The eligibility to avail a personal loan from UCO Bank will depend on the type of loan you want to avail. UCO Bank offers personal loan under 5 categories – UCO Cash, UCO Pensioner, UCO Shopper Loan Scheme, UCO Securities, and Gold Loan Scheme. The maximum amount that can be availed is Rs.10 lakh and the maximum repayment tenure is 60 months. The interest rate on UCO Bank personal loans starts from 11.45% p.a.
|Name of the Scheme||Who Are Eligible||Income Criteria||Applicant’s Age|
||Net take home of the applicant should be more than 40% of net salary after the deduction of income tax, PF, and other statutory deductions||-|
|UCO Shopper Loan Scheme||
|UCO Securities||Anyone who holds financial securities held by state or central governments or RBI in the form of Kisan Vikas Patra, National Savings Certificate, Relief Bonds, LIC policies, etc.||-||-|
|Gold Loan Scheme||
Though your eligibility for a personal loan from UCO Bank is not entirely dependent on your income, it is an important factor that the bank may consider. With your salary, you may be offered a personal loan from UCO Bank but for that, you need to ensure that your take-home salary after all deductions is no lesser than 40% of your gross salary.
The maximum amount of loan that you are eligible for will depend on a lot of factors such as your income, any securities that you pledge, type of income etc. For instance, if you want to take a loan under the UCO Cash scheme, you can avail an amount up to 10 times your gross monthly income, subject to a maximum of Rs.10 lakh.
Yes. Most lenders will lend to you only if you have a healthy credit score (above 750) and hence, it is vital for you to apply for a loan only after checking your credit score. Doing so will let you take corrective measures to improve your score if it is low and if you have a good score, it will empower you to approach the lender with confidence.
Yes. UCO Bank offers personal loan against government securities under the UCO Securities scheme. You can pledge financial securities issued by the state or central governments/Reserve Bank of India (RBI) which include KVPs, relief bonds, NSCs, and any other government securities. You can also avail loans against Life Insurance policies of LIC and debentures or bonds issued by public financial institutions (PFIs).
The repayment tenure you choose on your personal loan from UCO Bank will not directly impact your eligibility but it will definitely infliuence the EMIs that you pay. For instance, if you choose a shorter repayment tenure, your EMIs will be higher but you will pay lesser interest as you will be paying off the loan quicker. On the other hand, a longer repayment tenure will reduce your EMIs but will result in you paying higher interest over the loan tenure.
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