UCO Bank Pension Loan

For pensioners with a provision for family pension and whose spouse is still living:

They can receive 15 times their monthly pension (excluding any arrears), with a maximum limit of:

1. Up to Rs.10.00 lakh for those aged 70 or younger
2. Up to Rs.5.00 lakh for those aged between 71 and 74

For the following categories:

1. Family pensioners (spouse receiving pension after the pensioner's death)
2. Pensioners without a family pension provision
3. Pensioners whose spouse has passed away

These individuals are eligible for 10 times their monthly pension, with a maximum limit of Rs.3.00 lakh.

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:

Repayment in up to 48 Monthly Installments

For pensioners with a family pension provision and a living spouse:

1. The loan repayment period should be structured so that the entire loan is repaid before the pensioner turns 75. However, the pensioner's age should not exceed 74 at the time of applying for the loan.

For the following categories:

The loan must be repaid within 48 EMIs or before the pensioner reaches 72 years of age, whichever comes first:

1. Family pensioners (spouse receiving pension after the pensioner's death)
2. Pensioners without a family pension provision
3. Pensioners whose spouse has predeceased.

Security

1. A personal guarantee from the spouse is required. The spouse should be eligible to receive the pension in case of the pensioner's death.
2. In the absence of the spouse, the children of the pensioner or a third party can stand as guarantor.
3. 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.

Eligibility Criteria for UCO Bank Pension Loan

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

1. Pensioners who receive their pension through any UCO Bank branch
2. 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

1. Statement of means of the Applicant in the set format
2. 2 recent passport size photos
3. 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.
   1. Driving Licence
   2. Voter's ID
   3. Ration Card
   4. PAN Card
   5. Passport
   6. Office identity card
   7. School leaving certificate
   8. Birth certificate
4. Statement of accounts or Bank's passbook for last 6 months of the applicant and guarantor
5. Proof of Income
6. Copy of the pension payment order
7. Employment verification certificate
8. Salary slip of the past three months
9. Form 16 issued by employer
10. Income tax returns or assessment order
11. For Loan Take Over, you need to submit these additional documents.
12. Statement of loan account with the other financial institution or bank
13. Copy of the sanction advice issued by the bank or financial institution
14. Statement of expenditure to be incurred

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score