UCO Bank offers various personal loan schemes to self-employed individuals, salaried professionals and pensioners. These schemes include UCO Cash, UCO Shopper Loan Scheme and UCO Pensioner Scheme and can be availed to fulfill any personal requirement including vacation, home renovation, wedding, etc. UCO Bank offers a personal loan amount of upto Rs. 15 lakh, which can be repaid maximum by 60 months.
UCO Bank Personal Loan - Eligibility Criteria
UCO Bank Cash Personal Loan
- The applicant should be a confirmed employee in Govt. / Semi-Govt. / Reputed Public / Private Ltd. Co. /College / Universities / Public Sector
- You should be having minimum 2 years of service in the same organization
- You must either have a salary account with our UCO Bank or your employer will have to provide an undertaking that monthly loan installment will be recovered and directly paid to bank
- Your minimum income should be Rs. 10 lakh and your net take home pay should not be less than 40% of gross salary after deduction of PF and other statutory deductions
- Your additional income like rent, interest, etc. may be taken into consideration after verifying the necessary documents
UCO Bank Pensioner Personal Loan
- You should be drawing your pension through UCO Bank
- Your maximum age should be 72 years at the time of paying the last EMI
- If you are a pensioner having provision of family pension or your spouse is alive, your age for applying a loan should not exceed 74 years and loan has to be repaid maximum by the age of 75 years
UCO Bank Shopper Loan Scheme
- You should be an existing customer of UCO Bank for minimum 6 months
- You should either be a permanent employee of Govt./SemiGovt./PSU/Universities or reputed private concerns or a self/employed/businessman/professional
- Your minimum income should be
|Salaried individuals||At metro centres:|
|At other centres:|
|The minimum take home income should be of 40% p.m. after all deductions and EMI of the proposed loan or Rs.10000/-whichever is higher|
|Non- salaried individuals||Minimum income should be Rs. 4 lakh at all centres according to the latest IT Return|
|Minimum 40% surplus after considering EMI of proposed loan and Income Tax and any other obligations or Rs.10,000/- whichever is higher|
- If you are a salaried individual, you should be at least 21 years old and your maximum age should be 60 years
- If you are a non- salaried borrower, you should be at least 21 years and your maximum age should be 65 years
Factors Affecting UCO Bank Personal Loan Eligibility
- Age of the applicant: Age of the applicant is a significant factor in deciding loan eligibility. Banks offer higher credit sums and lower rates of interest to customers who are young and earning. Generally, all banks need customers to be over 21 years old and below 60 years old to avail personal loan
- Stability of occupation: A steady employment is a key parameter for personal loan eligibility. A stable employment depicts a steady flow of income and you are considered reliable by the lenders
- Credit Score: Your credit score is a significant factor that banks think about when deciding your eligibility. A credit score rating of over 750 is viewed as healthy and can improve your eligibility for a personal loan
- Monthly salary of the loan applicant: When your monthly income is on the higher side, your eligibility for a loan is additionally higher essentially on the grounds that it means that your high reimbursement capacity. Banks generally prefer customers whose regularly scheduled payments don’t surpass 40% of their pay and who have a low debt-to-income ratio
What Are the Ways to Increase UCO Bank Personal Loan Eligibility?
- Maintain a decent credit history: Customers who are regular with their loan and credit card instalments have a decent financial record. A decent record of loan repayment is a pre-requisite to benefit personal loan from UCO Bank. Customers with a poor financial record should initially fix it and afterward apply for an advance
- Don’t apply with too many banks: Applying for personal loan with a number of banks may bring down your credit score and make a mark in your record as a consumer. The most ideal approach to personal loan application is to initially inquire about your preferred loan product and the subsequent loan provider and after that apply for it in order to stay away from different loan applications
- Job stability: A stable job and a regular pay are vital to getting your personal loan approved. Banks prefer the customers who are regular with their reimbursements and have the monetary capacity to carry long-term financial liabilities
What is the customer care number or email ID of UCO Bank?
What is the interest rate of UCO Bank personal loan?
The interest rate starts from 11.70%.
What is the processing fee of UCO Bank personal loan?
The processing fee starts from 1% of the loan amount (not applicable on UCO Pensioner personal loan).