In this page , you will learn that UCO Bank offers personal loans with an interest rate starting at 10.95% up to 13.95% p.a. with a maximum loan amount available of Rs. 20 lakh, with a minimum repayment tenure of 7 years. UCO Bank, one of India’s leading public sector banks, has competitive interest rates, making it a popular choice for borrowers looking for flexible and affordable financial solutions.

Apply for a personal loan easily with UCO Bank by your side. As a trusted and experienced lender, UCO Bank personal loan meets all your financial needs with its offerings. If you're looking to know the interest rates, continue reading below for more details.

UCO Bank Personal Loan Interest Rate Details 2024

Advantages of UCO Bank Personal Loan

Here are the advantages of the UCO Bank personal loan that can be beneficial for you while availing for the personal loan - 

• No Collateral is Required: UCO Bank personal loans are unsecured, which means you don’t need to provide any security or collateral (such as property or savings) to get the loan. This makes the loan accessible to a wider audience, including individuals who may not have substantial assets to pledge, while simplifying the application process.

• Maximum Repayment Tenure: UCO Bank offers a maximum repayment tenure of up to 7 years (84 months), providing borrowers with flexibility. Longer tenures allow for lower monthly EMIs, making loan repayment easier and more manageable for those who prefer to stretch payments over a longer period.

• Lower Interest Rates for Women: UCO Bank provides a special benefit for women borrowers by offering them lower interest rates. This can significantly reduce the overall cost of borrowing, making the loan more affordable. It’s an initiative that supports financial inclusivity for women.

• Competitive Interest Rates: Interest rates start at 10.95% p.a., which is competitive compared to other financial institutions. Lower interest rates translate to reduced EMI payments and overall cost savings on the loan, which benefits borrowers looking to minimize interest burden while meeting their financial needs.
   
• Flexible Loan Amount: Borrowers can apply for personal loans ranging from smaller amounts to as high as Rs. 10 lakh, catering to various financial needs.

Factors Affecting UCO Bank Personal Loan Interest Rates

These are the factors that might affect your personal loan interest rate while availing personal loan interest rates - 

• Employment Details - Your employment details, such as whether you are a full-time or part-time employee or a pensioner, can influence the interest rates. The interest rate will differ for each individual based on their employment status.

• Loan Amount: The size of the loan you apply for can impact the interest rate. Higher loan amounts may come with higher interest rates and vice versa.

• Income Level: Applicants with higher and stable incomes are considered less risky by banks, which can lead to more favorable interest rates. UCO Bank may offer better rates to individuals who demonstrate strong repayment capacity.

• Relationship with the Bank: Existing UCO Bank customers or those with a strong relationship (e.g., maintaining salary accounts, FDs, or other products) may receive preferential interest rates on personal loans.

• Loan Tenure: The loan repayment tenure also plays a role in determining interest rates. Generally, shorter tenures may come with lower interest rates compared to longer ones, which may carry slightly higher rates due to increased risk for the bank.

Calculating EMIs on UCO Bank Personal Loans at Different Interest Rates

Using this tool is simple, as it avoids complex calculations and provides instant results. Before using the EMI Calculator, you just need a few basic details about the proposed loan. You can easily use Wishfin’s UCO Bank Personal Loan EMI Calculator.

Just enter the following information:

-Principal Amount

-Interest Rate

-Tenure

The table below displays the installment payments (EMIs) for a personal loan of Rs. 5,00,000 at an interest rate starting from 10.95% to 13.95% p.a. depending upon your application and credit score.   You can apply for a personal loan for a tenure of one to five years. You can alter the loan amount and other details to suit your needs.

What Should You Do in Order to Fetch the Lowest Interest Rate from UCO Bank?

To secure the lowest interest rate from UCO Bank, follow these steps:

• Maintain a Stable Income: Demonstrating a stable and high income improves your repayment capacity in the bank’s eyes, which may qualify you for a lower interest rate. Ensure that you provide accurate documentation to prove your financial stability.

• Existing Relation with the UCO Bank - If you are already an existing UCO Bank customer, leverage your relationship. Long-standing customers with good account histories or those with high-value accounts (e.g., salary accounts or fixed deposits) may get preferential rates.

• Maintain your CIBIL/Credit Score - A credit score of 750 or above enhances your chances of securing a lower interest rate. Regularly monitor your credit report, pay off debts on time, and avoid defaults to improve your score.

• Watch for Promotions or Offers: Keep an eye on special promotional periods when UCO bank might offer discounts on interest rates. Mostly, festive seasons or specific campaigns can bring better loan terms.

Documents Required for a UCO Bank Personal Loan

Here are the documents you need to apply for a personal loan with UCO Bank: 

1. Application form with passport-size photograph
2. Voter ID card, or driver's license and  passport photocopies
3. Cheque for processing fee.
4. The last three-month bank statement or the past six-month bank passbook
5. Proof of income for Salaried Applicants: 

• most recent salary slip
• Salary certificate current date with the most recent Form 16

6. Proof of income for Self Employed Employees : 

• Recent bank statement; 
• Recent ITR or Form 16

Other Charges of UCO Bank Personal Loan

These are the additional fees and charges of UCO Bank Personal loan which can be applicable to your personal loan application -

UCO Bank Personal Loan Interest Rates Balance Transfer Interest Rates

Transfer your existing personal loan in UCO Bank and enjoy the attractive interest rates along with pocket-friendly EMIs and minimal Interest Outgo. If your existing lender is charging the higher rates, transferring your loan to UCO Bank is a good option.

MCLR of UCO Bank (w.e.f.10.08.2024)