| 1 |
Who are eligible? |
- Bank has introduced online Pension loan through Straight Through Process. Pensioners who receive pension through our Bank Branch and Ex-employees of our Bank, drawing pension through UCO Bank Branch is eligible
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| 2 |
Purpose |
- Medical expenses, payment of Mediclaim, marriage expenses, educational expenses etc. of self/spouse/ dependent children
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| 3 |
Quantum of Loan |
- For Pensioners having provision of family pension & Spouse is alive:
- 15 times of monthly pension (excluding arrears) if any subject to:
- Maximum Rs. 10.00 lacs for age up to 70 years
- Maximum Rs. 5.00 lacs for age above 70 years to 74 years
- For the following Categories of customers - Family pensioners i.e. Spouse receiving pension after death of the Pensioners, Pensioners without family pension provision, Pensioners where spouse is predeceased.
- 10 times of monthly pension subject to maximum of Rs. 3 lacs
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| 4 |
Rate of interest |
- For general customers – UCO Float + 3.05% (currently 12.35%)
- UCO Staff Pensioners – UCO Float + 2.05% (currently 11.35%)
- For Current Rate of Interest refer Repo Linked rate - https://www.ucobank.com/English/home.aspx#rate
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| 5 |
Repayment |
- Maximum in 48 monthly installments
- For Pensioners having provision of family pension & Spouse is alive: Repayment Period of the loan be so fixed that the loan is fully repaid before the pensioner reaches 75 years of age. However, the maximum age, at the time of applying for the loan, not to exceed 74 years.
- For the following Categories of customers: Loan should be repaid in 48 EMIs or before the Pensioner reaches 72 years of age, whichever is earlier
- Family pensioners i.e. Spouse receiving pension after death of the Pensioners.
- Pensioners without family pension provision
- Pensioners where spouse is predeceased.
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| 6 |
How to access this digital journey |
- This end to end digital journey may be accessed through UCO Website or mobile phone, using the link shared by the bank
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| 7 |
Guarantee |
- Personal Guarantee of spouse eligible to receive family pension in the event of death of the pensioner.
- In case the spouse is pre-deceased, the Branch should obtain personal guarantee of son(s)/daughter (s) or a third party guarantee acceptable to the bank.
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