Uco Bank provides personal loans to salaried individuals and pensioners at the rate of 11.40%- 12.80%. The bank allows maximum loan amount upto 10 times of monthly income with a maximum cap of Rs.10 lac. The repayment tenure can be as long as 60 months at maximum.
The bank provides concession of 0.25% in interest rate for the female applicants, While charges a higher rate of 12.80% from the pensioners. The processing charges are 1% of loan amount with a minimum of Rs.750, which is a bit high in comparison of Oriental Bank of Commerce charging 0.50% of the loan amount.
Uco Bank is a good fit for you if?
If You have a monthly salary of Rs.10,000 –Uco Bank Offers a personal loan to the salaried individuals earning a minimum salary of Rs.10,000 per month. This is quite reasonable criteria for the borrowers who are at early stage of that career as many of the banks like Dena Bank requires a minimum income of Rs.15,000 to lend a personal loan.
If You’re Looking for loan amount upto Rs. 10 lac – While most of the banks in the industry offering a very low amount in personal loan category, The Uco Bank offers as high as Rs.10 lac. Bank of Maharashtra and Karnataka Bank offers 1.5 lac to 5 lac at maximum in shape of personal loan.
If you are a female – UCo Bank offers a concession of 0.25% on the interest rate for the female applicants.
Uco Bank Personal Loan at a glance
| Annual Interest Rate | 11.40% – 12.80% |
| Loan Term | Upto 60 months |
| Loan Amount | Upto Rs.10 lac |
| Time of Funding | – |
| Preclosure Charges | Nil. |
Uco Bank offers a personal loan to the salaried individuals at the rate of 11.40%-12.80% interest per annum. The loan repayment tenure can go upto a maximum of 60 months with the Uco Bank. The repayment tenure allowed by the Uco Bank is long enough in comparison of 36 months maximum tenure offered by the Dena Bank and Bank of Maharashtra.
The maximum amount that you can borrow for your personal expenses is 10 times of gross salary upto Rs.10 lac.the Uco Bank do not charges in case of preclosure of loan.
Why Choose Uco Bank ?
Larger loan amount upto Rs.10 lac – Uco Bank offers a maximum loan amount of Rs.10 lac to be borrowed as personal loan, Which is higher than the offering of Bank of Maharashtra at Rs.1.5 lac and Karnataka bank offering Rs.5 lac maximum.
Longer Repayment Tenure upto 60 months – Uco Bank provides a repayment tenure as long as upto 60 months, While the peer Bank of Maharashtra allows only a period of 36 months for repayment of loan.
Concession in interest rate for females – The bank offers personal loans to the females with a special concession of 0.25% in interest rate. So the female applicants can Avail a personal loan at 11.45% interest per annum from Uco Bank.
What to watch out for?
Higher Processing charges – The Uco Bank charges 1% of loan amount with a minimum of Rs.750 as processing charges, Which are quite high in comparison of Rs.500 per application charged by Central Bank of India and 0.50% by Oriental Bank of Commerce.
Not available for self employed Individuals- Uco Bank only offers personal loans for the salaried individuals. While the peers Bank of Baroda provides personal loan to the self employed individuals as well as for the salaried individuals.
Higher Interest rate for pensioner- Uco Bank charges a higher rate of interest at 12.80% from the pensioners, higher than the 11.65% for the salaried individuals. While the peer Dena Bank charges only 11.85% per annum from the pensioners on personal loans.
Compare Uco Bank Personal Loans to Other Banks :
| Bank Name | Uco Bank | Oriental Bank Of Commerce | Bank of Maharashtra |
| Typical APR | 11.40% – 12.80% | 11% – 12.50% | 11.75%-12.75% |
| Loan Term | Upto 60 months | Upto 60 months | Upto 36 months |
| Maximum Lending Amount | Upto Rs. 10 lac | Upto Rs. 10 lacs | Upto Rs. 1.5 lac |
| Processing Fee | 1% of loan amountMin. Rs.750. | 0.50% of the loan amountRs.500 min. | 1% of loan amountRs.1000 min. |
| Time to Funding | – | – | – |
| Pre-Closure | Nil. | Nil. | Nil. |
The Uco Bank offers personal loans upto Rs.10 lac for the salaried individuals at the rate of interest rate ranging between 11.40%-12.80% per annum. The interest rate is low for female applicants while higher at 12.80% for pensioners. The Oriental Bank of Commerce offers a lower rate of interest for pensioners at 11% and higher rate for salaried individuals at 12.50% per annum.
