UCO Bank Personal Loan Interest Rates

Note: *The EMI of Rs.2,127 has been calculated using a principal amount of Rs.1 lakh, an interest rate of 10.05% p.a., and a tenure of 5 years

** The EMI of Rs.2,047 has been calculated using a principal amount of Rs.1 lakh, an interest rate of 8.40% p.a., and a tenure of 5 years.

UCO Bank Personal Loan Schemes

UCO Bank offers two personal loan schemes to help customers depending on what they want to buy. The UCO Cash loan option is for salaried customers and can be used towards any expense they see fit. The UCO Shopper Loan Scheme is specifically designed for customers who want to buy consumer durables. This includes computers, refrigerators, televisions, etc.

Factors that Affect UCO Bank Personal Loan Interest Rates

Gender: You can get different interest rates based on your gender. UCO Bank offers lower rates for women borrowers.

Credit score: Your credit score shows whether or not you pay your loan EMIs and bills on time. If your score is high, it means lower risk for the bank. This may prompt them to offer you a lower rate of interest.

Level of income: If you earn a higher level of income, you may be able to borrow a higher amount from the bank. Apart from this, they may offer you lower rates since your capacity to repay the loan is greater.

Job stability: If you work for a reputable organisation, the bank may consider you to have a more stable job. Job stability means a stable income. This lowers your risk of loan default, which may lead to lower rates of interest.

Loan tenure: If you choose a longer loan duration, the bank may offer you a lower rate of interest.

Relationship with UCO Bank: If you already have an account with UCO Bank, they may offer you certain loan benefits that are not offered to first-time customers. These include better interest rates, better repayment options, special services, etc.

EMI Examples for UCO Bank Personal Loans

Illustration 1: Akhil has been working for 2 years now. He is earning a salary of Rs.25,000 per month. He wants to borrow Rs.1 lakh from the bank under the UCO Cash scheme. He chooses a tenure of 1 year. The bank offers him an interest rate of 10.30% p.a.

Loan particulars:

1. Principal - Rs.1 lakh
2. Interest rate - 10.3% p.a
3. Tenure - 1 year (12 months)

Here is how Akhil has to repay the loan over the next 12 months:

Illustration 2: Tanya earns Rs.50,000 a month. She has a total work experience of 4 years and a credit score of 835. She wants to borrow Rs.1 lakh and repay it over a period of 1 year. Since she has an excellent credit score, the bank offers her a rate of 10.05% p.a.

Loan particulars:

1. Principal - Rs.1 lakh
2. Interest rate - 10.05% p.a
3. Tenure - 1 year (12 months)

Let's see how Tanya has to repay this loan over the chosen period of 1 year:

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