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.
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.
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|
A short term personal loan is available from UCO Bank to the following individuals:
The maximum age limit is set at 72 years which is the age at which the loan should be fully repaid.
No, UCO Bank does not levy any charge for foreclosure of the UCO Pensioner loan.
No, UCO bank does not levy any processing charge or service charge on the loan.
The maximum amount under all favourable conditions is Rs.3 lakhs. This depends on your monthly pension and whether you have family pension.
Yes, loans sanctioned after April 1st will be linked to the MCLR as this loan is based on a floating rate of interest.
To apply for this loan, you need to contact the nearest UCO Bank branch.
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