UCO Bank Pension Loan

UCO Bank Pension Loan Highlights 2024
Interest Rate	12.85% p.a.
Loan Amount	For pensioners with provision of family pension when spouse is alive: Up to Rs 10 lakh or 12 times of monthly pension, whichever is lower, for up to 70 years at the time of loan application Up to Rs 5 lakh or 12 times of monthly pension, whichever is lower, for above 70 years and up to 74 years at the time of loan application Up to Rs 3 lakh or 10 times of monthly pension, whichever is lower, for the following categories: Family pensioners (where spouse receives the pension after pensioner’s death) Pensioners without provision for family pension Pensioners where the spouse is predeceased
Loan Tenure	Up to 4 years
Processing Fees	Nil

Note: Interest rates as of 29th April 2024

UCO Bank Pension Loan Interest Rates

The UCO Bank Pension Loan interest rate is 12.85% p.a. Loan applicants applying for pension loans with UCO Bank can also contact other banks or non-banking financial companies (NBFCs) to check their eligibility for availing personal loans from those lenders. Such loan applicants who are eligible for availing personal loans can then compare the personal loan interest rates offered by those other lenders with the UCO Bank Pension Loan interest rates and consequently, approach the lender offering the lowest borrowing cost.

Fees and Charges for UCO Bank Pension Loan

Particulars	Rates
Processing Fees	Nil
Prepayment charges	Nil

UCO Bank Pension Loan Eligibility Criteria

The eligibility criteria for availing UCO Bank Pension Loans are mentioned below:

• Pensioners who receive their pension through UCO Bank and its branches.
• Minimum age: Up to 74 years (at the time of loan application)
• Maximum age:
  • 75 years (at the time of loan maturity) if the pensioner is having provision of family pension when the spouse is alive
  • Up to 72 years for family pensioners (where spouse receives the pension after pensioner’s death), pensioners without provision for family pension and pensioners where the spouse is predeceased.

The lender also needs the guarantee from the following parties under the UCO Bank Personal Loan eligibility criteria:

• Personal guarantee of the spouse eligible to receive family pension in the event of pensioner’s death.
• Guarantee of a third party with sufficient income, in case of war widow(s), if the co-borrower is not available

Documents required for availing pension loans from UCO Bank

As UCO Bank Pension Loan is offered only to pensioners drawing their pension through the UCO Bank, the bank would already have their KYC-related documents such as proof of identity, address, income, etc. Hence, the lender may not require any additional documentation from its pension loan applicants.