UCO Bank Personal Loan Details

Interest rate10.05% p.a. onwards
Maximum loan amountRs. 10 Lakhs
Repayment tenureUp to 60 months
Processing fee1% of loan amount
Minimum income requiredRs. 10,000 per month
Lowest EMI per lakhRs. 2,127
Collateral/SecurityNot required
Prepayment chargesNil

Features of UCO Bank Personal Loan

  • You can avail loan amount up to 10 times of your Gross Monthly Income, subject to a maximum of Rs. 10 Lakhs.
  • Personal loans are available for pensioners as well.
  • You can repay the borrowed amount within tenure of up to 60 months.
  • The personal loan interest rate ranges between 10.05% to 10.30% p.a.
  • The processing of 1% of the loan amount, minimum Rs. 750, is levied.

Why Apply for UCO Bank Personal Loan?

UCO Bank personal loans are considered among the best in the industry because:

  • You can get loans for any personal use including weddings and social obligations, debt repayment or even travel expenses.
  • Low personal loan interest rates.
  • Loans can be availed without furnishing any collateral or security.
  • Insurance is not mandatory for the loan.
  • Presence of agencies and correspondents across the globe.
  • They have one of the largest and most diverse client bases today.
  • Their overseas operations are profitable and dynamic.
  • The bank offers various personal loan schemes, such as UCO Cash, UCO Pensioner Loan, UCO Securities and Gold Loan Scheme.

Types of UCO Bank Personal Loan

UCO Bank offers several personal loan options based on your employment status, income and other parameters. The different loan options available are:

UCO Cash

  • Purpose: This loan is available for any legitimate personal expense including financial liabilities, medical treatments, wedding or other social obligations.
  • Amount: You can get up to 10 times your gross monthly income or a maximum of Rs. 10 Lakhs as the loan amount.
  • Tenure: The repayment period is a maximum of 60 months.
  • Collateral/Security: No collateral is required.
  • Rate of interest: Ranges between 10.05% to 10.30% p.a.

UCO Pensioner

  • Purpose: The loan is available for medical expenses, traveling expenses, marriage expenses, payment of MediClaim premium, refurbishing a house, agricultural needs and funeral requirements.
  • Amount: The quantum or maximum loan provided is as follows:
    • For any pensioner having family pension and if the spouse is alive: 10 times the current monthly pension subject to maximum Rs. 5 Lakhs for applicants aged up to 70 years and Rs. 4 Lakhs for applicants aged above 70 years up to 72 years.
    • Family pensions who are receiving pension after the death of the pensioner/ Pensioners without the provision of family pension/ Pensioners whose spouse is pre-deceased: Up to 10 times the current monthly pension subject to a maximum loan amount of Rs. 3 Lakhs.
  • Tenure: The maximum repayment tenure is 48 months provided that the loan is fully repaid by the time the borrower is 72 years old.
  • Rate of interest: Ranges between 9.55% to 10.55% p.a.
  • Prepayment: Allowed with no prepayment charges.
  • Collateral/Security: Guarantee is required as follows:
    • Personal guarantee of the spouse who is eligible to receive the pension in case of the death of the pensioner.
    • If the spouse is pre-deceased, guarantee of the son or daughter or third party.
    • In case of any widow or war widow where the co-borrower is not available, third party guarantee with sufficient income may provide guarantee.

UCO Shopper Loan Schemes

  • Purpose: This is an easy finance scheme available for a customer to make various purchases such as refrigerators, television, computers, air conditioners and other electronic gadgets.
  • Amount: Borrower can get up to 10 times the monthly take home salary subject to a maximum of Rs. 2 Lakhs.
  • Margin: 20% of article cost
  • Tenure: Maximum repayment period of 60 months.
  • Prepayment: Allowed with no prepayment charges.
  • Rate of interest: Ranges between 8.455% to 9.45% p.a.

UCO Securities

  • Purpose: A credit facility is provided against any government or RBI issued financial security for personal use
  • Margin: Based on the discontinued value of the maturity proceeds of the financial security provided at the base rate.
  • Type: You can get an overdraft, demand loan or cash credit.
  • Tenure: Remaining period of the maturity or a maximum of 5 years.
  • Rate of interest: 10.55% p.a.

Gold Loan

  • Purpose: This loan is available in rural, semi-urban and metropolitan areas for priority sector activities such as education, small business, retail trade, agriculture, housing and more.
  • Margin: 25% margin is to be maintained over the price of gold in the market.
  • Amount: Maximum loan amount sanctioned depends upon the price per gram of gold which is decided by the Head Office fortnightly. Gold ornaments must be appraised by a reputable and experienced gold smith for weight, fineness and purity
  • Rate of interest: 8.50% p.a.

UCO Bank Personal Loan EMI Calculation

The UCO Bank Personal Loan EMI can be calculated with our online Personal Loan EMI Calculator by entering the loan amount, tenure and interest rate.

