UCO Bank Personal Loan @ 10.50% | Eligibility, Rate of Interest and Repayment Period

UCO Bank Personal Loan: Loans are mostly seen financially, but anything can be used as a loan subject in practice. Financial institutions such as bank facilities and credit card providers have been the primary providers of loans, hence, knowing about the and the UCO Bank personal loan EMI calculator, is quite important.

It is straightforward to access personal loans, and they are granted so fast that many people take personal loans often to meet expense, and the UCO Bank personal loan rate of interest, will help these candidates, seeking for a Personal Loan to gain financial help from the UCO Bank with the UCO Bank personal loan rate of interest 2022.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

UCO Bank

UCO Bank Overview

Established in Kolkata in 1943, the UCO Bank was formerly called the United Commercial Bank. The bank is owned by the Government. The UCO bank has over four thousand service units and 49 zonal offices across the country.

The bank has two foreign units in Singapore and Hong Kong while it’s headquarters are located on BTM Sarani, Kolkata.

UCO Bank Features

The UCO Bank has some features which make them different from its competitors in the market. The salient features of the UCO Bank are:

  • Has a widespread presence in the market.
  • Has garnered an overseas presence with profitable overseas operations.
  • UCO Bank has a very strong financial base.
  • UCO Bank has a very widespread liability asset portfolio.
  • All the branches of the Bank are under the Core Banking Solution.

How to Apply for a Loan in UCO Bank?

Individuals can apply for personal loans through online portals or offline methods.

Online Application: One can apply for personal loans online through the website of the UCO bank. Individuals can fill up their personal information and work details and upload all the necessary information and documents required for the loan. Individuals can also apply after checking their eligibility for the loan.

Offline Application: Individuals can visit any branch of the bank along with all the documents and information required, fill-up the form and get their loan approval process to start.

UCO Bank Personal Loan Eligibility Criteria

  • The applicant should have a minimum of two years of service in the same organization, and the borrowers should have an account with a branch of UCO.
  • The applicant should have permanent employment in central or state government, are you, which includes the likes of departments, undertakings, entities, public sector undertakings, educational institutions, aided educational institutions and autonomous bodies.
  • Other than these, the applicant can also be an employee of private universities, schools, and colleges as a teaching staff member.
  • The applicant’s income should not be less than forty per cent of the gross salary after the likes of PF, IT and other statutory deductions.
  • This is subject to documentary evidence in the form of IT returns and others.

UCO Bank Personal Loan Documents Required

Documents required for a personal loan application in the UCO Bank are

  • A properly filled up and signed personal loan application form along with a photograph is required.
  • Identity proof such as a voter card, driving license, Aadhar card, Pan card, government department ID card, and more.
  • Proof of the candidate’s income, such as the latest salary slip or the recent salary certificate along with Form 16. Along with these, the individuals are required to provide income tax returns for the last two financial years.

The individual must provide:

  • The latest electricity bill.
  • Telephone bill.
  • Credit card score.
  • The existing house’s lease agreement for the proof of address.

UCO Bank Personal Loan Features

The personal loans of UCO have some salient features which make them different from other loans available in the market. Some features or benefits of the personal loans provided by UCO bank are

  • Can grant maximum loan amount.
  • There are many repayment options.
  • Quick and hassle-free process of the loan application.
  • Loan approval does not take much time.
  • The bank does not insist upon any guarantor.
  • The bank provides attractive interest rates.
  • The bank provides special offers and schemes of discounts for employees of big organizations.
  • The bank does not issue any security for applying for a personal loan.

Types of Personal Loan Offered by UCO Bank

The types of Personal Loans offered by the UCO Bank are

  • UCO Cash: The loan provides financial assistance and helps in meeting the expenses of marriage, education and other social obligations. The rate of interest for this loan is 10.05 % per annum for employees of Central and State Government and 10.30% per annum for other government employees.
  • UCO Pensioner Loan: The loan is especially for those people who are surviving on their pension. Ex-employees of the bank are also eligible for the loan. The rate of interest for the general public is the UCO Float Rate + 3.55% and for UCO Bank pensioners it is the UCO Float Rate + 2.55%.
  • UCO Shopper Loan Scheme: The loan provides financial assistance and helps the customer in buying goods such as a television set, computer, or any other electrical device. The rate of interest of this loan is UCO Float Rate + 1.55% to 2.55%.
  • UCO Securities: 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, Government 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. The rate of interest for this is UCO Float Rate+3.65%.
  • Gold Loan Scheme: This is a demand loan and is usually in use in the rural or semi urban areas. This helps in getting easy and instant credit facilities for Priority Sector Activities such as Agriculture, Retail Trade, Small Business, Micro & Small Enterprises, Education, Housing etc. The bank charges a 8.60 rate of interest from this loan.

Takeaway from the Article

The article will be helpful for individuals looking for a loan. The insights provided about the interest rates and the different features of the personal loan provided by the Madhya Bihar Gramin Bank will

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