UCO Bank Personal Loan Highlights
|Interest rate||Starting at 8.45% p.a.|
|Loan Amount||Up to Rs. 10 lakh|
|Loan Tenure||Up to 60 months|
|Processing Fees||Up to 1% of loan sanctioned|
|Eligible Applicant Categories|
|Types of Loans||UCO Cash, UCO Pensioner Loan and UCO Shopper Loan Scheme|
UCO Bank offers personal loans to self-employed individuals, salaried individuals/professionals and pensioners through different schemes. UCO Bank personal loans are currently subdivided into 3 categories – UCO Cash, UCO Shopper Loan Scheme and UCO Pensioner Scheme. These loans are offered for amounts up to Rs.10 lakh and can be availed to purchase consumer durables, pay medical bills, fund travel expenses and much more.
Features of UCO Bank Personal Loan
- Loan amount: Offering a loan amount of up to Rs.10 lakh, UCO Bank ensures that all your personal financial needs are fulfilled with minimal effort
- Flexible tenure: You can repay the UCO Bank personal loan maximum by 60 months which can be tailored as per your repayment ability
- Loan schemes: UCO Bank offers various personal loan schemes for different borrowers to meet their specific needs
- Easy to apply: UCO Bank personal loan can be applied online by providing minimum documentation and with minimal hassle
UCO Bank Personal Loan Interest Rates
The following are the interest rates applicable to different types of personal loan offered by UCO Bank:
|Type of Personal Loan||Interest Rate (p.a.)|
|UCO Cash (Women)||10.05% onwards|
|UCO Cash (Men)||10.30% onwards|
|UCO Pensioner Loan (for UCO staff pensioners)||9.45% onwards|
|UCO Pensioner Loan (for other pensioners)||10.45% onwards|
|UCO Shopper Loan Scheme (salary tie-in/secured)||8.45% onwards|
|UCO Shopper Loan Scheme (others)||9.45% onwards|
The eligibility criteria for different types of personal loan offered by UCO Bank vary. The following are key pointers regarding 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 have minimum 2 years of service in the same organization
- You must either have a salary account with UCO Bank or your employer will have to provide an undertaking that monthly loan instalment will be recovered from your salary and directly paid to bank
- Your net take home pay after loan EMI 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 when judging repayment capacity after verifying applicable 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 when applying for the loan should not exceed 74 years. A pension loan has to be repaid maximum by the time the primary applicant is 75 years old
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./Semi Govt./PSU/Universities or reputed private concern with minimum service of 1 year and minimum remaining 5 years service period 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 40% of gross salary 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 at the time of loan application
- If you are a self-employed borrower, you should be at least 21 years and your maximum age should be 65 years at the time of loan application
Types of UCO Bank Personal Loan
1. UCO Cash
- UCO Cash personal loan is offered for amounts of up to Rs. 10 lakh
- Can be for various personal needs including a wedding, medical emergency, higher education, vacation, etc.
- The loan can be repaid by maximum 60 months.
- No collateral/security is required for this loan.
2. UCO Pensioner Loan
- UCO Bank offers short term loans through the UCO Pensioner Loan scheme to individuals who receive pension through its branches.
- Widows and war widows who are drawing pension through UCO Bank are also eligible for this loan if there is a co- borrower.
- UCO Bank Pensioner personal loan has to be repaid maximum by 48 months.
- The quantum of pension loan sanctioned is subject to the following criteria:
|Type of Applicant||Pension Loan Amount|
|For Pensioners having provision of family pension & Spouse is alive||12 times of monthly pension subject to:|
· Maximum Rs. 10 lakh for age up to 70 years
· Maximum Rs. 5 lakh for age above 70 years to 74 years
|For other categories of customers including:|
· Family pensioners i.e. spouse receiving pension after death of the pensioner
· Pensioners without family pension provision
· Pensioners where spouse of predeceased
|10 times of monthly pension subject to maximum of Rs. 3 lakh|
3. UCO Shopper Loan Scheme
- UCO Bank Shopper Loan Scheme offers loans of up to Rs.2 lakh
- Individuals can use it for purchase of consumer durables like refrigerator, television, air conditioner, computer or other electronic gadgets.
