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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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UCO Bank offers personal loans at attractive interest rates, flexible repayment tenures, and minimum processing charges. UCO Bank personal loan interest rates will vary with the loan amount, loan tenure, and some other factors as well.
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UCO Bank is a commercial bank with branches all over India. It carries on all banking activities including disbursing loans and advances to its customers. One of the many loans that this bank offers is a personal loan, which is an unsecured loan and can be used for a variety of purposes like medical treatment, financial liability, mortgage, social obligation, marriage and a lot more.
The amount that UCO Bank gives as a personal loan is 10 times the gross monthly salary i.e. up to a maximum of Rs 10,00,000. No collateral or guarantor is required for this loan.
About UCO Bank Personal Loan Interest Rate
At present UCO Bank personal loan interest for men starts from 11.70% which is 1-year MCLR+3% and for women, the rate of interest is 11.45% which is 1-year MCLR +2.75%. The loan is given for 5 years with 60 EMIs. Processing charges are 1% of the loan amount with a minimum of Rs.750/-.
The interest rates and other provisions are subject to change at any time by the bank authorities. Please visit the bank website or bank branch for current rates and provisions.
The applicant of a personal loan may be able to get a reduced interest rate or a discount on processing charges if he has a good relationship with the bank. He/she will also be able to get a discount on the prepayment charge. An applicant does not have to disclose the end use of the personal loan to the bank. The UCO Bank personal loan comes with customer friendly terms of repayment. Some of the factors, which may vary the rate of interest or loan amount, include -
Credit ScoreA credit score is a numeric indicator of the creditworthiness of an individual. A high credit score usually attracts lower interest rates and vice versa. Timely repayment of past loans and diligent usage of credit cards help in improving the credit score.
IncomeA high income naturally means higher capacity to repay the loan. UCO Bank requires that an applicant’s net salary should be 40% or more of the gross salary. Net salary means salary after all deductions including PF, Tax and any EMIs. A personal loan may be granted if the net salary is Rs. 10,000 or more.
Reputed EmployerAn employee of a reputed company – like the State Government, Central Government, Semi-Government, University, College, or School – who has been working with the institution for two or more years can get UCO Bank personal loan very easily.
Relationship with the lenderAn applicant of UCO Bank personal loan should have a good relationship with the bank to get a personal loan with the lowest interest and discount on processing charges. He/she may also be able to get a discount on prepayment charges. UCO Bank also provides a concessional rate for women. Pensioners are not required to pay any processing fees.
UCO Bank evaluates the repayment capacity of an applicant before sanctioning a personal loan and determining the rate of interest. The bank will make sure that the applicant has enough money in his account after EMI for all other requirements. The bank also looks into the assets of the borrower and his creditworthiness before sanctioning a personal loan.
UCO Bank offers personal loans to individuals with regular income like self-employed, businesspersons, pensioners and permanent employees of companies. The most outstanding feature of UCO Bank personal loan is the high loan amount offered at competitive rates of interest. The bank also offers flexible payment options and offers loans with minimum documentation where collateral is provided.
UCO Bank personal loan has a low rate of interest and consequently low EMIs. UCO Bank website has an EMI calculator that computes the interest rate based on the amount of loan you need and a few other details. It also computes the tentative EMI for the selected amount and tenure. This is a useful tool, which will help you decide the amount of loan you can get. It will depend on your income and the amount you will pay as EMI throughout the term.
| Salaried | Self-employed |
|---|---|
| Signed application form with photograph | Signed application form with photograph |
| Copy of passport/voter ID card/driving license | Copy of passport/voter ID card/driving license |
| Processing fee cheque | Processing fee cheque |
| Last 3 months bank statement/ 6 months bank passbook | Last 3 months bank statement/ 6 months bank passbook |
| Latest salary slip | Latest bank statement |
| Present dated salary certificate with latest Form 16 | Latest ITR of Form 16 |
UCO Bank personal loan is given to people who are employed and have a steady source of income. Employees of a reputed public company, State Government, Central Government, Universities, Colleges, Private Companies, Private Sector Undertaking, who are permanent employees or have been in service for at least two years can avail UCO Bank personal loan.
To get a personal loan from UCO Bank, the applicant must have worked in the same organization for at least 2 years at the time of application. The minimum age to apply for the loan is 21 years and the maximum age is less than 58 years.
The applicant’s net salary should be at least 40% of his gross salary. Net salary for the purpose of loan means salary after all deductions including PF, tax, and any EMI for previous loans.
The net salary after all deductions should be Rs. 10,000 or more.
Applicants can track the status of the application as well as the sanctioned loan on the bank website using the "Track My Application” feature.
1. How do you apply for UCO Bank personal loan?
You can apply for loan in 3 easy steps –
2. How does UCO Bank recover the loan in case of death of the applicant?
All UCO Bank loans of 2 lakhs or more come with an insurance cover which is paid by the applicant. The outstanding amount of the loan is covered under the insurance policy. This is called Rin Jeevan Suraksha policy. In the event of unfortunate death of the applicant during the loan term, the outstanding loan is recovered from the proceeds of this policy.
3. Can an applicant foreclose the loan?
Yes, an applicant can foreclose the loan after paying 6 equated monthly installments. There will be prepayment charges on the outstanding amount.
4. What is the amount of personal loan that you can get from UCO Bank?
You can get a personal loan of Rs 50,000 – Rs 10,00,000 from UCO Bank.
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