• UCO Personal Loan

    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 with interest rate ranging between 8.40% p.a. and 10.55% p.a.

    • No collateral required
    • Lower interest rates for women applicants
    • Maximum repayment tenure of 5 years
    • Processing fee of 1% subject to a maximum of Rs.1,000
    • Minimum 2 years of service required to be eligible for the scheme
    • Income criteria will depend on the personal loan scheme you are looking to avail along with your eligibility criteria
    More

    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.

    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 Details

    Rate of Interest 8.40% p.a. and 10.55% p.a
    Processing Fee 1% (maximum Rs.1,000/-)
    Loan Tenure 12 months -60 months
    Guarantor Requirement Guarantor Required.

    About UCO Bank Personal Loan

    Enquire for UCO Personal Loan

    There are various personal loan schemes offered by the bank which the customer can avail based on their needs and provided they meet the eligibility criteria.

    The schemes offered by UCO Bank are:

    • UCO Cash
    • UCO Pensioner Loan
    • UCO Shopper Loan Scheme
    • UCO Securities
    • Gold Loan Scheme

    UCO Cash

    You can avail yourself of this loan to meet your various financial requirements such as to meet the cost of education, marriage, etc.

    Details of UCO Cash

    Eligibility
    • You should be a permanent employee working for at least 2 years in an organisation
    • You must have a salary account with UCO Bank
    Income criteria Home pay should not be less than 40% of your gross salary after the deduction of PF subject to a minimum of Rs.10,000
    Loan amount 10 times of gross monthly income subject to a minimum of Rs.10 lakh
    Security Not required
    Rate of interest 10.05% p.a. for women and 10.3% p.a. for men
    Repayment tenure Up to 5 years
    Processing fee 1% of the loan amount subject to a minimum of Rs.750

    UCO Pensioner Loan

    Ex-employees of UCO Bank and individuals who receive pension from the bank can avail this loan scheme to meet your various financial requirements.

    Details of UCO Pensioner Loan

    Eligibility
    • Ex-employees of UCO Bank
    • Those who receive pension from the bank
    Loan amount
    • For pensioners who receive pension to take care of their family members and if the spouse is alive, the loan amount should be 12 times the:
    • Maximum of Rs.10 lakh for age up to 70 years
    • And maximum of Rs.5 lakh for ages between 70 years and 74 years
    • 10 times the pension amount subject to a maximum of Rs.3 lakh if the pensioner is living without family pension provision, or has their spouse pre-deceased, or if the pensioner expires in which case the spouse is receiving the pension amount.
    Security Personal guarantee will be required
    Rate of interest 9.45% p.a. - 10.45% p.a.
    Repayment tenure Up to 4 years
    Processing fee Nil

    UCO Shopper Loan Scheme

    Individuals can avail this loan to purchase consumer durable items such as television, refrigerator, computer, etc.

    Details of UCO Shopper Loan Scheme

    Eligibility
    • Any working professional with a minimum work experience of 1 year and maximum of 5 years
    • The applicant must be a customer of UCO bank for at least 6 months
    Income criteria
    • Minimum monthly pay of 40% p.m. after all deductions or Rs.10,000 whichever is higher
    • Minimum gross salary of Rs.3,000 if you reside in a metro city, and Rs.2,000 if you reside in a semi-urban or rural city.
    Loan amount Rs.2 lakh or 10 times the monthly salary whichever is less
    Security Not required
    Rate of interest 8.4% p.a. - 9.4% p.a.
    Repayment tenure Up to 5 years
    Processing fee 1% of the loan amount subject to a minimum of Rs.750

    UCO Securities

    Under this loan scheme, credit facilities are extended by the State or Central Government or Reserve Bank of India (RBI) in the form of bonds, National Savings Certificates, etc. Under this scheme, you can also avail a loan against life insurance policy offered by Life Insurance Corporation (LIC) of India.

    Details of UCO Securities

    Eligibility
    • The securities should be in the name of the borrower or the joint borrowers
    • Securities should be transferrable and be named in the favor of the bank
    Margin Margin offered will be on the discounted value of the maturity proceeds of the security
    Nature of facility Cash credit, overdraft, or demand loan
    Security Bonds, National Saving Certificates, LIC policies, etc.
    Rate of interest 10.55% p.a.
    Repayment tenure Up to 5 years
    Processing fee Rs.250 per case

    UCO Gold Loan Scheme

    You can avail yourself of a gold loan scheme from UCO Bank by offering gold ornament or jewellery as your collateral. The loan amount you can avail will also depend on the value of the gold you will provide as collateral.

