Under the UCO Cash scheme, UCO Bank offers personal loans up to Rs.10 lakh or up to 10 times the monthly salary of the applicants.
UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial banks of India. Being a Commercial Bank, giving Loans and Advances is among their primary activities. Apart from their participation in meeting both Term Loan and Working Capital requirements of Agriculture sector, Trade and Service sector, Large/Medium and Small Scale Industries sector, Infrastructure sector etc. including taking care of their Export/Import and non-fund based needs like Letter of Credit, Bank Guarantee etc., UCO Bank have a fairly large basket of loan products specially designed to suit your personal needs.UCO Personal Loan provides you To extend financial assistance to certain segment to meet unforeseen domestic expenses like marriage, education, social obligation etc. To know more, follow some simple steps given below to get attractive deals.
|Rate of Interest||For Women : 11.20% ; For Men :11.45%|
|Processing Fee||1% (minimum Rs.750/-)|
|Loan Tenure||48 months -60 months|
|Guarantor Requirement||Guarantor Required.|
Being one of the major and oldest banks of the country, UCO Bank or United Commercial Bank as it was formerly known. Apart from being a commercial bank providing loans and advances among their primary activities, meeting term loans and working capital required by all sectors from agricultural, large/medium and small sectors, to infrastructure, trade and service sectors. UCO Bank has a variety of loans specially design to suit your needs.
One of them is the UCO Bank Personal Loans or UCO Bank Cash as they refer to it, this loan can be taken up by an individual who requires a Personal Loan for fulfilling the needs and requirements of him and his family, like education, marriage, medical treatments etc.
With our current financial situation in the Indian markets, the amount we save in fixed deposits, saving accounts etc., may not have the same value in the future. Having your liquid money locked up in investments restricts your ability to have enough to pay off or spend on things you need like paying off credit card bills, taking that much needed family vacation, remodelling of your home etc.
With the UCO Bank Personal Loan or UCO Bank Cash as it’s known all this is possible. UCO Bank, offers you a personal loan without collateral security for an amount of up to Rs. 2 Lacs, and for loans above that will need to put up collateral for only 40% of the loan amount.
Some of the key features of the UCO Bank Personal Loan or UCO Bank Cash is below:
|Loan scheme||UCO Cash||UCO Cash|
|Loan Amount||Minimum – Rs. 50,000
Maximum – Rs. 10, 00, 000
|Minimum – Rs. 50,000
Maximum – Rs. 10, 00, 000
|Repayment tenure||12 - 48 EMIs for men
12 - 60 EMIs for women
|12 - 48 EMIs for men
12 - 60 EMIs for women
|Rate of interest||base + 5.40% = 15.35% for men
base + 4.40% = 14.35% for women
|base + 5.40% = 15.35% for men
base + 4.40% = 14.35% for women
UCO Bank offers a host of personal loan schemes to eligible borrowers, with the interest varying according to the scheme. Benchmarks adopted by the bank help in computing this interest, with two benchmarks currently in use. While interest rates computed according to base rates have been used for a while, MCLR benchmarks were introduced recently, following RBI directives.
UCO Bank introduced MCLR based benchmarks following RBI directives, with these benchmarks offering a better picture of current financial conditions. Factors like CRR, repo rate, loan tenure, operating costs, etc. have a direct correlation with MCLR, with any change in these parameters having an impact on rates payable by a borrower. The table below highlights the rates applicable as of June 2016.
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
As per RBI guidelines, all consumers who avail a loan after April 1, 2016 will automatically fall under the ambit of MCLR. UCO Bank can choose to add a certain spread over and above this benchmark, with the final interest generally varying from case to case. The loan amount, repayment tenure, repayment mode (salary account with/without check-off), borrower income, etc. can all play a role in computing the final interest rate.
The base and prime lending rates at UCO Bank are highlighted below.
|Base Rate||9.70% per annum, effective October 5, 2015|
|Prime Lending Rate||14.25% per annum, effective October 5, 2015|
The date of loan approval plays a key role in determining the benchmark one falls under, with all borrowers who availed a loan before MCLR benchmarks were introduced having an option to choose their interest mode. They can either continue paying interest determined by factoring the base rate or move to MCLR. Those who refrain from migrating will pay an interest according to the loan scheme, with rates typically ranging between 12% per annum and 16% per annum. This is computed by adding a spread over the base rate, with it possible for one to avail preferential rates based on their relationship with the bank.
Note: UCO Bank reserves the right to change the aforementioned interest rates at its own discretion. All rates mentioned above are effective as of June 2016. Individuals looking to avail a loan from the bank are advised to check rates prevailing at the time of application.
Minimum age: 21 years for salaried individuals and must have completed 3 years of service in the same organisation.
Maximum age: 58 years for salaried individuals
Minimum income: Monthly take home, is more than 40% of your gross salary.Documentation required while applying:
Knowning exactly what you EMI for the month is was never as easy as using the BankBazaar.com Personal Loan EMI Calculator. It will help you work out the exact pattern of your loan repayment.
All you need to do is fill in the input boxes that match the loan parameters, like the loan amount, personal loan interest rate, processing fees, and the tenure of the personal loan and click on Calculate.
If you have applied through for your UCO Bank Personal Loan then all you need to do is login and check your status in real-time. If not you can contact the UCO Bank at their business hours and provide them with the application number and the credential they require and wait for their update.
EMI for a salaried individual can’t exceed 40% of his/her take home salary, for someone who is self-employed the value of the loan is determined by the profits earned.
You can find the application for the loan at the branch.
There is a 1% charge the minimum of Rs. 750/-
UCO Bank offers many different personal loans depending upon the reason for which the borrower requires the funds. For instance, the UCO Shopper Loan Scheme can be availed by individuals who require money to make purchases of household articles and consumer durables such as electronic gadgets, air conditioner, refrigerator, computer, television, etc. A top-up home loan can be availed by existing home loan customers to meet expenses related to children’s education, furnishing, repairs and renovation of their home, agricultural purposes, business needs, etc. The UCO Car Loan Scheme can be availed by individuals who wish to purchase a motor vehicle. The UCO CA Loan Scheme is available to chartered accounts who require funds to construct / acquire office premises or finance cost of construction and land, finance cost of fixture, furniture and fittings of computers and other office equipment. The UCO Cash Scheme can be availed by individuals who require funds to meet unforeseen domestic expenses such as social obligations, education, marriage, etc.
The documentation process for a personal loan from UCO Bank is fairly simple, and the documents accepted by the bank include passports, driver’s license, and Aadhar card for proof of identity. For proof of address, the documents accepted by the bank include telephone or electricity bills. Even a driver’s license with a mention of the customer’s current address is accepted. Payslips can be submitted as income proof.
After you have submitted your loan application along with the necessary documents, the bank will run a verification check to ascertain your eligibility for the loan. Your job status, job security, monthly income, outstanding debt, credit score, ability to repay and a few other factors will be considered to ensure that you’re a risk-free customer.
The bank will require you to have a good credit score before it sanctions any loan to you. However, you can take certain steps to increase your credit rating. Make sure that your ratio of secured loans to unsecured loans is good as the bank will consider you more responsible in this case. You must also make sure that you don’t make loan applications with too many banks as it can reduce your credit score. Your job status also plays a crucial role. Make sure that you don’t change jobs frequently as steady jobs and regular income are instrumental in the approval of a personal loan. The bank will only consider customers who have a steady job and are certain to draw an income that will help them clear their personal loan.
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