UCO Bank offers best personal loan at minimum interest rate. UCO Bank personal loan interest rate starts at as low as 9.85 percent per annum. You may apply for a cumulative loan amount of Rs.10 lakhs. The shortest loan period is 12 months, and the longest is 60 months. A transaction fee of 1% of the loan amount is charged by the bank, with a minimum of Rs.750. You have a variety of loan options to choose from. You may use these loans to pay for medical costs, wedding expenses, household products such as computers and refrigerators, and much more. There are primarily two loan options: UCO Cash, which is only available to salaried individuals, and UCO Shopper Loan Scheme, which is open to both salaried and self-employed individuals. The bank also has a special loan program for retirees.
Interest Rates on Personal Loans at UCO Bank are influenced by several factors.
1. Gender: Different interest rates are available depending on your gender. Women borrowers may take advantage of lower rates at UCO Bank.
2. Credit Score: Your credit score indicates whether you pay your loan EMIs and bills on time or not. A high score indicates to the bank that you are a low-risk customer. This will entice them to give you a lower interest rate.
3. Income level: If you have a higher income, you will be able to borrow a larger sum from the bank. Aside from that, they will give you lower rates because you have a greater ability to repay the loan.
4. Employment stability: The bank will consider you to have a more secure job if you work for a reputable company. A stable job means a steady paycheck. This reduces the chances of defaulting on a loan, potentially resulting in lower interest rates.
5. Loan tenure: If you take out a loan for a longer period of time, the bank can give you a lower interest rate.
6. Relationship with UCO Bank: If you already have a UCO Bank account, you might be eligible for loan benefits that are not available to new customers. That includes lower interest rates, more flexible repayment options, and specialized programs, among other things.
Documents Required to Apply for a Personal Loan
UCO Bank provides a variety of personal loans, and the documents needed for each loan can differ. The following are the basic documents required for each form of personal loan:
1. Identity Proof: PAN Card, Passport, Voter ID, Driving License, Aadhaar Ration Card, Bank Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property Purchase Agreement Ration Card, Bank Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property Purchase Agreement (for owned properties), Aadhaar Card is a unique identification card issued by the government of India.
2. Bank account statements, salary slips, P&L statements, and certified IT returns are all examples of income proof.
Conclusion:
If you are looking for a low-interest loan then UCO Bank personal loan can be a good option for you. As it is among the most favorable and prominent banks that offering personal loans in India. We hope that this article has helped you in making a wise decision about UCO Bank personal loan.
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