Personal loans in India are used for a myriad of purposes! They can be used to plan a vacation, renovate your home, fund your dream vacation, or plan a dream wedding for yourself or a loved one. Things on your bucket list no longer need to be put off! UCO Bank offers personal loans with minimal paperwork and quick approval. Now you can make your dreams a reality with quick approval of personal loans from us!
Applicant should be permanent & confirmed employee and have completed min. 2 years of service in same organisation
Applicants salary account should be maintained with our Bank.
Non Salaried Class:
Income Criteria
GMI upto 1 lakh - Net take home pay should not be less than 40% of gross salary (subject to minimum monthly take home pay of Rs.15,000).
GMI above 1 Lakh- 30 % of gross salary
Other income like rent, interest, dividend etc. may be taken into account for reckoning the eligible quantum of loan subject to documentary evidence like IT Returns etc.
Quantum of loan
For Employees of Central/State Government as defined under Eligibility
Maintaining salary account with our Branch: 20 times of Gross Monthly Income subject to maximum of 20 Lacs
Without Salary Account: 5 times of Gross Monthly Income subject to maximum of Rs.5 Lacs
For other than Government Employees
10 times of Gross Monthly Income subject to maximum of Rs.10.00 Lacs
Non Salaried: 5 times of Gross monthly income subject to maximum of Rs.5 Lacs
Security
No collateral security required.
Rate of Interest
UCO Cash Loan: For Central/State Govt Employee
CIBIL Score
Spread
Effective ROI
For Cibil with ≥ 800 score
1.90%
10.20%
For Cibil with ≥775 and ≤799
2.15%
10.45%
For Cibil ≥750 and ≤774
2.40%
10.70%
For Cibil ≥700 and ≤749
2.65%
10.95%
For Cibil ≥650 and ≤699
3.20%
11.50%
For Cibil ≤649
4.15%
12.45%
UCO Cash Loan: Without Salary Account in our Bank
CIBIL Score
Spread
Effective ROI
For Cibil with ≥ 800 score
2.15%
10.45%
For Cibil with ≥775 and ≤799
2.40%
10.70%
For Cibil ≥750 and ≤774
2.65%
10.95%
For Cibil ≥700 and ≤749
2.90%
11.20%
For Cibil ≥650 and ≤699
3.40%
11.70%
For Cibil ≤649
4.40%
12.70%
UCO Cash Loan: Other than Govt Employee
CIBIL Score
Spread
Effective ROI
For Cibil with ≥ 800 score
2.90%
11.20%
For Cibil with ≥775 and ≤799
3.15%
11.45%
For Cibil ≥750 and ≤774
3.40%
11.70%
For Cibil ≥700 and ≤749
3.65%
11.95%
For Cibil ≥650 and ≤699
4.15%
12.45%
For Cibil ≤649
5.15%
13.45%
Non Salaried Class
CIBIL Score
Spread
Effective ROI
For Cibil with ≥ 800 score
2.90%
11.20%
For Cibil with ≥775 and ≤799
3.15%
11.45%
For Cibil ≥750 and ≤774
3.40%
11.70%
For Cibil ≥700 and ≤749
3.65%
11.95%
Repayment period in all cases to be fixed such that entire Loan Is repaid one year before retirement and for non salaried- before the applicant reaches the age of 60 years.
Pensioner who receive pension through our Bank Branch and Ex-Employees of our Bank, drawing pension through UCO Bank Branch shall be eligible.
Purpose
Medical Exp. For self/ spouse/dependent children
Payment of Mediclaim premium for self and dependents
Marriage expenses in the family
Education expenses of dependent children
TTravelling Expenses
Repair of house property / dwelling
Funeral expenses
Agriculture needs
Quantum of loan
For Pensioners having provision of family pension and Spouse is alive:
12 times of monthly pension subject to
Maximum Rs. 10.00 lac for age up to 70 years.
Maximum Rs. 5.00 lac for age above 70 years to 74 years
For following categories of customers:
Family pensioners i.e. Spouse of receiving pension after death of the Pensioners.
Pensioners without family pension provision
Pensioners where spouse is predeceased
10 times of monthly pension subject to maximum of Rs. 3.00 lacs.
Processing Charges
There is no processing charge or service charge.
Rate of Interest
PENSION STP
Category
Spread
Effective ROI
CUSTOMER
3.50%
11.80%
UCO EX-STAFF
2.50%
10.80%
UCO PENSION
Category
Spread
Effective ROI
CUSTOMER
4.00%
12.30%
UCO EX-STAFF
3.00%
11.30%
Repayment
Loan to be fully repaid before the pensioner reaches 75 years of age and no new personal loan to be sanctioned after the age of 74 years.
Maximum in 48 monthly installments
For Pensioners having provision of family pension & spouse is alive : Repayment Period of the loan be so fixed that the loan is fully repaid before the pensioner reaches 75 years of age. However, the maximum age, at the time of applying for the loan, not to exceed 74 years.
For the following categories of the customers: Loan should be repaid in 48 EMIs or before the Pensioner reaches 72 years of age, whichever is earlier.
Family pensioners i.e. Spouse receiving pension after death of the Pensioners.
Pensioners without family pension provision
Pensioners where spouse is pre deceased.
Pre-payment Charges:
Guarantee
Personal Guarantee of spouse eligible to receive family pension in the event of the death of the pensioner.
In case of war widow/ widows if co-borrower is not available, a third party guarantee having sufficient income.
An easy finance scheme for purchase of consumer durables such as Television, Refrigerator, Air Conditioner, Computer or any other Electrical or Electronics gadgets etc.
Eligibility
Existing customer of UCO Bank for a minimum period of six months
2. A self-employed/Professional/Businessman or A permanent employee of Govt. / SemiGovt./PSU/Universities or reputed private concerns with minimum service of 1 year and minimum remaining 5 years’ service period.
Income Criteria
Salaried borrower
Minimum gross salary of Rs.30000/-p.m at Metro Centres and Rs.20000/-p.m for other centres.
Minimum take home income of 40% p.m. after all deductions and EMI of the proposed loan or Rs.10000/-whichever is higher.
Non-salaried borrower
Minimum income of Rs. 4 lac p.a at all centres as per latest IT Return.
Minimum 40% surplus after considering EMI of proposed personal loans and Income Tax and any other obligations or Rs.10000/- whichever is higher.
Age Criteria
Salaried Borrower : 21 to 60 years
Non-Salaried Borrower : 21 to 65 years
Amount of Loan
Maximum Loan Amount Rs.200000/- or 10 times of monthly take home pay whichever is less.
Under the scheme credit facilities are extended to borrowers against financial securities issued by Central Govt./State Govt./RBI in the form of National Savings Certificates, Kisan Vikas Patra, Govt. Securities and Relief Bonds. Loans are also available against Life Insurance Policies of Life Insurance Corporation of India and bonds/debentures issued by specific Public Financial Institutions.
Eligibility
The securities should be in the name of the borrower or any one of the joint borrowers.
The securities should be transferable and can be assigned/pledged in favor of the Bank or transferred in the name of the Bank.
Margin
Margin will be on the discounted value of the maturity proceeds (not the face value) of the financial security discounted at Base Rate.
