UCO Bank offers personal loan up to Rs. 10 Lakhs at interest rates ranging between 10.30% and 10.55%, and processing fee of up to 1% of the loan amount. The UCO Bank personal loan rate of interest varies as per the scheme availed and borrower’s eligibility.
Below are some basic features of UCO Bank Personal Loans:
|Available for||Salaried employees, self-employed individuals, and pensioners|
|Purpose||Funding to meet expenses like marriage, education, agricultural needs, social obligations, purchase of consumer durables (television, computer, refrigerator, air conditioner, etc.) or any other gadget, etc.|
|Amount||Up to 10 Lakhs, depending on the income of the borrower and the type of loan facility availed.|
|Tenure||The tenure also depends on the type of loan. The tenure can go up to as high as 60 months.|
|Rate of Interest||Varies as per the loan scheme availed|
|Prepayment||Prepayment of Personal Loan is allowed at any point after disbursement at nil charges.|
|Processing fee||Processing fee is different for each kind of loan product. The maximum processing fee charged is 1% of loan amount + tax (minimum 1,000).|
UCO Bank has introduced new Repo Rate Based Lending Rate, called UCO Float Rate. The revised UCO Float rate is 8.05% w.e.f. 05.10.2019. The details of the interest rates applicable on different Personal Loans schemes offered by UCO Bank are as follows:
|Loan Type||Applicable Rate of Interest|
|UCO Cash Loan|
|UCO Shopper Loan Scheme|
|UCO Securities||UCO Float Rate + 3.40% = 11.45%|
|UCO Gold Loan Scheme||UCO Float Rate + 0.35% to UCO Float Rate + 3.30% = 8.40% to 11.35%|
UCO Bank offers different kinds of Personal Loans that can suit different kinds of requirements. They offer customised term loam plans for individuals as per their purpose. Below are some of the Personal Loan types offered by UCO Bank:
UCO Pensioner Loan:
UCO Shopper Loan Scheme:
Gold Loan Scheme :
The bank issues certain charges when you submit your loan application to them. Below are mentioned the charges commonly asked for by UCO Bank:
|Category||Type||Fees / Charges|
|Processing fee||UCO Cash||1% of loan amount, minimum 750|
|UCO Shopper Loan Scheme||1% of loan amount, minimum 1,000|
|UCO Securities||250 per case|
|UCO Gold Loan|
For priority sectors:
For non-priority sectors:
|Prepayment charges||All types||Nil|
|Legal charges and Stamp Duty||All types||As per state laws|
The main eligibility criteria for UCO Bank Personal Loan are as mentioned below:
|Minimum income||The minimum income required for approval depends on the type of loan you wish to avail and your gross monthly income. Up to 10-12 times of gross monthly income can be availed.|
|Experience required||The experience required depends on the type of loan and applicant. Generally, at least 2 years of minimum work experience is required in case of salaried employees.|
Simply providing the application form is not enough to start the approval process of your Personal Loan application. The bank also requires you to provide certain documents to verify all the claims that you make in your loan application. Although the document list can vary for different types of products, certain documents are mandatory asked for by the bank for all kind of applications. These are documents related to your identity, residence and income proof. The bank uses these documents to verify your Eligibility for the Personal Loan.
Below are the documents that you will need:
The EMI (Equated Monthly Instalment) amount is the amount that has to be paid every month to the bank as repayment against the loan availed. The EMI amount has to be comfortable enough because you will have to pay the EMI regularly every month.
Calculating the EMI amount can be a fairly complicated process. There are a lot of calculations associated with it and the process can be time-consuming as well. For this reason, most banks and financial institutes provide a tool called an EMI Calculator. The EMI Calculator can help with the complex EMI calculations and provide you with the EMI in a very short time.
MyMoneyMantra also provides you with an EMI Calculator to help you with this phase of the EMI calculation process. The EMI Calculator is a free tool available to anyone who can access the MyMoneyMantra website. The EMI Calculator requires you to enter the loan amount, rate of interest, and tenure as input to calculate the EMI amount.
UCO Bank has an efficient customer care system set up to ensure that the customers always receive immediate assistance for all their needs. Customer care executives are even available to visit your place and help you apply for the Personal Loan. Below are the customer care details that you can use to contact the bank:
1800 274 0123
|Personal Loan Interest Rates by Banks|
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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The most important eligibility factors for a Personal Loan are age and income. Your credit score is also very important to avail a Personal Loan. A credit score higher than 750 is also required by the applicant for applying for the same. Other factors that might affect your Personal Loan application are existing loans, number of dependents, and disposable income. You can contact MyMoneyMantra to determine your eligibility for the Personal Loan.
It is possible to pay the repayment amount before the end of the loan tenure. This is called as loan foreclosure wherein the entire amount left to be repaid is paid off in a single instalment. The bank then closes off your loan.
The rate of interest on your Personal Loan depends on a lot of factors like loan amount, income, credit score, etc. A high credit score can mean a lower rate of interest. You can also go for a joint application or provide some form of security to further lower your interest. Subsidies are also available for special purposes or women.
A fixed-rate Personal Loan is one where the rate of interest applicable to your loan amount remains fixed throughout the tenure. In case of a floating rate Personal Loan, the rate of interest changes as per the change in the market lending rate. This can impact your EMI amount accordingly.
UCO securities are Personal Loans provided to applicants against any form of securities they may have. These include Government Bonds, National Savings Certificate, Kisan Vikas Patra, etc. The loan amount depends on the value of these securities and the tenure is until the maturity of the provided security. This loan is provided in the form of a term loan-where the amount is provided in a single disbursement or an overdraft facility where an ore-approved amount is provided into an overdraft account. The individual can withdraw the required amount from the account as and when required.
For a Personal Loan, only your immediate family members like spouse, parents or siblings are eligible as co-applicants.