Calculate UCO Bank Personal Loan EMI

Total Payments-


Total Interest-
Principal Amount-
Total EMI


View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹10,00,000
  • 10.65%
  • ₹0
  • 5

UCO Bank Personal Loan EMI Concept and Calculation

UCO Bank offers a range of personal loans for various purposes. The UCO Bank Personal loans are usually for short-term purposes for up to 60 months. However, UCO Bank provides personal loans against property the repayment of which can extend up to 144 months. The mode of repayment of such loans is through EMI.

The equated monthly instalment or EMI as it is popularly referred to depends on three principal factors.

  • The loan amount The EMI is directly proportional to the loan amount. The higher the amount of loan, the more will be the EMI.
  • The repayment tenure of the loan As the tenure of the loan extends, the amount of EMI reduces.
  • The rate of interest The rate of interest and EMI move in the same direction. As the interest rate moves up, so does the EMI amount.

There is another factor that plays a crucial role in the determination of the EMI. It is the moratorium period that is available on home loans and education loans. The treatment of interest during the moratorium period affects the EMI.

In the case of home loans, the banks usually insist on the borrower to pay the interest debited to the account during the moratorium. At times, the banks can also capitalise the interest. The EMI will vary under such circumstances.

The same is the case in of education loan. The interest is capitalised in education loans. Secondly, the disbursement is in stages. Therefore, the EMI calculation is not possible at the time of sanction of the loan. The banks stipulate a tentative EMI that is subject to change subsequently.

In the case of personal loans, there is no moratorium. Hence, the EMI calculation is a straightforward one. This EMI calculator requires the customer to enter the following information.

  • The principal loan amount
  • The rate of interest
  • The repayment period of the loan in months

Click on Calculate to obtain the EMI. The EMI amount is rounded off to the next higher rupee.

An example of EMI calculation:

 1 Lakh2 Lakhs5 Lakhs
36 months3,2723,2846,5446,55716,35816,417
48 months2,5832,5955,1655,18612,91112,972

The calculation reveals the following:

  • As the personal loan amount increases from 1 Lakhs to 5 Lakhs, the EMI increases across the board.
  • As the tenure moves up from 36 to 48 months, the EMI amount decreases in each case.
  • The EMI amount increases when the interest rate goes up from 11.85%.

UCO Bank Personal Loan Interest Calculation

UCO Bank links the rate of interest on its retail loans with the RLLR (Repo Linked Lending Rate) with effect from October 01, 2019. The RLLR is a market-linked rate that connects to an external benchmark rate, the repo rate.

The Reserve Bank of India announces the repo rates from time to time during its periodical credit reviews. UCO Bank adds an interest spread that depends on factors like the cost of funds for the bank and the net interest margin. This spread can vary from bank to bank. As on date, the spread of UCO Bank is 2.90%. With the repo rate being 5.15%, the RLLR works out to 8.05%.

The individual Rate of Interest on Personal Loans further depends on the category of the loan and the borrower. The interest rates applicable to its various personal loans as on date are as follows.

Personal Loan ProductRLLRCredit Risk PremiumThe effective rate of interest
UCO Cash for men8.05%3.15%11.20%
UCO Cash for women8.05%2.90%10.95%
UCO Pensioner General Public8.05%3.30%11.35%
UCO Bank Staff Pensioners8.05%2.30%10.35%
UCO Securities8.05%3.40%11.45%
UCO Gold Loan PS8.05%0.35%8.40%
UCO Gold Loan NPS8.05%3.30%11.35%
UCO Shopper Salary tie-up or 100% liquid security8.05%1.30%9.35%
UCO Shopper Other cases8.05%2.30%10.35%

Know in detail: Simple Interest Formula Calculation.

UCO Bank Personal Loan EMI Calculator Benefits

The personal loan EMI calculator is a multipurpose utility tool available on the UCO Bank official webpage. The benefits of the EMI calculator are as follows.

  • Calculate your personal loan EMIs within no time
  • It is a useful tool to calculate other loans EMIs, as well.
  • The EMI calculator requires the minimum of data for the calculation of EMI
  • Using the EMI calculator, customers can judge their affordability easily.
  • At the same time, the UCO Bank Personal Loan EMI calculator has its shortcomings, as well.

