UCO Bank Personal Loan Interest Rates

The UCO bank provides personal loans to its borrowers at various interest rates. These rates depend on the RBI rates, credit history, inflation, borrowers’ income, etc. The interest rates applicable to UCO personal loans in 2015 were 14.60 % p.a. The bank ensures no burden to be implied on the borrowers.

Interest rates on personal loans at UCO Bank in 2017

Particulars

Salaried Individuals

Self-employed Individuals

Interest rate

Men - 12.3 % p.a.

Women - 12.05 % p.a.

Men - 12.3 % p.a.

Women - 12.05 % p.a.

Loan value

Maximum Rs 10 lakhs.

Maximum Rs 10 lakhs.

Tenure of the loan

Maximum 5 years

Maximum 5 years

Least EMI

Men – Rs 2239.63

Women – Rs 2226.97

Calculated on the loan value of Rs 1 lakh with the maximum availing period at the lowest interest rate.

Men – Rs 2239.63

Women – Rs 2226.97

Calculated on the loan value of Rs 1 lakh with the maximum availing period at the lowest interest rate.

Processing Fee

1 % of the total loan value. Minimum being Rs.750

1 % of the total loan value. Minimum being Rs.750

Age

21 - 65 years

21 - 65 years

Key points to remember about interest rates on UCO personal loans
  • If the interest rates are set fixed on your loan, you have to pay the fixed interest amount throughout.
  • If the loan is availed on the floating rates of interest, the interest amount and EMI will vary depending on the base rate.
  • Security is mandatory in case of UCO pensioner or UCO Bank Yatra Loan.
  • If the repo rates increase, the interest rates will also increase.
  • UCO personal loans are offered only to permanent employees, businessmen, self-employed individuals and pensioners.
Factors that affect the interest rates on UCO personal loans
  • Tenure of the loan – If the tenure is short, then the interest rates shall be higher compared to what is charged for a longer tenure.
  • Repayment capacity – The bank checks the applicants’ repayment capacity before offering the loan and deciding the interest rates. The bank ensures that on payment of an EMI, you are left with enough money to handle your expenses. It will also consider your credit worthiness and assets.
  • Borrowing class – the loans are prioritized for people with a steady income. They stay away from young individuals due to the perception they are usually not stable on their job. They prefer offering loans to persons with a permanent income, businessmen, self-employed and pensioners.
  • Relationship with the bank – a good relationship with the bank can get you amazing discounts on the processing fee, interest rates or even prepayment charges.

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