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    UCO Bank Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.20% - 12.45% Fixed
    1% (min. ₹750) One time fee
    10L Max
    4-5 Years
    Response Time Within 30 minutes
    Think about
    Eligibility Criteria

    UCO Bank Personal Loan


    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.

    You’re probably eligible for an UCO Bank Personal Loan if you are

    UCO Bank Personal Loan Minimum Age

    At least 21 years old

    UCO Bank Personal Loan Maximum Age

    Less than 58 years old

    UCO Bank Personal Loan Eligible Employment Type

    More than 40% of gross salary

    UCO Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required

    Your UCO Bank Personal Loan amount eligibility is based on these factors

    UCO Bank Personal Loan Minimum Salary

    More than 40% of gross salary

    UCO Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 10 lakhs

    UCO Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible UCO Bank Personal Loan amount by these steps

    UCO Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your Credit Card bills


    Choose longer tenure loan up to 48 months - 60 months

    Documentation needed to apply for an UCO Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    UCO Bank Personal Loan Interest RatesUpdated on 24 Oct 2016

    UCO Bank Personal Loan Details
    Rate of Interest For men :12.45%, For Women :12.20%
    Processing Fee 1% (minimum Rs.750/-)
    Loan Tenure 48 months -60 months
    Guarantor Requirement Guarantor Required.

    About UCO Bank Personal Loan

    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.

    Why choose UCO Bank Personal Loan?

    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:

    • The maximum loan amount is Rs. 10,00, 000
    • No collateral is required for a loan of up to Rs. 2, 00, 000
    • Women have a concessional rate of interest
    • Processing charges are just 1 % amounting to a minimum of Rs. 750/-
    SalariedSelf employed
    Loan schemeUCO CashUCO Cash
    Loan AmountMinimum – Rs. 50,000
    Maximum – Rs. 10, 00, 000
    Minimum – Rs. 50,000
    Maximum – Rs. 10, 00, 000
    Repayment tenure12 - 48 EMIs for men
    12 - 60 EMIs for women
    12 - 48 EMIs for men
    12 - 60 EMIs for women
    Rate of interestbase + 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 Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    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)
    Overnight 9.30%
    1 month 9.40%
    3 months 9.45%
    6 months 9.50%
    1 year 9.55%
    2 years 9.65%

    Personal loan interest 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.

    UCO Bank Base and Prime Lending Rates (For existing borrowers)

    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

    UCO Bank personal loan interest rate (Base Rate)

    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:
    • Signed application along with photograph
    • Identity proof: Voter’s ID/ Passport/ Driving License
    • Cheque for the processing fees
    • 3 months bank statement
    • For salaried applicants: 3 months pay slip and Form 16 with the latest salary certificate
    • For self employed applicants: Latest bank statement and Income tax returns or Form 16

    Knowning exactly what you EMI for the month is was never as easy as using the 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.

    • Can I check my UCO Bank Personal Loan status?

      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.

    • What will be my maximum EMI for a month?

      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.

    • Q. Where can I apply for a UCO Bank Personal Loan?

      You can find the application for the loan at the branch.

    • Is there any processing charges for applying for the UCO Bank Personal Loan?

      There is a 1% charge the minimum of Rs. 750/-

    • What are the different kinds of personal loans offered by UCO Bank?

      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.

    • What documents must I submit when applying for a personal loan from UCO Bank?

      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.

    • What factors are taken into consideration by the bank when checking my eligibility for a personal loan?

      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.

    • Can I avail a personal loan despite having a poor credit score?

      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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    UCO Bank Personal Loan Reviews

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