This EMI calculator is not useful when there is a moratorium period involved in the loan, especially in cases of capitalisation of moratorium interest.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

UCO Bank Personal Loan EMI Calculator FAQs

What will happen to the personal loan EMIs when there is a change in the interest rates?


UCO Bank links the personal loan rate of interest to its RLLR. Whenever there is a change in the repo rates, the RLLR will vary. Therefore, the effective rate of interest on the personal loan will modify accordingly. It will result in an increase or decrease in the EMI amount. The bank will inform you accordingly. However, customers can check out the revised EMI using the personal loan EMI calculator.

How do we calculate the EMI in the case of moratorium-based loans?


The UCO Bank Personal Loan EMI calculator does not have any provision for calculating the EMI in the case of moratorium-based loans. However, other calculators are available on the internet that can help customers to do so.

What is the formula to calculate the EMI manually?


The manual method of calculating the EMI is a complicated assignment. Here is the formula that can help customers to calculate the EMI manually.

EMI = [PXRX(1+R)^N] divided by [(1+R)^N-1]

P - Loan amount, also referred to as the principal amount
R - rate of interest per annum ( if the rate of interest is 10%, R = 10 / (12 X 100))
N - number of monthly instalments

Is there any alternate mode of calculation of the EMI?


Yes, customers can calculate the personal loan using MS Excel tables. The formula is an easy one.

Open your Excel spreadsheet. Choose the respective cell and enter the following,


Rate - the rate of interest on the loan
NPER denotes the number of monthly instalments
PV stands for the present value of the loan, also known as the principal amount

Is the EMI calculator available at an alternate location?


Customers can use the EMI calculator available on the UCO Bank website. Alternatively, they can use the EMI calculator that is available on the MyMoneyMantra website. The principle is the same.

  • Visit the website of MyMoneyMantra
  • Select Financial Tools option
  • Choose EMI calculator
  • Enter the data required to get your EMI

This EMI calculator is better than the one available on the UCO Bank official site. It provides details of the total amount of interest payable on the loan throughout the entire loan tenure. It provides a graphical representation of the principal and interest repayment. However, it does not give the amortisation schedule.

Is the EMI calculator available on the UCO Bank website accurate?


Yes, the EMI calculator provided on the UCO Bank website is an accurate tool to calculate the EMI.

Will I be able to calculate my loan eligibility using the EMI calculator?


No, you cannot calculate your loan eligibility using the EMI calculator. There is a separate tool for estimating loan eligibility known as the loan eligibility calculator. This calculator requires a different set of data.

The tool seeks the following information from the user.

  • The monthly salary or income
  • The details of any existing loans for which the customer is paying the EMI
  • The details of mandatory deductions like PF and so on

The calculator determines the net-take home pay before the calculation of the EMI on the prospective personal loan. Based on this calculation, the loan eligibility calculator arrives at the amount of EMI you can afford. It thus leads to the maximum amount of loan you can borrow.

Will the EMI calculator help to calculate my affordability?


Customers can use the EMI calculator to do a reverse calculation and arrive at the affordable loan amount. However, the loan affordability calculated by the customer will not tally with the amount calculated by the loan eligibility calculator.

When does UCO Bank change the interest rates on the loans linked to the RLLR?


The RLLR connects to the repo rate. However, it does not change immediately with every variation of the repo rate. Reserve Bank of India can change the repo rate at any time. The banks that link their RLLR to the repo rate change the RLLR on the first date of the month following the change in the repo rate.

Which is a better concept, RLLR or MCLR-based interest rates?


The RLLR is a market-linked rate with a great deal of transparency. Customers can calculate the effective rate of interest on their personal loans and home loans by adding the required spread. Compared to the RLLR, the MCLR is a complex calculation. Banks announce their MCLR monthly. However, customers have to refer to the individual bank website to know the MCLR. The changes to the rate of interest on the loans do not happen every month. It occurs on the MCLR reset date. Usually, it is on an annual basis. Therefore, RLLR is a better rate from the customer point of view.