The Complete Guide to UCO Bank Personal Loan- Loan up to 15 Lakh.
UCO bank personal loan is a type of loan that is offered by the bank. It provides a way for people to borrow money from the bank. The loan comes with a fixed interest rate, and it can be repaid over 5 years.
The bank offers both types of loans, depending on the borrower’s needs.
UCO Bank Personal Loan Quick Recap
| Interest rate | 10.05%- 10.45% p.a. |
| Loan Amount | Up to 15 lakh |
| Loan Tenure | Up to 5 years |
| Age | 21 to 58 years |
| Processing Fees | 1% of the Loan Amount |
| Eligible For | Self-Employed / Salaried Person |
Documents Required For UCO Bank Personal Loan
UCO Bank Personal Loan is a loan that is provided to individuals who are looking for a way to improve their financial condition. The bank provides loans of different amounts and interest rates.
The documents required for UCO Bank Personal Loan include:
- Applicant’s ID card
- Latest 6 month’s bank statement
- The latest proof of income such as pay slips or tax returns
- Proof of residences such as electricity bill or water bill or phone bill
- Aadhaar Card
- Pan Card
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Types of UCO Bank Personal Loan
UCO Cash
| Eligibility | • You must be a permanent employee who has worked for an organization for at least two years • You must have a salary account with UCO Bank |
| Income Required | After deducting PF, IT, and other statutory deductions, including the anticipated EMI of the UCO Cash Loan, loans issued by his employer, and any other loans, if, net take-home pay should not be less than 40% of gross salary. A minimum of Rs 10,000/- is required. |
| Loan amount | 10 times gross monthly income, with a minimum of Rs.10 lakh |
| Security | Not required |
| Interest Rate | 10.05% per annum for women and 10.30% per annum for men |
| Repayment tenure | Up to 5 years |
| Processing fee | 1% of the loan amount, subject to a minimum of Rs.750 |
UCO Pensioner Loan
| Eligibility | • Ex-employees of UCO Bank • Recipients of the bank’s pension |
| Loan amount | • For seniors receiving a pension to care for family members, and if the spouse is still living, the loan amount should be 12 times the: • A maximum of Rs.10 lakh for those under the age of 70, and a maximum of Rs.5 lakh for those between the ages of 70 and 74. • Ten times the pension amount, subject to a maximum of Rs.3 lakh if the pensioner does not have a family pension, if their spouse has died, or if the pensioner dies and the spouse receives the pension amount. |
| Security | A personal guarantee will be needed. |
| Interest Rate | 9.45% p.a. – 10.45% p.a. |
| Repayment tenure | Up to 4 years |
| Processing fee | Nil |
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UCO Shopper Loan Scheme
| Eligibility | An existing UCO Bank client for a minimum of six months self-employed/professional/businessman or a permanent employee of the Govt./Semi-Govt./PSU/Universities or respected private businesses with a minimum service of one year and a minimum remaining service time of five years |
| Loan amount | The maximum loan amount is Rs.200000/- or ten times the monthly take-home income, whichever is smaller. |
| Income Required | Salary Person Minimum gross pay of Rs.30000/- per month in Metro Centres and Rs.20000/- per month at other centers.The minimum take-home pay of 40% p.m. after all deductions and the proposed loan’s EMI or Rs.10000/-, whichever is greater. Self Employed Person According to the most recent IT Return, all centers must have a minimum annual income of Rs. 4 lac. After deducting the planned loan EMI, income tax, and any other commitments, the minimum surplus is 40%, or Rs.10000/-, whichever is greater. |
| Age Criteria | Salaried Persona- 21 to 60 yearsSelf Employed- 21 to 65 years |
| Repayment tenure | Up to 5 years |
| Processing fee | 1.00% of the loan amount with a minimum of Rs.1000/- |
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UCO Securities
| Eligibility | • The securities must be registered in the name of the borrower or joint borrowers. • Securities should be transferable and titled in the bank’s favor. |
| Nature of facility | Overdraft, cash credit, or demand loan |
| Security | Bonds, National Saving Certificates, Life Insurance Policies, etc. |
| Rate of interest | 10.55% per annum |
| Repayment tenure | Up to 5 years |
| Processing fee | Rs.250 per case |
UCO Gold Loan Scheme
| Eligibility Required | Borrowers who use this loan will use it for agricultural and allied operations, as well as activities relating to MSME, retail commerce, education, housing, and so on. |
| Facility’s nature | Demand loan |
| Security | Gold jewelry or ornaments |
| Interest Rate | 8.50% per annum |
| Repayment tenure | The bank’s decision is final. |
| Service charge | For Priority Sector – Up to Rs. 10 Lac: Rs. 250/-Above Rs. 10 Lac: Rs. 500/- For Non-Priority Sector – Up to Rs. 5 Lac: Rs.500/-Above Rs. 5 Lac to Rs. 10 Lac: Rs.1000/- – Above Rs.10 Lac @0.20% on the quantum of loan subject to a maximum of Rs.5000/-. |
UCO Bank Personal Loan Interest Rate
The interest rates for the various forms of personal loans given by UCO Bank are as follows:
UCO Cash
| For Men | 6.90% + 3.40% p.a. |
| For Women | 6.90% + 3.15% p.a. |
UCO Pensioner Loan
| For General Public | 6.90% + 3.55% |
| For UCO Bank Staff Pensioners | 6.90% + + 2.55% |
UCO Shopper Loan Scheme
| Salary Tie-up/100% Liquid Security | 6.90% + 1.55% |
| Other Cases | 6.90% + + 2.55% |
UCO Securities
| Interest Rate For All | 6.90% + 3.65% |
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UCO Gold Scheme
Products for Retail Assets Gold Loans (PS) | Merged into a single scheme under Retail (Gold) with the following ROI: 6.90%+ 1.60% = 8.50% |
| Retail Assets Products Gold Loan (NPS) | Merged into a single scheme under Retail (Gold) with the following ROI: 6.90%+ 1.60% = 8.50% |
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