- Low rate of interest starting from 8.45% p.a. onwards
Documents Required for Loan Application
UCO Bank offers various types of personal loans and the documents required may vary for different loans. The basic documents required for each type of personal loan are as follows:
- PAN Card
- Identity proof: Passport, Voter ID, Driving License, Aadhaar
- Address proof: Ration Card, Bank Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips, P&L Statements, Certified IT returns
How to Apply for UCO Bank Personal Loan with Paisabazaar
You can apply for a personal loan from UCO Bank through Paisabazaar.com by simply following the steps given below:
- Fill out the online personal loan application form on Paisabazaar.com
- Check offers from various prospective lenders sorted on the basis of chances of approval
- Select the loan offer(s) from UCO Bank (if available) or call Paisabazaar for assistance
- Provide a few additional details about yourself on an online form so that your personal loan application can be forwarded to your chosen lender
Personal Loan Verification Process
The personal loan verification process usually involves the following steps:
- After the completed online application is forwarded by Paisbazaar, the UCO Bank’s representative will give you a verification call to schedule pick-up of loan applicable documents.
- Once you have provided all the required documents such as KYC, income proof, etc. documents they are verified by the lender
- After verification, you get another call from the bank with confirmation of the final loan amount, interest rate and tenure of your personal loan
- Once the bank gets the confirmation from your side that the loan terms are acceptable, the loan amount is disbursed
Check UCO Bank Personal Loan Application Status
You can track the status of your UCO Bank personal loan application by simply following the steps given below:
Visit the UCO Bank website and click on ‘Track Your Loan Status’.
Next click on ‘For loans applied through our bank branches’.
Enter your Application Reference Number and click on ‘View Status’ to know the status of any UCO Bank personal loan you have applied for through a bank branch offline.
Alternatively, you can also use the following methods to check the status of your loan application:
- UCO e-Banking service
- Contacting UCO Bank Customer Care
- In-Person visit to a nearby UCO Bank branch
Fees and Other Charges
Various charges are applicable to UCO Bank personal loan in addition to the interest payable. Some of these charges are as follows:
|Particulars||UCO Cash||UCO Pensioner Loan||UCO Shopper Loan Scheme|
|Processing Charges||1% of the loan amount, minimum Rs.750||NIL||1% of the loan amount with minimum of Rs.1,000|
|Late Payment Penalty||As per loan agreement||As per loan agreement||As per loan agreement|
How to Login on UCO Bank Portal
The following is a step-to-step guide to login on UCO Bank portal:
Step 1: On the UCO Bank website click on ‘E-Banking’ and select ‘Login’.
Step 2: Click on ‘Personal Banking’.
Step 3: Enter your User Id and click on ‘Login’. Once you are logged in, you can check your current loan details, apply for a new loan, check your eligibility for a new loan, etc.
UCO Bank Personal Loan Statement
You can avail your personal loan statement from UCO Bank either online or offline:
Online: You can log into the UCO Bank online portal using your User ID to view or download your personal loan statement.
Offline: You can either call up the UCO Bank customer care or visit the nearby UCO Bank branch in-person and request for a physical copy of your personal loan statement.
The following given table is an illustration of how monthly EMI of personal loan changes depending on interest rate, loan principal and loan tenure:
|Loan Principal @ interest|
Monthly EMI Payout
|1 Year Tenure||2 Years Tenure||3 Years Tenure||4 Years Tenure||5 Years Tenure|
|1 lakh @ 9.45%||Rs.8,766||Rs.4,589||Rs.3,201||Rs.2,510||Rs.2,098|
|5 lakh @ 10.95%||Rs.44,179||Rs.23,292||Rs.16,358||Rs.12,911||Rs.10,859|
|10 lakh @ 11.35%||Rs.88,545||Rs.46,771||Rs.32,905||Rs.26,016||Rs.21,917|
|15 lakh @ 15%||Rs.1.35 lakh||Rs.72,730||Rs.51,998||Rs.41,746||Rs.35,685|
Also read about UCO Bank Personal Loan EMI Calculator.