The maximum repayment tenure for personal loans offered by the Uco Bank is upto 60 months, the OBC offers the same while the Bank of Maharashtra offers only 36 months at maximum for repayment. The maximum loan amount follows the same pattern as Uco and OBC offers upto Rs.10 lac at maximum and Bank of Maharashtra offers a lower amount of Rs.1.5 lac at maximum.
The processing fee charged by the Uco Bank is 1% of loan amount with a minimum of Rs.750, which is high in comparison of Oriental Bank charging 0.50% of loan amount with a minimum of Rs.500.
Am I Eligible?
- Applicant should be a resident Indian.
- Minimum age of the borrower should be at least 21 years at the time of loan application.
- Maximum age of the borrower should not exceeds 65 years at the time of final repayment.
- Salaried employee of Govt. / Semi-Govt. / Reputed Public / Private Ltd. Co. /College / Universities / Public Sector Undertaking.
- Minimum take home salary of borrower should not be below than 40% of the gross salary.
- The minimum income of the Individual should be Rs.10,000 per month. Income from other sources like rent, interest, dividend etc. may be taken into account for reckoning the eligible quantum of loan.
Loan Offerings
UCO Cash.
Uco Bank offers UCO cash personal loans to the salaried individuals of Govt. / Semi-Govt. / Reputed Public / Private Ltd. Co. /College / Universities / Public Sector Undertaking upto 10 times of their gross salary with a maximum cap of Rs.10 lac. The loan repayment tenure can go upto 60 months at maximum.
The Individual should either have a salary account with the bank or should provide an undertaking from the employer to deduct the salary and deposit the same into loan account.
No security is required.
The minimum income of the Individual should be Rs.10,000 per month.
The rate of interest charged under UCO cash plan is 11.65% for the males and 11.45% for the females.
UCO Pensioner.
The Uco Bank offers special persona loan plan for the pensioners receiving pensions through Uco Bank with a maximum loan amount upto 10 times of monthly pension upto Rs.5 lac to finance their personal requirements.
The rate of interest charged for this persona loan is 12.80% per annum.
The maximum repayment tenure can be upto 48 months.
There are no processing charges in case of personal loan for the pensioners.
Documents required for Salaried applicants :
- KYC Documents
- Income proof
- Last 6 months salary slip.
- Form 16/ letter from employer.
- Last two year ITR.
- Last 6 months bank statement.
- 3 passport photographs.
- Any other document which may be required from case to case.
Documents required for Pensioner applicants :
- KYC Documents
- 3 passport photographs
- Income proof :
- Last three years ITR
- Pension proof.
- Last 6 months bank statement.
- Any other document which may be required from case to case.
Uco Bank Personal Loan Rate of Interest
| Personal Loan Type | Applicable Interest Rate |
| UCO Cash. | 11.45%-11.65% |
| UCO Pensioner | 12.80% |
How to Apply for Uco Bank Personal Loan?
At Paisa.
- Click on ”APPLY NOW” button.
- Fill up the necessary details :
1. Required Loan Amount.
2. Objective of your loan.
3. Your monthly income.
4. Select the salaried or self-employed option.
5. Your name, email-id, contact no. etc.
- Press ”SUBMIT” to continue.
At nearest Uco Bank branch :
To locate a Uco Bank branch near you click here. Enter your state/locality and you will find a list of the branches available near you.
- You can visit the nearest Uco Bank branch with the Application form and necessary documents.For application form click here.
- Attach all the necessary documents and re-check the application form for confirmation.
- Submit the application form along with the documents to the Bank Officer.
After I Applied?
Check Loan Status online:
- You can check the status of your loan application online by following the steps given below.
- To check the status of your loan application online click here.
- Provide your application reference no. and the status of your loan application will be on your screen.
Fees & Penalties
| Type of Charges | Applicable Charges |
| Processing Charges | 1%of the loan amountMin Rs.750 |
| Foreclosure Charges | Nil. |
| Part-payment Charges | – |
| Penal Charges | – |
| Inspection charges | – |
| Documentation charges | – |
| Loan Cancellation Charges | – |
The Uco Bank charges 1% of the loan amount as processing charges at 1% of loan amount for the loan application processing. These charges are a bit higher in comparison of a flat fee of Rs.500 per application by Central Bank of India and 0.50% of loan amount by Oriental Bank.
However the bank do not charges processing fee from the pensioners. The Uco bank also do not charges for the prepayment of loan.
FAQs
What If I want to pay my personal loan early ?
You can do so, the Uco bank do not levies any charges on the preclosure of loan.
Do the bank also finance the loan to self employed ?
No, the bank do not provides personal loans to the self employed Individuals.Uco Bank only gives personal loans to the salaried individuals.
Any guarantee required ?
No, the Uco bank do not requires any guarantee for the personal loan.