    Details of UCO Gold Loan Scheme

    Eligibility Borrowers who avail this loan who would loans for agriculture and allied activities, or activities related to MSME, retail trade, education, housing, etc.
    Margin 25%
    Nature of facility Demand loan
    Security Gold ornament or jewellery
    Rate of interest 8.50% p.a.
    Repayment tenure At the discretion of the bank
    Service charge Rs.250 - Rs.5,000

    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.

    Features of UCO Bank Personal Loan

    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
    • Women have a concessional rate of interest
    • Processing charges are just 1 % amounting to a minimum of Rs. 750/-

    UCO Bank Personal Loan Interest Rate

    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 6.70%
    1 month 6,85%
    3 months 6.95%
    6 months 7.20%
    1 year 7.30%

    UCO Bank Personal Loan Eligibility

    Minimum age: 21 years for salaried individuals and must have completed 3 years of service in the same organisation.

    Maximum age: Up to 74 years for

    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

    FAQs on UCO Bank Personal Loan

    1. 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.

    2. What will be my maximum UCO Loan 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.

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

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

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

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

    5. 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.

    6. 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.

    7. 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.

    8. 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

    • UCO
      "Process was on time and clarification was transparent. "
      0.5 4.5/5 "Excellent!"
      My educational loan was taken from UCO bank. I don't pay any EMI for that as of now. In the year of 2015, i purchase the loan and i don't have any issue on that. Because my major accounts was with Uco bank and they have ready to sanctioned the loan as well, hence i opted for them. The given interest rate was fine for me. I do get a subsidy from the Government.
      Was this review helpful? 7
      , kolkata
      Reviewed on May 29, 2019
    • UCO
      UCO
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using my saving account with UCO bank for long time, there service is not up to the mark, and there branch service is not good they are not properly assisting me well and even there mobile application is not properly updated , i am not happy with their service.
      Was this review helpful? 6
      , chennai
      Reviewed on Mar 08, 2019
    • UCO
      "Very good service"
      0.5 4.0/5 "Great!"
      The UCO bank personal loan service was good and I have got the personal loan within 21 days of time. The customer support service and the response was quite good from the UCO bank and I am satisfied with the loan amount .I would say it is a very good service,
      Was this review helpful? 12
      , kolkata
      Reviewed on May 10, 2018
    • UCO
      "Approchable bank"
      0.5 4.0/5 "Great!"
      I have taken a personal Loan from UCO BANK.The approved loan amount was 40 thousand . The given rate of interest was2% yearly. As one time payment i closed the loan. The experience was really good.The customer service and response at the time of submitting the application was fine.
      Was this review helpful? 6
      , new delhi
      Reviewed on Jan 24, 2018
    • UCO
      "Good Loan "
      0.5 5.0/5 "Blown Away!"
      I got a Personal Loan from UCO few years back, and the experience with them has been great . The process for the application was simple and required minimal hassle. I got the loan for Rs.1.50 Lakhs for a mere 10.99% rate of interest, which I think is a great deal.
      Was this review helpful? 16
      , new delhi
      Reviewed on Nov 07, 2017
    • UCO
      "excellent service"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan from UCO and their main branch was located near to my office so I applied from there their interest rate was very low compare to others in the market and during the process they asked for my document 16 and a letter from my employer and the guaranty and the previous policy copies once I submitted with the documents they completed the process which was good.
      Was this review helpful? 9
      , bangalore
      Reviewed on Oct 15, 2017
    • UCO
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      UCO bank gave a very good service in regards to my personal loan application and I got the loan amount within 7 to 8days from UCO bank. The process just took a week time. The customer service, the response and their follow up was good with UCO bank. The rate of interest is low when compared with others. The processing fee is also reasonable with UCO bank. I am very much satisfied with the loan amount with UCO bank.
      Was this review helpful? 12
      , bangalore
      Reviewed on Jun 23, 2017
    • UCO
      "Very lengthy process"
      0.5 2.5/5 "Just OK"
      Besides paper work the rest is fine with UCO bank personal loan. The documentation part is very lengthy and they took a lot of time to provide the loan. UCO bank took around 10 to 15 days of time to provide the loan. Apart from that, I did not undergone any sort of issues with them.
      Was this review helpful? 23
      , jharsuguda
      Reviewed on Dec 21, 2016
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