UCO Bank Personal Loan Details
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|UCO Bank Personal Loan Details Updated on
- UCO Cash Loan: Up to 10 lakhs or Rs. 15 lakhs
- UCO Pensioner Loan: Up to Rs. 3 lakhs to Rs. 5 lakhs
- UCO Shopper Loan: Up to Rs. 2 lakhs
- UCO Securities: Based on the discounted value of maturity proceeds
- UCO Gold Loan: Up to 75% of the gold’s market value
||Up to 84 months, depending on the loan scheme
||As per the loan scheme detailed in the post
UCO Bank Personal Loan offers cash loans for multiple financial requirements such as marriage, medical emergency, social obligations, etc. It also has loans for pensioners for those up to 74 years of age. Then there is the UCO Shopper Loan Scheme for the purchase of consumer durables. The bank also offers credit against securities such as KVP, NSC, LIC, etc. Last but not the least, it has a personal loan against gold ornaments, where the margin is 25% of the gold's market value.
In this post, we will discuss UCO Bank Personal Loan types, their features, end purpose, loan amount, eligibility criteria, tenure, repayment, income criteria, interest rate, guarantee (if any), and frequently asked questions.
Features and Types of UCO Bank Personal Loan
Here are the types of personal loans by the UCO Bank and their features:
1. UCO Cash Personal Loan
Here is more to know:
- Purpose and Loan Amount: The UCO Cash Personal loan is to meet expenses of education, agriculture, marriage, social obligations, and more. No collateral is required. For employees of State or Central Government, the maximum loan amount is 20 times the gross monthly income, with Rs. 15 lakhs capping. For other employees of the government, the maximum loan amount is 10 times the gross monthly income, and Rs 10 lakhs capping.
- Tenure and Processing Fee: For employees of State or Central Government, the EMIs are spread over up to 84 months. The same is for 60 months for other government employees. The repayment tenure is fixed in a way that the loan is repaid a year before retirement. The processing fee for UCO personal loan here is 1% of the loan amount, subject to a minimum of Rs. 750.
- Eligibility Criteria: The applicant has to be a confirmed and permanent employee of a Public Sector Undertaking/State or Central Government/Aided Educational institution or other educational institutions/Autonomous Body/Department/Entity/Undertaking/Private College/School Teaching Staff/University. He/she must have completed 2 years of service with the same organization. Also, the borrower should have a salary account with one of the UCO Bank branches.
- Income Criteria: The applicant must have a net take-home pay of at least 40% of his/her gross salary after deduction of IT, PF, and other deductions including UCO Cash Loan, EMI, and other loans, subject to Rs. 10,000 as the minimum take-home per month.
- Interest Rate: The UCO Cash Loan interest rate for Central or State Government employees is UCO Float Rate + 3.15%, which is 6.90% + 3.15%, so the UCO Bank personal loan interest rate for this scheme is 10.05% per annum. The same for other government employees is 10.30% per annum i.e. UCO Float Rate + 3.15%, which is 6.90% + 3.40%.
2. UCO Pensioner Loan
Here are the details of this UCO Bank Personal Loan:
- Purpose: This loan is for pensioners who get their pension credited in the UCO Bank branch. Or, even the ex-employees of the bank who draw pension through the UCO Bank, can also apply for the facility. The purpose of the funds is to meet expenses of marriage, medical needs of self/dependent children/spouse, education of dependent children, mediclaim premium payment for self and dependents, funeral, repairs of the house, agriculture, etc.
Loan Amount: For pensioners with the facility of family pension and spouse still alive is 12 times of the pension in a month, subject to Rs. 10 lakhs maximum for borrowers up to 70 years of age, or Rs. 5 lakhs maximum for borrowers over 70 years of age to 74 years of age.
The loan amount is 10 times the monthly pension, with the maximum capping of Rs. 3 lakhs for borrowers who are pensioners without family pension facility or pensioners whose spouse is predeceased, or family pensioners such as a spouse who gets the pension after the death of the pensioner.
- Interest Rate: The UCO Bank personal loan interest rate for pensioner loans is UCO Float Rate + 3.55% for the general public. The same is UCO Float Rate + 2.55% is for UCO Bank Staff Pensioners.
- Guarantee: There is a requirement for a personal guarantee of the spouse who can get a family pension in case of the death of the pensioner. In the case of widows or war widows, and a co-borrower is not present, then a guarantee of a third party is necessary with sufficient income.
Repayment: You have to pay the entire loan before reaching 75 years of age. Also, no new loan can be sanctioned after the pensioner attains 74 years of age. The tenure is up to 48 months. This is true for pensioners with the provision of family pension, whose spouse is living. For them, the loan has to be repaid before they reach 75 years of age.
At the time of loan application, the age must not go over 74 years. In the case of family pensioners i.e. spouse who gets pension on the pensioner's death or pensioners where the spouse is predeceased or pensioners without family pension facility, the tenure is 48 months. The loan in this case has to be repaid before the borrower reaches 72 years of age.
3. UCO Shopper Loan Scheme
Here is more about this personal loan UCO Bank:
- Purpose and Loan Amount: This is a loan for the purchase of consumer durables such as air conditioner, refrigerator, television, electrical or electronic gadget, computer, etc. The loan amount is 10 times the monthly take-home pay or up to Rs. 2 lakhs, whichever is lower. The margin is 20% of the total cost of the item.
- Eligibility Criteria: The loan is for existing customers of UCO Bank who has a relationship with this institution for at least 6 months. The borrower must be a professional/self-employed/permanent employee of PSU, Government, Semi-government, reputed private firm, University with at least 1 year in service, and minimum 5 years of service in total/businessman. The age limit for the salaried borrower is 21 years to 60 years. The age limit for the non-salaried borrower is 21 years to 65 years.
Income Criteria: For salaried borrowers, the gross monthly salary must be at least Rs. 30,000 at metro centres. The same is Rs. 20,000 per month for other centres. The take-home pay must be at least 40% per month after the deduction of the UCO Bank personal loan EMI deduction or Rs. 10,000, whichever is higher.
For a non-salaried borrower, the income per annum must be at least Rs. 4 lakhs as reflected in the latest ITR. The minimum surplus should be 40% after deduction of the EMI for the proposed UCO personal loan, and IT and other requirements, or Rs. 10,000, whichever is higher.
- Interest Rate: The UCO Shopper Loan interest rate for salary tie-up/100% liquid security is UCO Float Rate + 1.55%. For other instances, the interest rate is UCO Float Rate + 2.55%.
- Repayment: The maximum tenure is 60 months.
4. UCO Securities
Here is more on UCO Securities personal loan scheme:
- Purpose: The credit facility is against financial securities for borrowers. The financial security in question must have been issued by State Govt./Central Govt./RBI in the form of Kisan Vikas Patra, Relief Bonds, Government Securities, National Savings Certificates. The loan is also provided against LIC by Life Insurance Corporation of India and debentures/bonds issued by Public Financial Institutions.
- Margin: The margin is on the discounted value of the proceeds from maturity of the financial security discounted at the base rate.
- Eligibility Criteria: The securities must be in the name of the borrower. If it is a joint loan, then the securities must be in the name of one of the joint borrowers. The securities must be assigned/pledged or transferrable in the favour of UCO Bank.
- Interest Rate: The UCO Securities Loan interest rate is UCO Float Rate + 3.65%.
- Repayment: The loan tenure is up to 5 years or the remaining period of maturity.