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For any personal consumption purpose other than speculative purpose viz. repairs, renovation of buildings, marriage, education, household festival/functions, travel/tour expenses, medical etc.
Nature of Facility
Term Loan
Drop line Overdraft Facility
Target Group and Eligibility
Indian Resident (Salaried & Non-Salaried)
Non-Resident Indian (Salaried Class only)
Our Staff members/Ex Staff members
Pensioners
Minimum age limit is 21 years and maximum age limit for Salaried is 65 years or retirement whichever is earlier, and for Pensioner/Non-Salaried is 70 years including repayment period.
Income Criteria
Salaried Borrower: Minimum Gross Salary of Rs.35,000/- p.m.
Non-Salaried Borrower: Minimum Income of Rs.4.00 lakh p.a. at all centres as per latest IT Return.
NRIs: Minimum Gross Annual Income of Rs.8 lakh.
For all class of borrowers both TL/Drop line OD:
After all deductions like PF, Insurance Premium, Income Tax, Professional Tax and other statutory deductions, any other loan installments including EMI of the proposed loan, Net Take Home Pay should be as under:
For Gross Monthly Income up to Rs.1,00,000/-: 40% of GMI or Rs.25,000/- whichever is higher.
For Gross Monthly Income above Rs.1,00,000/-: 30% of GMI.
For NRIs: 50% of GMI.
Owner/Joint Owner of the property must stand as Applicant/Co-applicant.
Maximum three co-applicants can be considered.
Only income of father/mother/spouse/son/daughter/brother/sister can be clubbed to enhance loan eligibility.
Upper age of any applicant/co-applicant during loan availment is 70 years.
Quantum of Credit Facility and Fixation of Amount of Sanction
Credit facility for an amount of 60% of the Realisable Value of the property in the form of residential house/flat/apartment/commercial property situated in Metro/Urban/Semi-urban centres in the name (in joint names) of the prospective borrower.
Minimum Loan Amount: Rs.5 lakh
Maximum Loan Amount: No Upper Cap
Credit facility will not be allowed against third party immovable property.
Repayment
Term Loan: Maximum 180 EMIs considering loan should be liquidated before any of the applicant/co-applicant attains 75 years of age.
Drop-line OD: OD must be reviewed every 12 months with tenure of 180 months in such a way that Drawing Power should be reduced on equal EMI basis.
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.
For more details please contact nearest UCO Bank branch.
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
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.
