Credit facility to Individuals to meet financial needs of their MSE units, Agriculture needs and other purposes falling under priority sector norms.
Credit facility for Personal Expenditure of varied needs like medical emergencies, travelling expenses, social obligations etc.
Nature of Facility
Term Loan
Overdraft to be allowed to Non- Salaried Borrower/ Firm/Companies for business Purpose Only.
Target Group and Eligibility
Any individual (salaried or Professional/Self-employed or Pensioner or others) in the age bracket of 21-65 years having property to be mortgaged and sufficient income to repay the loan.
Non-Salaried class borrowers (Professional/ Businessmen) should have regular source of income and are filling IT Return.
Maximum age limit of the borrower on the date of applying for Credit facility is 65 years and maximum age limit for full repayment is 70 years for all class of borrowers.
Income Criteria
Salaried Borrower
Minimum gross salary of Rs. 30000/- p.m. at Metro Center and Rs. 20000/- p.m. for other centers.
Non-Salaried Borrower
Minimum Income of Rs. 4.00 lac p.a. at all center as per latest IT return.
Under Both Cases:
Income of the co-applicant can be reckoned to arrive at the stipulated minimum take home pay.
Co- applicant can be Spouse/Parents/Children
Quantum of Credit facility and fixation of amount of sanction
Credit facility for an amount of 60 percent of the realizable value of the property in the form of non-agriculture land and building constructed thereon/flat/apartment/ commercial property in the name of the borrower (or in joint names) may be considered.
Minimum Amount: Rs. 2 lac Maximum Amount: Rs. 500 Lac for Individual and Rs. 750 lac for Firms and companies.
In case the property stands in joint names, credit facility will be considered in joint names
Credit facility will not be allowed against third party immovable property.
Repayment
Term Loan : Maximum 144 Equated Monthly Installments irrespective of loan amount.
OD: The Interest of OD account should be fully serviced every month.
OD Limit must be renewed before expiry of 12 months.
Every Month minimum credit should be more than interest debited of the account.
Rate of Interest ( Floating)
UCO Property - Individuals
CIBIL Score
Spread
Effective ROI
≥ 825
1.20%
9.50%
>= 800 to 824
1.45%
9.75%
≥750 & ≤799
1.70%
10.00%
≥700 & ≤749
2.20%
10.50%
≥650 & ≤699
2.70%
11.00%
<650
3.20%
11.50%
UCO Property - Firms/Companies
Rating
Spread
Effective ROI
CMR-1
1.20%
9.50%
CMR-2
1.45%
9.75%
CRM 3 to CMR 4
1.70%
10.00%
CRM 5 to CMR 6
2.20%
10.50%
CMR-7 and Above
2.70%
11.00%
Security
Equitable Mortgage (EM) / Registered Mortgage of unencumbered residential house/flat/apartment/commercial property situated in metro /urban/semi-urban center in the name (in joint names) of the prospective borrower.
Insurance
The property will be insured against fire, riots and wherever required, against other probable hazards such as floods, lightning, cyclone etc. by the borrower with the usual ‘Bank’s Clause’ for the value of the property preferably with our channel partners.
This is a loan against the security of future receivables i.e. assignment of future rent receivable, for productive purposes e.g. augmenting earnings like investment in securities, undertaking repairs & renovation of the property etc.
Eligibility
Owners i.e. lessors of houses/flats/godowns/warehouses etc. only are eligible under the scheme. The owner may be an individual, a firm or a company. Properties belonging to co-operative societies are not considered for sanction of loan under the scheme.
Quantum of loan
To Owner of our Bank’s Branch premises or where tenant is PSUs, Reputed Corporates, FI, Insurance Companies and MNCs:70% of the total rent receivables during the unexpired lease period or loan period less total of advance deposit and all other applicable taxes. For others 55% of the total rent receivables during the unexpired lease period or loan period less total of advance deposit and all other applicable taxes. Minimum Rs. 1 Lac
Repayment
Maximum Repayment Period is 120 Months.
Rate of Interest
UCO Rent
Category
Spread
Effective ROI
Owner of our Bank's Branch
UCO Float Rate+2.05%
10.35%
To Owner of our Bank’s Branch Premises or where tenant is PSUs, Reputed Corporates, FI, Insurance Companies and MNCs
UCO Float Rate+2.20%
10.50%
For others - repayment upto 36 Months
UCO Float Rate+2.90%
11.20%
For others - repayment above 36 Months
UCO Float Rate+3.15%
11.45%
UCO Float rate @9.30% at present.
Processing fee
0.50% of the loan amount as up-front fee with a maximum of Rs. 2.00 lacs. No prepayment charges when prepayment is done through borrower’s own fund and 1% prepayment charges are applicable in other cases
For more details, please contact your nearest UCO Bank branch
Bank has introduced UCO Reverse Mortgage Loan Scheme for Senior Citizens, under Reverse Mortgage a Senior Citizen, owning a house/flat, can avail of a monthly stream of Income against the mortgage of his/her property while remaining the owner and occupying the house throughout his/her lifetime, without repayment or servicing of the loan.
Eligible Borrowers
Senior Citizens of India.
Purpose
Supplementing Senior Citizen's Income
Loan Amount
Based on valuation of the property and age of the borrower - Maximum Rs.50 lacs
Period of Loan
Minimum 5 years and maximum 15 years.
Mode of Disbursement
Monthly/Quarterly with fixed/increasing Equated monthly Disbursement with an option to avail One-time lump sum payment after 12 months from the first disbursement during entire tenure of 15 years as per choice of the borrower.
Security
Equitable Mortgage of the residential property owned & self occupied by the Senior Citizen borrower.
