• UCO Bank COVID-19 Personal Loan

    UCO Bank like various banks in India is offering personal loans to its customers which will allow them to take care of their personal needs and meet the cash crunch caused due to the outbreak of Coronavirus. The customer can apply for a Covid-19 personal loan online at an affordable rate of interest and take care of their immediate financial requirements.

    UCO Bank Covid-19 Personal Loan interest rate and processing fee

    Interest Rate 7.50%
    Processing Fee NIL

    UCO Bank Guaranteed Emergency Credit Line (GECL)

    This scheme aims to provide relief to those associated with the MSME sector. The sector has suffered due to the outbreak of Coronavirus, and this scheme aims to provide working capital to those in this sector to restart their business. Given below are further details about this loan scheme which you should be aware of:

    • Repayment tenure of up to 4 years.
    • Moratorium period of 1 year.
    • Maximum loan amount of up to Rs.5 crore or up to 20% of the outstanding loan of up to Rs.25 crore as on 29 February 2020.
    Interest Rate 7.50%
    Processing Fee NIL

    Eligibility criteria

    Given below are the eligibility criteria you will have to fulfill in order to avail this loan scheme:

    • MSME or business accounts with combined outstanding loans with all banking bodies of up to Rs.25 crore as on 29 February 2020.
    • Business with an annual turnover of Rs.100 crore in FY19-20 are eligible.
    • Businesses who under Pradhan Mantri Mudra Yojana (PMMY) got their loans sanctioned and disbursed before 29 February 2020 are eligible to apply for this scheme.
    • There should be no overdue accounts with payments pending for 60 days and above with any lending body since 29 February 2020.
    • Business enterprises and other MSMEs must be GST registered.
    • Loans provided on an individual basis will not be covered under the scheme.

    Documents required

    You will have to provide the necessary KYC documents. However, for further information contact the bank.

    How to apply

    You can apply for this loan scheme by following the process given below:

    • Visit the official website of UCO Bank.
    • On the home page click on ‘For Covid-19 related click here’.
    • You will be directed to a new page, where you will have to click on ‘Application for UCO SAHYOG COVID 19 / UCO Emergency Credit Line (For existing borrowers only)’
    • Enter your 14-digit loan account number and 10-digit mobile number. Complete the security check and click on ‘Generate OTP’.
    • A One-Time Password (OTP) will be sent to your mobile number. Enter the OTP, and you will then enter the portal. You can then follow the instructions and apply for the loan scheme.
    • If you meet the eligibility criteria and the documents submitted by you is correct, the bank will disburse the loan amount to the bank.

    If you are a UCO Bank customer and associated with MSME sector, then it is ideal to avail this loan scheme in order to restart your business which may have temporarily stopped due to the impact caused by Covid-19. In case of any doubt, it is advisable to immediately get in touch with the bank by calling its customer care number or visiting the nearest branch if possible.

        

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