Here is an illustration using MyMoneyMantra Personal Loan EMI Calculator:

Loan amount availed: Rs. 5 Lakhs

Interest Rate: 10.05% p.a.

Tenure: 5 years

EMI to be paid: Rs. 10,636

Total interest to be paid: Rs. 1,38,150

Total loan amount to be paid to the lender: Rs. 6,38,150

Below is the complete amortization schedule for the above illustration:

YearOpening balance

Amount paid by

customer in a year

Interest paid during

the year

Principal paid during

the year

Closing Balance
1Rs. 5,00,000Rs. 63,815Rs. 24,306Rs. 39,509Rs. 4,60,491
2Rs. 4,60,491Rs. 1,27,630Rs. 42,426Rs. 85,204Rs. 3,75,286
3Rs. 3,75,286Rs. 1,27,630Rs. 33,457Rs. 94,173Rs. 2,81,113
4Rs. 2,81,113Rs. 1,27,630Rs. 23,544Rs. 1,04,086Rs. 1,77,027
5Rs. 1,77,027Rs. 1,27,630Rs. 12,588Rs. 1,15,042Rs. 61,985
6Rs. 61,985Rs. 63,815Rs. 1,830Rs. 61,985Rs. 0

Comparison of UCO Bank Personal Loan VS Other Providers

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
UCO Bank10.05% - 10.30%1%Rs. 10 Lakhs
IndusInd Bank10.49% - 31.50%Up to 3% + GSTRs. 15 Lakhs
SBI9.60% - 15.65% p.a.Up to 1. 50% + GSTRs. 20 Lakhs
HDFC Bank10.50% - 21%Up to 3.5%Rs. 40 Lakhs
Bank of Baroda10% - 15.60%2%Rs. 10 Lakhs
IDFC FIRST Bank10.49% onwardsUp to 2.50% Rs. 40 Lakhs

UCO Bank Personal Loan Documents Required

For any personal loan with UCO Bank, the documents required are as follows:

  • A duly filled and signed application form with two recent photographs.
  • Proof of Identity: Any 2 of the following but one of the first 5 documents mentioned below is mandatory:
    • Ration Card
    • Voters ID
    • PAN Card
    • Passport
    • Driver's License
    • Office ID Card
    • Birth Certificate
    • School Leaving Certificate
  • Bank passbook or statement for the last 6 months.
  • Proof of employment or income, including:
    • Employment verification certificate as per UCO Bank Format
    • Salary Slip for the last three months.
    • Form 16
    • IT Returns/ Assessment Order
  • For take over loans:
    • Statement of the loan account with the other institution.
    • Copy of the sanction advice provided by the institution.

UCO Bank Personal Loan Eligibility Criteria

The UCO Bank Personal Loan eligibility criteria vary as per the loan scheme chosen. The different eligibility criteria are as follows:

ProductEligibility Criteria
UCO Cash
  • You should be a confirmed/permanent employee and has completed at least 2 years of service in the same organisation.
  • You must have a Salary Account with UCO Bank branches.
  • Your net take home salary must be more than 40% of your gross salary after deducting proposed EMI, PF, IT and other deductions, subject to a minimum of 10,000.
  • You can take into account other sources of income such as rent, dividends and interests and others to improve your eligibility for your loan.
UCO Pensioner
  • Pensioners receiving pension through UCO Bank
  • Ex-employees of UCO Bank, drawing pension through UCO Bank Branch.
  • Guarantee of spouse/ son/ daughter/ third party is required as stated.
UCO Shoppers Loan Scheme
  • Age required for salaried borrower is 21 years to 60 years and for non-salaried borrower is 21 years to 65 years.
  • Minimum gross salary of Rs. 30,000 is necessary in metro centers and Rs. 20,000 is necessary for other centers for salaried individuals.
  • Minimum income of Rs. 4 Lakhs as per latest IT Return is mandatory for non-salaried individuals.
  • Minimum take home income should be 40% p.m. after all deductions & proposed EMI or Rs. 10,000, whichever is higher.
UCO Securities
  • Loan is offered against any government or RBI issued financial security such as National Savings Certificates, Govt. Securities, Kisan Vikas Patra or Relief Bonds.
  • All securities provided should be in the name of the borrower or the joint borrower.
  • The securities must be transferable and can also be transferred or assigned to the bank as needed.
UCO Gold Loan
  • This loan is available in rural, semi-urban and metropolitan areas for priority sector activities such as education, small business, retail trade, agriculture, housing and more.
  • A margin of 25% is to be maintained over the price of gold in the market.
  • Gold ornaments must be appraised by a reputable and experienced gold smith for weight, fineness and purity.
  • Necessary declaration should be provided for the purpose of obtaining the loan at the time of sanction.

