|UCO Bank Personal Loan Interest Rates 2018|
|Interest rate||12.30% p.a. for men 12.05% p.a. for women||12.30% p.a. for men 12.05% p.a. for women|
|Loan Amount||Up to Rs.10 lakhs||Up to Rs.10 lakhs|
|Loan Tenure||Up to 5 years||Up to 5 years|
|Lowest EMI||Rs.2,239.63 for men Rs.2,226.97 for women (For Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate).||Rs.2,239.63 for men Rs.2,226.97 for women (For Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate).|
|Processing Fee||1% of the loan amount with a minimum of Rs.750||1% of the loan amount with a minimum of Rs.750|
|Age||21 to 65 years||21 to 65 years|
UCO Bank offers personal loans for borrowers who wish to purchase goods and electronic items, to fulfil personal financial needs, fund travel and tours. UCO Bank also offers loans for Pensioners to help them with their financial requirements.
UCO Bank personal loan interest rates depends the borrower’s on income, borrower’s credit history, the RBI rates, inflation etc. UCO Bank personal loan interest rate for the year 2015 is 14.60 percent per annum. The bank ensures that the interest rates is not burdening the borrower.
EMI or Equated Monthly Instalment is the amount that the borrower has to pay back to the bank. It consists of interest and principal amount. The principal amount and interest is divided by the tenure that the loan was taken for. The formula to calculate the EMI is:
EMI= Principal X Rate of interest on a monthly basis X (1+rate of interest on a monthly basis) to the power of the loan tenure divided by [(1+rate of interest on a monthly basis) to the power of the loan tenure – 1]
To make the EMI calculation easy, you can use the free online EMI Calculator available on BankBazaar.com. You get an amortization table that contains details of how much of the EMI amount is going towards the principal amount payment and how much of it covers the interest amount.
For example, Mr. Ronny has taken a personal loan for Rs.1 lakh from UCO Bank. The interest rate he is being offered is 10.95 percent for a tenure of 5 years. By the end of the fifth year, he would have paid Rs.30,305 towards total interest and his loan EMI is Rs.2,172. He will be paying 23.3 percent towards the interest and 76.7 percent towards the principal loan amount. His amortization table will look as follows:
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
UCO Bank personal loan interest rate varies for every applicant due to the following factors:
If the loan tenure is short, the interest rate is high when compared to loans with a longer tenure.
UCO Bank checks a person’s repayment capacity before offering him a loan and before deciding the interest rate. The bank will make sure that after paying the EMI, you will have enough money left for the rest of the month. The bank also looks into the borrower’s assets and his creditworthiness.
Banks prefer to give loans to those who have a constant income and they try and stay away from young applicants as they are not so stable at their job. UCO Bank offers personal to permanent employees, self-employed, businessmen and pensioners.
If you have a good relationship with the bank then you may stand a chance to get a discount on the processing charges or might get a reduced interest rate. You can also get a discount on the prepayment charge as well.
The interest rates and processing charges are charged at the sole discretion of the bank and are subject to change.
The applicant’s CIBIL score and credit report plays a major role when the bank is deciding on the interest rate that is to be offered for his loan. If the borrower’s CIBIL score is 750 and above, then he will be able to bargain with the bank and ask for a lower interest rate. Those with a lower score will be termed risky and the bank might offer personal loan at a higher rate of interest. Credit report documents the borrower’s repayment history. The bank checks how efficiently you have made the payments on all the loans that you have taken in the past. If your score is low, then you can fix the score before applying for a loan.
Before applying for a Personal Loan, you must know the following factors:
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