UCO Bank Personal Loan
Being one of the major and oldest banks of the country, UCO Bank or United Commercial Bank as it was formerly known. Apart from being a commercial bank providing loans and advances among their primary activities, meeting term loans and working capital required by all sectors from agricultural, large/medium and small sectors, to infrastructure, trade and service sectors. UCO Bank has a variety of loans specially design to suit your needs.
One of them is the UCO Bank Personal Loans or UCO Bank Cash as they refer to it, this loan can be taken up by an individual who requires a personal loan for fulfilling the needs and requirements of him and his family, like education, marriage, medical treatments etc.
Why choose UCO Bank Personal Loan?
With our current financial situation in the Indian markets, the amount we save in fixed deposits, saving accounts etc., may not have the same value in the future. Having your liquid money locked up in investments restricts your ability to have enough to pay off or spend on things you need like paying off credit card bills, taking that much needed family vacation, remodelling of your home etc.
With the UCO Bank Personal Loan or UCO Bank Cash as it’s known all this is possible. UCO Bank, offers you a personal loan without collateral security for an amount of up to Rs. 2 Lacs, and for loans above that will need to put up collateral for only 40% of the loan amount.
Features of UCO Bank Personal Loan
Some of the key features of the UCO Bank Personal Loan or UCO Bank Cash is below:
- The maximum loan amount is Rs. 10,00, 000
- No collateral is required for a loan of up to Rs. 2, 00, 000
- Women have a concessional rate of interest
- Processing charges are just 1 % amounting to a minimum of Rs. 750/-
| Salaried | Self employed | |
| Loan scheme | UCO Cash | UCO Cash |
| Loan Amount | Minimum – Rs. 50,000 Maximum – Rs. 10, 00, 000 | Minimum – Rs. 50,000 Maximum – Rs. 10, 00, 000 |
| Repayment tenure | 12 - 48 EMIs for men 12 - 60 EMIs for women | 12 - 48 EMIs for men 12 - 60 EMIs for women |
| Rate of interest | base + 5.40% = 15.35% for men base + 4.40% = 14.35% for women | base + 5.40% = 15.35% for men base + 4.40% = 14.35% for women |
UCO Bank Personal Loan Interest Rate
UCO Bank Personal Loan Interest Rate details below:
| Base rate of interest | 9.95 |
| Rate of interest | 5.40% for men 4.40% for women |
| Processing Fee | 1% minimum of Rs. 750/- |
| Guarantor Requirement | Guarantor required |
UCO Bank Personal Loan Eligibility
Minimum age: 21 years for salaried individuals and must have completed 3 years of service in the same organisation.
Maximum age: 58 years for salaried individuals
Minimum income: Monthly take home, is more than 40% of your gross salary.
Documentation required while applying:- Signed application along with photograph
- Identity proof: Voter’s ID/ Passport/ Driving License
- Cheque for the processing fees
- 3 months bank statement
- For salaried applicants: 3 months pay slip and Form 16 with the latest salary certificate
- For self employed applicants: Latest bank statement and Income tax returns or Form 16
UCO Bank Personal Loan FAQs
Q. Can I check my UCO Bank Personal Loan status?
A. If you have applied through for your UCO Bank Personal Loan then all you need to do is login and check your status in real-time. If not you can contact the UCO Bank at their business hours and provide them with the application number and the credential they require and wait for their update.
Q. What will be my maximum EMI for a month?
A. EMI for a salaried individual can’t exceed 40% of his/her take home salary, for someone who is self-employed the value of the loan is determined by the profits earned.
Q. Where can I apply for a UCO Bank Personal Loan?
A. You can find the application for the loan at the branch.
Q. Is there any processing charges for applying for the UCO Bank Personal Loan?
A. There is a 1% charge the minimum of Rs. 750/-
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