UCO Bank Personal Loan Processing Fees & Other Charges

The processing fees depend upon the type of personal loan that you are applying for. The details are as follows:

Type of LoanProcessing Fees
UCO Cash1% of loan amount or minimum of Rs. 750
UCO PensionerNIL
UCO Shoppers Loan Scheme1% of loan amount plus taxes subject to a minimum of Rs. 1,000.
UCO SecuritiesRs. 250 per case
UCO Gold Loan

For priority sector:

  • Up to Rs. 10 Lakhs: Rs. 250
  • Above Rs. 10 Lakhs: Rs. 500

For Non Priority Sector

  • Up to Rs. 5 Lakhs: Rs. 500
  • Above Rs. 5 Lakhs up to Rs. 10 Lakhs: Rs. 1,000
  • Above Rs. 10 Lakhs: 0.20% of loan amount or a maximum of Rs. 5,000.

 Documentation Charges for all Retail loans except home loans:

AmountFees
Up to Rs. 25,000NIL
Above Rs. 25,000 up to Rs. 2 LakhsRs. 350
Above Rs. 2 Lakhs up to Rs. 5 LakhsRs. 1,500
Above Rs. 5 Lakhs up to Rs. 10 LakhsRs. 2200
Above Rs. 10 Lakhs up to Rs. 25 LakhsRs. 2,500
Above Rs. 25 Lakhs up to Rs. 50 LakhsRs. 4500
Above Rs. 50 Lakhs up to Rs. 5 CroresRs. 6,000
Above Rs. 5 CroresRs. 15,000

How to Apply for UCO Bank Personal Loan on MyMoneyMantra?

In order to apply for a UCO Bank Personal Loan on MyMoneyMantra, all you have to do is follow a few simple steps:

  • Log on to MyMoneyMantra and go to Personal Loan section
  • Enter the details required, such your name, phone number, email id, loan amount, etc.
  • Provide the employment details and other information.
  • Provide the OTP number sent to your phone number to complete registration.
  • You will be contacted by a MyMoneyMantra associate after registration for detailed assistance in the document verification and application process.
  • Once you have applied for a loan, you will have to complete a personal interview with officials from UCO Bank.
  • From application until disbursement, MyMoneyMantra will help you with necessary follow up and other services.
  • The loan is disbursed as soon as the sanction letter is provided as per the regulations of UCO Bank.

UCO Bank Personal Loan Customer Care

For all complaints and grievances, you will have to register your complaint or grievance online on www.ucobank.com. Fill in the details in the form as required and submit. You can also track the status of your complaint after submission.

Corporate Office

UCO Bank Head Office,

10, BTM Sarani, Kolkata- 700001,

West Bengal India.

You can get contact details of all zonal offices on www.ucobank.com.

Supreme Business Park, Floors 5 and 6 B Wing, Powai,

Mumbai- 400076

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UCO Bank Personal Loan FAQs

What purpose can a UCO Bank Personal Loan be availed for?

UCO Bank personal loans are provided for any short-term financial requirement, which includes financial liability of any kind, debt repayment, education, marriage and other social obligations, travel and even for repair and reconstruction of your loan.

What is the maximum repayment tenure of UCO Bank Personal Loans?

With UCO Bank Personal Loans, you have the option of repaying with up to 60 equal monthly instalments.

How much loan amount can be availed with UCO Bank Personal Loans?

With UCO Bank personal loans, you can get up to 10 times your gross income per year as personal loan (maximum up to Rs. 10 Lakhs). Loan amount is calculated as per monthly income and the credit history of the individual.

What is the net income required for a personal loan?

The net income after all the deductions including the proposed EMI, IT, PF and others should be at least 40% of your gross income. For personal loans this is subject to a minimum net income of Rs. 10,000 after all deductions.

Is there any collateral required for UCO Bank Personal Loan?

Personal loans, except gold loans, do not require any collateral. You can insure your loan with UCO Rin Jeevan Suraksha if needed.

Are there any prepayment charges applicable on UCO Bank Personal Loans?

You do not have to pay any prepayment charges for personal loans that you choose with UCO Bank.

Are there any insurance options available with UCO Bank Personal Loans?

For the UCO Cash Personal Loan, you can avail the UCO Rin Jeevan Suraksha Insurance, which allows the loan to be covered in case of any accidental or natural death of the borrower of the loan.

What personal Loan options does UCO Bank offer for Pensioners?

UCO Pensioner loans are available to current pensioners drawing their pension from UCO Bank, their spouse or for war widows. Guarantee is required for any pensioner loan provided to a dependent of the pensioner as per the regulations of the bank.

What are the age criteria for UCO Bank Personal Loans?

The age criteria for UCO Bank Personal Loans are as follows:

  • For salaried individuals: Minimum age is 21 years and maximum age is 60 years.
  • For non-salaried individuals: Minimum age is 21 years and maximum age is 65 years.