Overview about UCO Shopper Loan Scheme
The Shopper Loan Scheme from UCO Bank is a simple finance option for customers who wish to purchase durables like computers, refrigerators, electronics or electrical gadgets, air conditioners, televisions, etc.
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Eligibility criteria for UCO Bank Shopper Loan Scheme
Customers who wish to apply for a UCO Shopper loan scheme must meet the following eligibility criteria:
- They must be existing customers of the bank for at least six months from the date on which they apply for a loan
- They must be professionals, self-employed individuals or businessmen, or permanent employees of universities, public sector units, the government, or reputed private firms with at least one year of service and a service period of at least five years.
- If the applicant is a salaried individual, the minimum salary that he/she must earn is Rs.30,000 if they reside in metros, and Rs.20,000 if they reside in other centres.
- The minimum take home salary of the applicant must be at least 40% post deductions and EMI of the proposed loan, or Rs.10,000, whichever is more.
- If the applicant is a non-salaried individual, the minimum income that he/she must earn to gain eligibility for this loan is Rs.4 lacs per annum.
- The applicant must also have a minimum of 40% surplus following consideration of the proposed loan’s EMI and Income Tax as well as other obligations, or Rs.10,000, whichever is more.
- The minimum age requirement for a salaried individual is 21 years and the maximum age is 60 years.
- The minimum age requirement for a non-salaried applicant is 21 years and the maximum is 65 years.
Features of UCO Shopper Loan Scheme
- The maximum amount of money that can be borrowed is Rs.2 lacs or ten times of monthly take home income, whichever is lower.
- The processing fee charged is 1% of the total loan amount plus Rs,1000.
- The margin on the loan is 20% of the overall article cost.
- The repayment of the loan must be done within a maximum of 60 EMIs.
Benefits of UCO Shopper Loan Scheme
- No prepayment charges
- Low processing fee
- Minimal documentation
- Hassle-free application procedure
- Dedicated team for customer service
- Flexible repayment period
Interest Rate of UCO Bank Shopper Loan Scheme
If the loan is secured by providing 100% liquid collateral security or a salary tie-up arrangement, the interest rate on the loan will be the base rate plus 1% (floating). In every other case the rate of interest is the base rate plus 2% floating.