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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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The eligibility for personal loans of UCO Bank depends on many factors like the age of the applicants, credit score, loan amount, location of the applicant, etc. These factors are different for the different types of personal loans. The details of the same are mentioned below.
Category | UCO Cash | UCO Pensioner Loan | UCO Shopper Loan Scheme |
Purpose | Personal use | For any of the following purposes, Medical expenses for self/spouse/dependent children Payment of mediclaim premium for self and dependents Marriage expenses in the family Education expenses of dependent children Travel expenses Funeral expenses Agricultural needs | Purchase of consumer durables |
Eligible applicants | Permanent or confirmed employees of reputed organizations or government institutions | Following persons who receive pension through any branch of the bank,
|
|
Age | Minimum age – 21 years Maximum age – 60 years (salaried class), Maximum age – 65 years (self-employed) | Minimum age – 60 years (65 years for non-salaried persons) Maximum age – 75 years | Salaried applicants – 21 years to 60 years Non-salaried borrowers - 21 years to 65 years |
Credit score | Minimum credit score - 740 -1 to 5 in case of no credit history | Minimum credit score - 740 -1 to 5 in case of no credit history | Minimum credit score - 740 -1 to 5 in case of no credit history |
Income | As per Banks guidelines | As per Banks guidelines | Salaried applicants
Non-salaried borrowers – Rs.4,00,000 per annum |
Net take-home pay | Net take-home pay to be higher of,
| As per Banks guidelines | Net take-home pay to be higher of,
|
Work experience | Minimum work experience of 2 years in current employment | Not applicable | Minimum service of 1 year with a minimum balance service period of 5 years |
UCO bank is a government-owned bank in India having its headquarters in Kolkata, India. The bank has its presence in all the major banking sectors like retail banking, corporate banking, finance, insurance, investment banking, wealth management and much more. The retail banking segment of the bank provides many loans for eligible borrowers based on their eligibility and needs. Personal loans are one of the most popular loan products of UCO Bank.
Personal loans are general-purpose loans that can be availed by eligible borrowers to meet their personal expenses. UCO Bank also provides pre-approved personal loans where the applicant is eligible for a certain amount of personal loan based on their credit history or relationship with the bank among other parameters.
UCO Bank provides three main types of personal loans. These loans are classified based on the eligible applicants as well as purpose.
The documents needed for UCO personal loans are basic KYC documents along with the duly filled application form and additional documents as required by the bank from time to time.
The list of documents needed is mentioned below.
Identity Proof
The following documents can be provided for identity proof of the applicant
Address Proof
The following documents can be provided for identity proof of the applicant
Income Proof
The documents for income proof of the applicant are based on the type of applicant
Bank Statement
Bank statement for the past 6 months
Recent Passport Size Photographs
The personal loans of the bank are provided to eligible borrowers at an affordable rate of interest and for comfortable and flexible repayment tenure. The highlights of the personal loans of the bank are tabled below.
Category | UCO Cash | UCO Pensioner Loan | UCO Shopper Loan Scheme |
Amount of loan | Lower of,
| For pensioners having family pension provision (spouse is alive) Lower of,
For other eligible applicants of this category Lower of,
| Lower of,
|
Rate of interest | UCO Float Rate+3.40% (for men) UCO Float Rate+3.15% (for women) | UCO Float Rate+3.55% (for the general public) UCO Float Rate+2.55% (for UCO Bank Staff Pensioners) | UCO Float Rate+1.55% (salary tie-up/100% liquid security) UCO Float Rate+2.55% (in other cases) |
Tenure | Maximum – 60 months | Maximum – 48 months Subject to maximum age at the time of repayment being,
| Maximum – 60 months |
Processing charges | 1% of the loan amount (minimum charges Rs.750) | NIL | 1% of the loan amount (minimum charges Rs.1,000) |
Foreclosure/ Prepayment charges | As per bank guidelines | NIL | NIL |
1. What is the personal loan eligibility calculator?
A. Personal Loan eligibility calculator is the feature that can be used to calculate the amount of personal loan that can be availed by an eligible borrower based on various parameters set as per the bank’s guidelines. This feature can also be used to calculate EMI for the proposed loan.
2. Should the borrower provide any security for UCO Cash?
A. No. The borrower does not require providing any security for UCO Cash.
3. Does the borrower need to provide any margin for UCO Shopper Loan Scheme?
A. Yes. The bank requires the borrowers to provide a margin of 20% of the cost of the article that is to be purchased out of the loan.
4. What are the guarantee requirements for UCO Pensioner Loan?
A. The bank requires the eligible borrowers to provide a personal guarantee of the spouse of the pensioners, to receive a pension in the event of the pensioner’s death. War widows or widows where co-borrower is not available can provide a third party guarantee having sufficient income.
5. What is the maximum eligible tenure for UCO Cash?
A. The maximum eligible tenure for UCO Cash is 60 months (5 years).
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application