity proof: Aadhaar Card, PAN Car, Passport, Voter ID, Driving License,
- Address proof: Ration Card, Driving License, Electricity Bill, Telephone Bill.
- Income proof: Recent Salary Slips, Bank Account Statement, P&L Statements, Certified IT returns.
There are a few other things you may want to bring with you to the bank if you’re applying for a personal loan, but these are the most important documents.Be sure to read the loan terms carefully before signing anything, as some banks require additional documentation or information before approving your loan.
How To Apply For UCO Bank Personal Loan
If you are looking for an easy way to get a personal loan from UCO Bank, the online application process is the perfect option for you. Here are steps to follow to apply for a UCO Bank personal loan online:
- First, open the UCO Bank website and click on the “Personal Loans” link in the navigation bar at the top of the page.
- On the Personal Loans page, click on the “Apply Now” button next to the loan you want to apply for.
- On the Personal Loan page, click on the “Apply Now” button.
- Complete the application form and submit it.
- UCO Bank will review your application and decide whether or not to approve it.
- If you are approved, you will receive a loan amount and term in your email notification. Please note that all loans are subject to approval and may require ID verification or additional documentation.
Read Also – Bandhan Bank Two-Wheeler Loan
Q. Is a personal loan from UCO Bank safe?
Ans. Yes, loans from UCO Bank are safe and secure. Bank use state-of-the-art security measures to protect your money. In addition, Bank offer 24/7 customer support should you have any questions or concerns about your loan.
Q. How much can I borrow with a personal loan?
Ans. You can borrow up to Rs 15 lakh with a personal loan from UCO Bank.
Q. Can I use my loan to consolidate existing debt?
Ans. Yes, you can use a personal loan to consolidate existing debt. This will reduce the amount of interest you pay on your overall debt burden and can help improve your credit score.