UCO Bank Mudra Loan

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.

UCO Bank Mudra Loan Details

Eligibility Criteria for UCO Bank Mudra Loan

The following categories of applicants can get a Mudra loan from UCO Bank:

• Individuals
• Partnership Firms
• Proprietary Concerns
• Public Companies
• Private Ltd. Companies

• Other Legal Firms

Other Loans under Mudra Scheme

Apart from the business loan detailed above, UCO Bank also offers vehicle loans under the Mudra scheme:

Two Wheeler Under 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:

1. This loan is available at all UCO bank branches and can be availed by non-salaried individuals.

1. This is a type of term loan.

1. All loans disbursed through this product are classified under MSME or MUDRA scheme.

1. The primary security for this loan can be the hypothecation of assets taken with the loan amount. There is no need for a collateral security or third-party guarantee.

1. A comprehensive insurance policy should be taken for the two-wheeler with bank clause.

1. Hypothecation clause should be registered with the Regional Transport Authority.

1. All documents and RTO vehicle transfer forms may have to be furnished at the bank.

E-Rickshaw Under Mudra Scheme

The objective of this loan is to provide funding for the purchase of an e-rickshaw under the Mudra scheme.

Highlights of the loan:

1. This term loan is available at all UCO bank branches.

1. The e-rickshaw should be marked as hypothecation under the scheme.

1. The permit and clearance required for operating the e-rickshaw should be obtained by the borrower from the local authorities.

1. Only 1 loan will be provided per individual borrower.

1. The primary security for this loan can be the hypothecation of assets taken with the loan amount. There is no need for a collateral security or third-party guarantee.

1. A comprehensive insurance policy should be taken for the e-rickshaw with bank clause.

*Interest will be served during the moratorium period