UCO Bank Personal Loan
UCO Bank offers personal loans starting at 12.45% p.a. for loan amounts up to ₹15 lakh and tenures of up to 7 years. Pensioners can get a UCO Bank Personal Loan at 12.85% p.a. for loan amounts up to ₹10 lakh and repayment terms of up to 4 years. There are several lending alternatives to choose from. With these loans, you can pay your medical costs, wedding expenses, buy consumer goods such as computers and refrigerators, and much more. There are two main loan options: UCO Cash, which is solely available to salaried individuals, and UCO Shopper Loan Scheme, which is available to both salaried and self-employed individuals. The bank also provides a specific borrowing arrangement for pensioners.
Features of UCO Bank Personal Loan
Collateral free
No collateral required to obtain the personal loan, as UCO bank offers unsecured personal loan to provide sudden financial relief to loan borrowers in emergency situations.
Interest rate
Lower interest rates for female applicants obtaining personal loans from the bank, as it offers benefits to women loan borrowers.
Repayment
Maximum repayment period of seven years, the loan borrowers can choose a repayment period as per their financial condition and needs, as the bank offers flexibility in repayment options.
Processing fees & charges
The processing cost is 1%, with a minimum of Rs.750, which overall helps to provide less fees and charges on personal loans.
Job experience
A minimum of two years of service is necessary to be eligible for the scheme, as it necessitates the bank that you are eligible to repay the loan specifically.
Flexible criteria
Income criterion would depend on the personal loan program you want to avail, along with your qualifying conditions.
UCO Bank Personal Loan Details
Interest rate | 12.45%-12.85% p.a. |
Loan amount | Up to ₹15 lakh |
Tenure | For State/Central Government Employees: Up to 7 years For other than government employees: Up to 5 years For Pensioners: Up to 4 years |
Processing fees | 1% of loan amount (minimum Rs.750/-) |
Minimum monthly salary | ₹10,000 |
Source: Paisabazaar; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
UCO Bank Personal Loan Fees & Charges
When searching for a personal loan, it's easy to focus just on the interest rate. However, ignoring additional expenditures such as processing fees and other charges can have a significant impact on the overall cost of borrowing. Let's have a look at the processing fees and charges offered by UCO bank on personal loans.
Processing fees
UCO Cash | 1% minimum ₹750 |
UCO Pensioner | NIL |
Source: Paisabazaar; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Other documentation charges
Up to ₹25,000 | NIL |
Above ₹25,000 up to ₹2 lakh | ₹350 |
Above ₹2 lakh up to ₹5 lakh | RS 1,500 |
Above ₹5 lakh up to ₹10 lakh | ₹2,200 |
Above ₹10 lakh up to ₹25 lakh | ₹2,500 |
Above ₹25 lakh up to ₹50 lakh | ₹4,500 |
Above ₹50 lakh up to ₹5 crores | ₹6,000 |
Above ₹5 crores | ₹15,000 |
Source: Paisabazaar; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Processing fees and charges, while sometimes overlooked, can have a significant impact on the overall cost of borrowing. To make an informed decision, borrowers should thoroughly examine the processing charge structure.
UCO Bank Personal Loan Interest Rates
When considering a personal loan, interest rates are a critical factor that can significantly affect your overall borrowing costs. Understanding this key component of borrowing enables you to make informed decisions and choose the loan that best suits your financial goals.
Category A: UCO Cash
Applicant type | Interest rate (p.a.) |
|---|---|
For employees of central/state government | 12.45% |
For employees other than central/state government | 12.70% |
Source: Paisabazaar; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Category B: UCO Pensioner loan
Applicant type | Interest rate (p.a.) |
|---|---|
General public | 12.85% |
Source: Paisabazaar; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
UCO Bank Personal Loan Eligibility
Category A: For UCO Cash
Employment type: Applicants must be permanent workers of the Central or State Government (Departments/Undertakings/Entities, autonomous organisations, Public Sector Undertakings, Educational Institutions/Aided educational institutions).
Private workers: Employees of private colleges, schools, teachers, and universities.
Monthly income: The minimum net monthly income should be ₹10,000. However, it should not be less than 40% of gross earnings after deducting tax, PF, other statutory deductions, EMIs for the proposed UCO Cash loan, employer-granted loans, and other loans.
Category B: For Uco Pensioner loan
Relation: Family Pensioner, that is, the spouse of a deceased pensioner, pensioners without a provision for family pension and pensioners with predeceased spouses are eligible to apply for a personal loan in the bank.
UCO Bank may also verify its personal loan borrower' credit scores, like other lenders do when determining their eligibility for personal loans.
UCO Bank Personal Loan Document Required
Your documents play a vital role in your personal loan application process. Hence, always ensure that you keep a track of all the necessary documents and keep them ready for the documentation process.
ID proof:
Aadhar Card
Voter’s ID
Driving Licence
Passport
Address proof:
Bank Statement
Aadhaar Card
Ration Card
Telephone Bill
Electricity Bill
Passport
Driving Licence
e Sale Deed/Property purchase agreement(for owned properties)
Income proof:
Salary Slips
P&L Statements
Valid IT returns
Bank Account Statement
UCO Bank Personal Loan EMI Calculator
The UCO Bank personal loan EMI calculator helps you get a complete understanding of your EMI so that you can have an estimate of your monthly financial boundation. With this calculator, you can get rid of tedious manual calculations and scope errors and miscalculations. This EMI calculator provides you with accurate amounts within seconds. All you need to do is enter your desired principal amount, loan repayment tenure and the interest rate. With just one click you will get access to the enter breakdown of your EMI for the personal loan.
With the UCO Bank personal loan EMI calculator, you can try different combinations of the loan amount and tenures so that you can evaluate which amount suits you best.
UCO Bank Personal Loan Interest Rates vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
Bank of Maharashtra | 10% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Bank’s website, rates as of 27 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
UCO Bank Personal Loan FAQs
Is there a mobile app to manage my UCO Bank personal loan application?
Yes, you can manage your personal loan application online with the UCO mBanking Plus app.
How can I contact the bank in case of any query regarding personal loan?
If you wish to contact the bank for your personal loan query, you can reach out to the customer care by calling on the number 1800 103 0123. You can also visit the nearest branch of the bank.
Is it mandatory to have an existing account with the bank in order to apply for a UCO Bank personal loan?
Yes, in order to apply for a personal loan from UCO bank, you need to have a salary account with the bank.
Can I apply for a UCO Bank personal loan if I already have an ongoing debt?
Yes, you may apply for a personal loan if you already have an existing debt going on. However, even if you are eligible, the final decision depends on the bank and your overall financial profile.
Do I need to pay a fee to use the UCO Bank EMI calculator?
No, the EMI calculator is absolutely free of cost. You can use it freely and as many times as you want.
What is the maximum amount I can avail from a UCO Bank personal loan?
You can get a maximum amount of Rs. 15 lakh for your personal loan. However, the final amount approved for your personal loan will depend on your eligibility and other factors set by the bank which may include your income level, age, credit score, relationship with the bank and many more.