UCO Bank Personal Loan Eligibility | UCO Bank Personal Loan

UCO Bank Personal Loan Eligibility | UCO Bank Personal Loan

UCO Bank Personal Loan Eligibility Criteria

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
AgeMinimum 21 years
Maximum 65 years
Employment TypeSalaried or Self-employed
Employment statusEmployed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business
Minimum IncomeRs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities)
Maximum Loan AmountRs.70 lakhs (Based on your repayment capability)
TenureMinimum – 6 months
Maximum – 60 months
Credit ScorePreferred 750
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.

Factors Affecting UCO Bank Personal Loan Application

Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
  • Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
  • Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
  • Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
  • Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
  • Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
  • Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.

Documents Required for UCO Bank Personal Loan

Important documents to be submitted while applying for personal loans
  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

UCO Bank Personal Loan

UCO Bank was founded in Kolkata in 1943. It is a major government-owned commercial bank in India. The bank has 4,000 plus service units 49 zonal offices spread all over India. It also has two overseas branches in Singapore and Hong Kong. UCO Bank's headquarters is on BTM Sarani, Kolkata. The bank provides a wide range of banking products and financial services.

UCO Bank personal loan eligibility criteria for salaried and self-employed person

Age limit:Minimum 21, Maximum 60Minimum Loan Amount for UCO Bank Personal Loan:
UCO Bank provides personal loans starting from Rs.1 Lakh
Maximum Loan Amount for UCO Bank Personal Loan:
UCO Bank provides loans to a maximum of Rs.10 Lakhs
Work experience Required for Yes Bank Personal Loan
Number of years in current company: 1 year
Total work experience: Minimum 3 years
UCO Bank Personal Loan Tenure: UCO Bank offers loans for a tenure with maximum of 60 months
UCO Bank Personal Loan Interest Rate: The interest rate for UCO Bank personal loan is as bellow
  • For Men: MCLR of 1 Year + 3%, 11.45% at present
  • For Women: MCLR of 1 Year + 2.75%, 11.20 at present

UCO Bank Personal Loan Charges

Loan processing charges: 1% per annum of loan amount plus GST
Foreclosure charges: NIL

How can I get UCO Bank Personal loan?

Personal loan Application Process for Existing Customers
Existing customers can apply for a UCO Bank Personal online or visit a nearby UCO Bank branch for the application. You can also download the home loan application form from the UCO Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for UCO Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.
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