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UCO Bank Personal Loan
Max Tenure
nil*
Best Rate
11.45%
Processing Fee
nil*
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Quick Links To Handle Your Personal Loan
UCO Bank Personal Loans
UCO Bank was founded in Kolkata in 1943. It is a major government-owned commercial bank in India. The bank has 4,000 plus service units 49 zonal offices spread all over India. It also has two overseas branches in Singapore and Hong Kong. UCO Bank's headquarters is on BTM Sarani, Kolkata. The bank provides a wide range of banking products and financial services.
How to Apply for UCO Bank Personal Loan
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to UCO Bank Personal Loans
UCO Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by UCO Bank.
Advantages of UCO Bank
- Low interest rate
- No security needed
- Less paperwork
- Long tenure
- Minimum income requirement
Documentation Required for UCO Bank Personal Loans
Important documents to be submitted while applying for personal loans with UCO Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
UCO Bank Personal Loans
Catering to the needs of various sections of people, tailor-made UCO Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
Features of UCO Bank Personal Loan
Key Highlights
| Eligibility Criteria | Salaried/Self-Employed | Pensioners | Shopper Scheme- Existing UCO Bank customer |
| Age | Between 21-60 years | All who draw pension thorough UCO | Existing Customer at least for 6 months |
| Loan Tenure | Up to 60 months | Up to 36 months | Up to 60 months |
| Loan Amount | Up to 10 Lakhs | Up to 5 Lakhs | Up to 20 Lakhs |
| Interest Rate | MCLR of 1 Year + 3%, 11.45% | Up toMCLR of 1 Year + 4.15% | Up to MCLR of 1 Year + 2.15% |
UCO Cash
Motive:
The aim of the UCO Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain UCO Bank personal loan for public. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to INR 10,00,000.
Loan Tenure:
Up to 5 years
Interest Rate
For Men- MCLR of 1 Year + 3%, 11.45% at present For Women- MCLR of 1 Year + 2.75%, 11.20 at present
Processing Fee:
1% of the loan amount
Convenient Borrowing:
You can apply online or visit nearby UCO Bank branches.
Eligibility Criteria:
A confirmed employee in Govt. / Semi-Govt. / Reputed Public / Private Ltd. Co. /College / Universities / Public Sector Undertaking or applicant should be a permanent employee or have completed minimum 2 years of service in the same organization and applicant must have salary account with our branches or employer of applicant provide undertaking that monthly loan instalment will be recovered and directly paid to bank.
UCO Pensioner
Motive:
For pensioners drawing through UCO Bank
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain UCO Bank personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to INR 5,00,000.
Loan Tenure:
Up to 36 months
Interest Rate
MCLR of 1 Year + 4.15%
Processing Fee:
No processing fee
Convenient Borrowing:
You can apply online or visit nearby UCO Bank branches.
Eligibility Criteria:
Pensioners drawing pension through UCO Bank
UCO Shopper Loan Scheme
Motive:
An easy finance scheme for purchasing home appliances
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain UCO Bank personal loan for public. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to INR 20,00,000.
Loan Tenure:
Up to 5 years
Interest Rate
In case of Salary tie-up arrangement or Loan secured by 100% liquid collateral security - MCLR of 1 Year + 1.15%
All other cases - MCLR of 1 Year + 2.15 %
Processing Fee:
1% of the loan amount
Convenient Borrowing:
You can apply online or visit nearby UCO Bank branches.
Eligibility Criteria:
Existing customers of UCO Bank for a minimum period of six months
A self-employed/Professional/Businessman or A permanent employee of Government / Semi Government/PSU/Universities or reputed private concerns with minimum service of 1 year and minimum remaining 5 years’ service period.
EMI Payment Methods
Your UCO Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with UCO Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the UCO Bank account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-UCO Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-UCO Bank account at your nearest UCO Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
UCO Bank Personal Loans Summary
UCO Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes UCO Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, UCO Bank personal loans do not impose much burden on the customers.
UCO Bank Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
The processing fee for UCO Bank personal loan is 1% of the loan amount for UCO Cash and UCO shopper loan scheme. No processing fee for Pensioner loan scheme.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8. How does UCO Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. UCO Bank offers personal loans at the cheapest rates of interest, with no security or collateral UCO Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an UCO Bank personal loan, you can choose between fixed rates of interest and floating interest rates.
9. How can I apply for the UCO Bank personal loan?
You can either apply online or visit the nearest UCO Bank loan centre for a personal loan.