Comparison of UCO Bank PL vs. Other Lenders
Given below is a comparison of the key features of a personal loan from UCO Bank with other leading lenders in India:
|Particulars||UCO Bank||Axis Bank||HDFC Bank||Citi Bank||ICICI Bank|
|Interest Rate||Starting from 8.45% p.a.||Starting from 12.00% p.a.||Starting from 10.75% p.a.||Starting from 9.99% p.a.||Starting from 11.25% p.a.|
|Tenure||Up to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Up to Rs.10 lakh||Rs.50,000 to Rs.15 lakh||Up to Rs.40 lakh||Up to Rs.30 lakh||Up to Rs.20 lakh|
|Processing Fee||Up to 1% of loan amount||Up to 2% of loan amount||Up to 2.50% of the loan amount||Up to 3% of the loan amount||Up to 2.25% of loan amount|
UCO Bank Customer Care
- You can call on 1800-274-0123
- You can send an email to email@example.com
- You can also visit the nearest UCO Bank branch to get answers to your queries
Also Read UCO Bank Customer Care.
Benefits of Applying for Personal Loan at Paisabazaar
Paisabazaar offers an easy to access and use platform to compare personal loan offers based on interest rates, lenders, loan tenure and others. The following are some key benefits of applying for a personal loan on Paisabazaar.com:
- It is convenient to apply for personal loan at Paisabazaar from the comfort of your home or office
- Easy processing and quick documentation helps in availing personal loans with minimal hassle
- Dedicated customer care team offers end-to-end assistance for smooth processing of online application
- No necessity of visiting the bank branch to apply for personal loan which saves time and effort
Following are some of the important aspects that need to be considered while applying for personal loan:
- Make sure you check your credit score before applying for a loan. Usually 750 and above is considered an ideal credit score for successful personal loan application
- Read the terms and conditions along with applicable charges and fees before you opt for a personal loan
- Compare personal loan through multiple options such as loan principal, rate of interest, loan tenure and others with different lenders
- Always check your monthly EMI before applying for a personal loan and choose the tenure wisely. If your EMI is too high, it increases your risk of default while too low an EMI increases your total interest pay out
Q1. What is UCO Rin Jeevan Suraksha?
UCO Rin Jeevan Suraksha is a life insurance plan for UCO Bank personal loan borrowers that covers the outstanding loan principal in case of natural or accidental death of the borrower.
Q2. What is the processing fee if I opt for UCO Bank Pensioner Loan?
There is no processing fee for this loan scheme and it is only available to pensioners.
Q3. What is the repayment period of UCO Bank Pensioner Loan?
The repayment period of UCO Bank Pensioner Loan goes up to 48 months. Other types of personal loans from UCO Bank have repayment tenure of up to 60 months.
Q4. If I am an existing customer of UCO Bank from past 2 months, is it possible for me to apply for UCO Shopper Loan Scheme?
No, you can only apply for UCO Shopper Loan Scheme if you are an existing customer of UCO Bank from at least the past 6 months.
Q5. Would there be any pre-payment charges if I decide to prepay UCO Bank personal loan?
No, there are no pre-payment charges.
Q6. Are any applicants eligible for concessional rates on UCO Bank personal loans?
Yes. Women applicants of UCO Cash loan are offered a 0.25% p.a. discounted interest rate as compared to men. Similarly, UCO Bank staff pensioners are also eligible for a 1% relaxation on UCO Pension Loan interest charges as compared to other applicants.