UCO Bank offers business loans under the Mudra loan scheme. These loans help aspiring entrepreneurs to set up small businesses. Existing businesses can also avail these loans for the expansion of their activities. The interest rate on UCO Bank Mudra loans is 8.85% p.a.
Interest Rate | 8.85% p.a. |
Minimum Loan Amount | No limit |
Maximum Loan Amount | Rs.10 lakh |
The following categories of applicants can get a Mudra loan from UCO Bank:
Apart from the business loan detailed above, UCO Bank also offers vehicle loans under the Mudra scheme:
The objective of this loan is to provide funding for the purchase of a two-wheeler under the Mudra scheme.
Highlights of the loan:
Interest Rate | 8.85% p.a. |
Loan Repayment | 60 EMIs (starting a month after loan disbursal) |
Loan Amount |
|
Margin | Nil |
The objective of this loan is to provide funding for the purchase of an e-rickshaw under the Mudra scheme.
Highlights of the loan:
Interest Rate | 8.85% p.a. |
Loan Repayment | 60 to 84 EMIs with moratorium period of 3 months* |
Loan Amount | Need-based loan; no minimum amount restriction |
Margin | Nil |
*Interest will be served during the moratorium period
UCO Bank Mudra Loan is a financing scheme offered by UCO Bank to support micro-enterprises and small businesses under the Mudra Yojana initiative.
The interest rate for UCO Bank Mudra Loan varies depending on factors such as the loan amount, repayment tenure, and the applicant's creditworthiness.
For loans up to Rs. 10 lakh, UCO Bank generally does not require collateral or third-party guarantee. However, this may vary based on the loan amount and other factors.
The repayment tenure for UCO Bank Mudra Loan can extend up to 5 years, depending on the loan amount and the borrower's repayment capacity.
The processing time for UCO Bank Mudra Loan applications may vary, but it usually takes a few days to a few weeks, depending on the completeness of the application and other factors.
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