UCO Bank, formerly known as United Commercial Bank is a government-owned commercial bank that offers a range of business loan schemes to its customers. The business loan or MSME loan interest rate offered by UCO bank is 9.85% onwards. UCO bank also provides Mudra loan that starts from 8.85% onwards. Business loans are majorly provided to MSMEs and SMEs nationwide.
UCO bank is also the provider of MUDRA loans that comes under three categories, named as Shishu, Kishor & Tarun. Let’s further discuss the interest rates, features, eligibility criteria, etc. offered by UCO bank.
|UCO Bank Business Loan Interest Rate 2020|
|Categories||Interest Rate & Charges|
Loan amount up to Rs 25 lakh
Loan amount more than Rs 25 lakh up to Rs 1 crore
More than Rs 1 crore
10.60% onwards & up till 11.65%
|Service charges||Varies from scheme to scheme|
|Maximum and minimum amount of loan allowed for issuing:|
For the Manufacturing sector
For the Service sector
From Rs 25 lakh and up to Rs 5 crore
From Rs 10 lakh and up to Rs 2 crore
|Tenure/Time period||Can vary from 1 year to 10 years on the basis of the scheme|
|Pre-payment availability and charges||Pre-payment options are available and are free of any charges|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Note: For Women Entrepreneurs, the ROI is 0.50% less than the actual or effective ROI