Ease your Life with Low-Interest Rate UCO Bank Personal Loan
UCO Bank personal loan comes at various schemes such as personal loans to self-employed individuals, salaried individuals/professionals, and retirees. UCO Bank currently offers three types of personal loans: UCO Cash, UCO Shopper Loan Scheme, and UCO Pensioner Scheme. These loans are available for up to Rs.10 lakhs and can be used to buy consumer goods, pay medical bills, or finance travel.
Benefits of UCO Bank Personal Loan
- Loan Amount: UCO Bank ensures that all of your personal financial needs are met with minimal effort by offering a loan amount of up to Rs.10 lakhs.
- Flexible repayment period: You can repay your UCO Bank personal loan in as little as 60 months, depending on your repayment capacity.
- Loan schemes: UCO Bank provides a variety of personal loan schemes to meet the needs of different borrowers.
- Easy to apply for: A UCO Bank personal loan can be applied for online with minimal paperwork and hassle.
UCO Bank Personal Loan Interest Rate
Following are the generic UCO Bank personal loan interest rates offered on its various personal loan schemes:
| Type of Personal Loan | Interest Rate (p.a.) |
| UCO Cash (Women) | 10.05% onwards |
| UCO Cash (Men) | 10.30% onwards |
| UCO Pensioner Loan (for UCO staff pensioners) | 9.45% onwards |
| UCO Pensioner Loan (for other pensioners) | 10.45% onwards |
| UCO Shopper Loan Scheme (salary tie-in/secured) | 8.45% onwards |
| UCO Shopper Loan Scheme (others) | 9.45% onwards |
Criteria for Eligibility
The conditions for various types of personal loans offered by UCO Bank differ. The following are important considerations when applying for a personal loan from UCO Bank:
Cash Personal Loan from UCO Bank
- The applicant must be a confirmed employee of the government, semi-government, a respectable public or private limited business, a college or university, or the public sector.
- You must have worked in the same company for at least two years.
- You must either have a UCO Bank salary account or your employer must promise that monthly loan installments will be deducted from your wages and paid directly to the bank.
- After the loan, your net take-home pay After deducting PF and other legislative deductions, EMI should not be less than 40% of gross salary.
- After checking relevant records, your additional income, such as rent, interest, and so on, will be taken into account when determining repayment ability.
Personal Loan for Pensioners from UCO Bank
- Your pension should be taken out of UCO Bank.
- At the time of the last EMI bill, you must be at least 72 years old.
- If you are a pensioner with a family pension or if your spouse is still alive, your age at the time of application does not exceed 74 years. A pension loan must be paid back in full by the time the primary borrower reaches the age of 75.
- Shopper Loan Program at UCO Bank
- You must have been a UCO Bank customer for at least 6 months.
- Government/PSU/Universities or a reputable private concern with a minimum service period of 1 year and a minimum remaining service period of 5 years or a self-employed businessman/professional with a minimum service period of 1 year and a minimum remaining service period of 5 years
- Your bare minimum wage should be:
| Salaried individuals | At metro centres:
Rs. 30,000 |
At other centres:
Rs. 20,000 |
| The minimum take home income should be 40% of gross salary after all deductions and EMI of the proposed loan or Rs.10000, whichever is higher | ||
| Non-salaried individuals | Minimum income should be Rs. 4 lakhs at all centres according to the latest IT Return | |
| Minimum 40% surplus after considering EMI of proposed loan and Income Tax and any other obligations or Rs.10,000 whichever is higher | ||
- If you are a salaried person, you must be at least 21 years old and no older than 60 years old when applying for a loan.
- If you are a self-employed borrower, you must be at least 21 years old and no older than 65 years old when you apply for a loan.
Personal Loans from UCO Bank
- UCO Cash is number
- Personal loans of up to Rs. 10 lakhs are available from UCO Cash.
- It may be for a wedding, medical emergency, higher education, holiday, or other personal reasons.
- The loan will be repaid over up to 60 months.
- This loan does not require any type of collateral or protection.
- UCO Pensioner Loan
- Individuals who earn pensions from UCO Bank’s branches can apply for short-term loans through the UCO Pensioner Loan scheme.
- If there is a co-borrower, widows and war widows who are receiving a pension from UCO Bank are also liable for this loan.
- The cumulative repayment period on a UCO Bank Pensioner personal loan is 48 months.
- The UCO Shopper Loan Program
- Individuals may use the UCO Bank Shopper Loan Scheme to buy consumer durables such as refrigerators, televisions, air conditioners, laptops, and other electronic gadgets.
- Low-interest rates begin at 8.45 percent per annum and go up from there.
Documents Required to Apply for a Loan
UCO Bank provides a variety of personal loans, and the documents needed for each loan can differ. The following are the basic documents required for each form of personal loan:
- PAN Card Identity Proof: Passport, Voter ID, Driving License, Aadhaar
- Ration Card, Bank Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property Purchase Agreement Ration Card, Bank Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property Purchase Agreement (for owned properties), Aadhaar Card is a unique identification card issued by the government of India.
- Bank account statements, payslips, P&L statements, and certified IT returns are all examples of income proof.
Conclusion:
Lastly, if you are looking for a loan then UCO Bank personal loan can be good as it comes at a low rate of interest with flexible repayment tenure along with minimum documentation.
