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.
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.