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Eligibility Criteria for UCO Bank Personal Loans

Uco Bank Personal Loan Eligibility

The eligibility for personal loans of UCO Bank depends on many factors like the age of the applicants, credit score, loan amount, location of the applicant, etc. These factors are different for the different types of personal loans. The details of the same are mentioned below.

Category

UCO Cash

UCO Pensioner Loan

UCO Shopper Loan Scheme

Purpose

Personal use

For any of the following purposes,

Medical expenses for self/spouse/dependent children

Payment of mediclaim premium for self and dependents

Marriage expenses in the family

Education expenses of dependent children

Travel expenses

Funeral expenses

Agricultural needs

Purchase of consumer durables

Eligible applicants

Permanent or confirmed employees of reputed organizations or government institutions

Following persons who receive pension through any branch of the bank,

  • Pensioners
  • Family Pensioners
  • Ex-employees of the Bank
  • Existing customer of UCO Bank for the past 6 months
  • Permanent employee of Government/ Semi-government/ PSU/ Universities/ Private concerns
  • Self-employed  persons
  • Professionals
  • Businessmen

Age

Minimum age – 21 years

Maximum age – 60 years (salaried class),

Maximum age – 65 years (self-employed)

Minimum age – 60 years (65 years for non-salaried persons)

Maximum age – 75 years

Salaried applicants – 21 years to 60 years

Non-salaried borrowers - 21 years to 65 years

Credit score

Minimum credit score  - 740

-1 to 5 in case of no credit history

Minimum credit score  - 740

-1 to 5 in case of no credit history

Minimum credit score  - 740

-1 to 5 in case of no credit history

Income

As per Banks guidelines

As per Banks guidelines

Salaried applicants

  • Rs. 30,000 (metro cities)
  • Rs. 20,000 (other areas)

Non-salaried borrowers – Rs.4,00,000 per annum

Net take-home pay

Net take-home pay to be higher of,

  • 40% of gross salary after statutory deductions and EMI for the proposed loan
  • Rs. 10,000

As per Banks guidelines

Net take-home pay to be higher of,

  • 40% of gross salary after statutory deductions and EMI for the proposed loan
  • Rs. 10,000

Work experience

Minimum work experience of 2 years in current employment

Not applicable

Minimum service of 1 year with a minimum balance service period of 5 years

Overview of Personal Loans from UCO Bank

UCO bank is a government-owned bank in India having its headquarters in Kolkata, India. The bank has its presence in all the major banking sectors like retail banking, corporate banking, finance, insurance, investment banking, wealth management and much more. The retail banking segment of the bank provides many loans for eligible borrowers based on their eligibility and needs. Personal loans are one of the most popular loan products of UCO Bank.

Personal loans are general-purpose loans that can be availed by eligible borrowers to meet their personal expenses. UCO Bank also provides pre-approved personal loans where the applicant is eligible for a certain amount of personal loan based on their credit history or relationship with the bank among other parameters.

UCO Bank provides three main types of personal loans. These loans are classified based on the eligible applicants as well as purpose.

  • UCO Cash
  • UCO Pensioner Loan
  • UCO Shopper Loan Scheme

What are the documents needed for UCO personal loans?

The documents needed for UCO personal loans are basic KYC documents along with the duly filled application form and additional documents as required by the bank from time to time.

The list of documents needed is mentioned below.

Identity Proof

The following documents can be provided for identity proof of the applicant

Address Proof

The following documents can be provided for identity proof of the applicant

  • Passport
  • Aadhaar Card
  • Voter ID
  • Driving License
  • Latest Utility Bills
  • Rent Agreement/Sale Deed of House

Income Proof

The documents for income proof of the applicant are based on the type of applicant

  • For Salaried applicants
  • Latest Salary Slips
  • Form 16
  • For Self-employed/non-salaried persons
  • Financial statements for the past years
  • Latest ITR
  • For Pensioners
  • Pension slips 
  • Latest bank statement showing credit of the pension

Bank Statement

Bank statement for the past 6 months

Recent Passport Size Photographs

What are the highlights of the personal loans of UCO Bank?

The personal loans of the bank are provided to eligible borrowers at an affordable rate of interest and for comfortable and flexible repayment tenure. The highlights of the personal loans of the bank are tabled below.

Category

UCO Cash

UCO Pensioner Loan

UCO Shopper Loan Scheme

Amount of loan

Lower of,

  • 10 times gross monthly income
  • Rs. 10,00,000

For pensioners having family pension provision (spouse is alive)

Lower of,

  • 12 times gross monthly pension
  • Rs. 10,00,000 (for age of 70 years)
  • Rs. 5,00,000 (for age above 70 years)

For other eligible applicants of this category

Lower of,

  • 10 times gross monthly pension
  • Rs. 3,00,000

Lower of,

  • 10 times gross monthly take-home pay
  • Rs. 2,00,000

Rate of interest

UCO Float Rate+3.40% (for men)

UCO Float Rate+3.15% (for women)

UCO Float Rate+3.55% (for the general public)

UCO Float Rate+2.55% (for UCO Bank Staff Pensioners)

UCO Float Rate+1.55% (salary tie-up/100% liquid security)

UCO Float Rate+2.55% (in other cases)

Tenure

Maximum – 60 months

Maximum – 48 months

Subject to maximum age at the time of repayment being,

  • 75 years (in case of pensioner)
  • 72 years (in case of family pensioner where spouse receives pension/pensioner without family pension provision/pensioner where the spouse is predeceased)

Maximum – 60 months

Processing charges

1% of the loan amount (minimum charges Rs.750)

NIL 

1% of the loan amount (minimum charges Rs.1,000)

Foreclosure/ Prepayment charges

As per bank guidelines

NIL

NIL

FAQs - UCO Bank – Personal Loan Eligibility

1. What is the personal loan eligibility calculator?

A. Personal Loan eligibility calculator is the feature that can be used to calculate the amount of personal loan that can be availed by an eligible borrower based on various parameters set as per the bank’s guidelines. This feature can also be used to calculate EMI for the proposed loan.

2. Should the borrower provide any security for UCO Cash?

A. No. The borrower does not require providing any security for UCO Cash.

3. Does the borrower need to provide any margin for UCO Shopper Loan Scheme?

A. Yes. The bank requires the borrowers to provide a margin of 20% of the cost of the article that is to be purchased out of the loan.

4. What are the guarantee requirements for UCO Pensioner Loan?

A. The bank requires the eligible borrowers to provide a personal guarantee of the spouse of the pensioners, to receive a pension in the event of the pensioner’s death. War widows or widows where co-borrower is not available can provide a third party guarantee having sufficient income.

5. What is the maximum eligible tenure for UCO Cash?

A. The maximum eligible tenure for UCO Cash is 60 months (5 years).

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