Read All About UCO Bank Personal Loan Here
A personal loan facility is one of the best choices you have whenever there is a financial need. You can manage your urgent requirements by applying for a personal loan at UCO Bank. The bank offers personal loans in different forms with the facility to choose the tenure of up to 5 years. It is always advisable to choose the tenure which results in affordable EMI so that the payment is continuously successful.
What is the interest rate on UCO personal loan?
At present, the interest rate on a personal loan for men is spread over 1 year MCLR + 3% which results to 11.45% per annum. The rate for women applicants is spread over 1 year MCLR + 2.75% which results into 11.20% per annum. The 1-year MCLR at present is 8.45%.
What are the different types of personal loans at UCO Bank?
At UCO Bank, you can get a personal loan under the following schemes:
- UCO Cash
- UCO Pensioner
- UCO Shopper Loan Scheme
- UCO Securities
- UCO Gold Loan Scheme
In general, people apply for the regular personal loan scheme which is UCO personal loan. Also, the scheme for pensioners is also in demand. Read below the eligibility and other details if you take these loans from the bank.
What is the eligibility required to apply for UCO Cash personal loan?
The eligibility for the loan is mentioned below:
- You must be 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.
- You must have a salary account with the bank or employer of applicant provide undertaking that monthly loan installment will be recovered and directly paid to the bank.
- You net take home salary should be more than 40% of gross salary after all deductions including EMIs.
- You can get the maximum loan of up to Rs.10 lacs.
What is the processing fee on UCO Cash Loan?
The processing fee on the loan is 1% of loan amount with subject to a minimum Rs.750/-. There is an additional GST of 18% on the processing fee which altogether is to be paid at the time of approval.
What is the eligibility for UCO Pensioner?
The eligibility you must match to apply for the loan is as follows:
- If you are pensioner receiving your pension through UCO Bank.
- A war widow drawing family Pension through the bank.
- You can get a maximum loan of up to 10 times of your monthly pension subject to a maximum of Rs. 5.00 lacs for age up to 70 years and a maximum of Rs. 4.00 lacs for age above 70 years to 72 years
- You get a maximum of 10 times of monthly pension subject to maximum of Rs. 3 lacs
What is the processing fee on Pensioner loan?
There is no processing charge or service charge on this loan which makes it convenient for the borrowers.
What are the documents you need to have?
The documentation required at the time of applying for the loan is subject to change from a salaried applicant to a self-employed applicant.
For salaried:
- Signed application form with photograph
- Copy of passport/voter ID card/driving license
- Processing fee cheque
- Last 3 months bank statement/6 months bank passbook
- Latest salary slip
- Current dated salary certificate with the latest Form 16
For self-employed:
- Signed application form with photograph
- Copy of passport/voter ID card/driving license
- Processing fee cheque
- Last 3 months bank statement/6 months bank passbook
- Latest Bank statement
- Latest ITR or Form 16
Where can you apply for the loan?
There is an option to either apply online through any finance providing company. Else, you can visit the official website of the bank and apply online. You can also visit the nearest bank branch along with the documents and then apply.
What are the details you have to mention in the loan application form?
In the loan application form, you have to mention the below-mentioned details:
- Name
- Date of Birth
- Age
- Occupation
- Income
- Residential Address
How can you check the Personal Loan EMI?
In a loan EMI calculator, you have to mention the loan amount, interest rate and tenure in the calculator. For example, if you are taking a personal loan with the following details:
- Loan amount- ₹2,00,000
- Interest rate- 11.99% p.a.
- Tenure- 5 years
The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:
EMI- ₹4,448
Total Interest Outgo- ₹66,873
Total Amount- ₹2,66,873