• UCO Bank Pension Loan

    The need for money can arise at any time and for any reason. Pensioners may find it hard to get loans to meet these expenses. UCO Bank offers the UCO Pensioner Loan to help overcome financial troubles and obligations. Pensioners can avail of up to 10 times their monthly pension and repay it in 36 instalments. UCO bank requires guarantors but waives off processing charges.

    Features and Benefits of UCO Pension Loan

    Purpose: The bank lends personal loans to pensioners to help them meet their expenses that includes medical care, mediclaim premiums, marriage expenses, educational expenses, travel, house repairs and funeral expenses.

    Loan Quantum: For pensioners without family pension, the bank sanctions 10 times the monthly pension. This is subject to a maximum of Rs.2 lakhs.

    For pensioners with family pension, the bank sanctions 10 times the monthly pension. This is subject to a maximum of Rs.3 lakhs.

    Processing Fees: UCO Bank does not levy any processing charges on these loans.

    Prepayment Charges: UCO Bank does not levy any charges for prepaying the loan.

    Repayment: The loan is offered for a maximum tenure of 36 EMIs. The loan should be cleared before the applicant reaches 72 years of age.


    • A personal guarantee from the spouse is required. The spouse should be eligible to receive the pension in case of the pensioner’s death.
    • In the absence of the spouse, the children of the pensioner or a third party can stand as guarantor.
    • For widows and war widows, a co-borrower is required. If there is not co-borrower available, a third party guarantor of sufficient means will suffice.

    UCO Bank Pension Loan Interest rates

    The interest rate payable on the UCO Pensioner loan is as listed below. The rates listed below are the current interest rates of the bank and are subject to change.

    Base Rate Margin Interest Rate
    9.70% 4% 13.7%

    Eligibility Criteria for UCO Bank Pension Loan

    A short term personal loan is available from UCO Bank to the following individuals:

    • Pensioners who receive their pension through any UCO Bank branch
    • War widows and widows drawing pension through any UCO Bank branch. The bank required a co-borrower of sufficient worth.

    Documents required for UCO Pension Loan

    • Statement of means of the Applicant in the set format
    • 2 recent passport size photos
    • Proof of identity and age. Out of the documents listed below, you must submit any two. But one document out of the first five is mandatory.
      • Driving Licence
      • Voter’s ID
      • Ration Card
      • PAN Card
      • Passport
      • Office identity card
      • School leaving certificate
      • Birth certificate
    • Statement of accounts or Bank’s passbook for last 6 months of the applicant and guarantor
    • Proof of Income
    • Copy of the pension payment order
    • Employment verification certificate
    • Salary slip of the past three months
    • Form 16 issued by employer
    • Income tax returns or assessment order
    • For Loan Take Over, you need to submit these additional documents.
    • Statement of loan account with the other financial institution or bank
    • Copy of the sanction advice issued by the bank or financial institution
    • Statement of expenditure to be incurred

    FAQs on UCO Pension Loan

    1. What is the maximum age limit for the UCO Pensioner Loan?

      The maximum age limit is set at 72 years which is the age at which the loan should be fully repaid.

    2. Are there any charges for foreclosure?

      No, UCO Bank does not levy any charge for foreclosure of the UCO Pensioner loan.

    3. Are there any service charges attached to the loan?

      No, UCO bank does not levy any processing charge or service charge on the loan.

    4. What is the maximum loan amount granted by UCO Bank for pensioners?

      The maximum amount under all favourable conditions is Rs.3 lakhs. This depends on your monthly pension and whether you have family pension.

    5. Is this loan linked to MCLR?

      Yes, loans sanctioned after April 1st will be linked to the MCLR as this loan is based on a floating rate of interest.

    6. How do I apply for the UCO Pensioner Loan?

      To apply for this loan, you need to contact the nearest UCO Bank branch.

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