To extend financial assistance to certain segment to meet expenses like marriage, education, social obligations, Agricultural needs etc.
Eligibility
Applicant has completed minimum 2 years of service in the same organization and Borrowers must have Salary Account with our Branches.A personal loan calculator is available to help you figure out how much you should pay each month. You can select your tenure as well as the amount you are willing to repay each month for the duration of your choice. You can also calculate compound interest with the Personal Loan EMI Calculator and know exactly how much you need to part with—interest included.
Applicant should be a Permanent and Confirmed Employee of:
- Central/State Government:
- Departments/Undertakings/Entities
- Public Sector Undertakings
- Educational Institutions/Aided Educational Institutions
- Autonomous Bodies
- Private Universities/Colleges/Schools Teaching Staff)
Income Criteria
Net take home pay should not be less than 40% of gross salary after deduction of PF, IT and other statutory deductions including proposed EMI of UCO Cash Loan, loans granted by his employer and any other loans, subject to minimum monthly take home pay of Rs. 10,000
Other income like rent, interest, dividend etc. may be taken into account for reckoning the eligible quantum of personal loan subject to documentary evidence like IT Returns etc
Quantum of loan
1) For Employees of Central/State Government as defined under Eligibility
20 times of Gross Monthly Income subject to maximum of Rs.15 Lacs
2) For other than Government Emoloyees
10 times of Gross Monthly Income subject to maximum of Rs.10.00 Lacs
Security
No collateral security required.
Rate of Interest
a) For Employees of Central/State Government as defined under Eligibility
UCO Float Rate + 3.15% i.e. 7.30% + 3.15% presently 10.45 % p.a.
b) For other than Government Employees
UCO Float Rate + 3.40% i.e. 7.30% + 3.40% presently 10.70 % p.a.
Repayment
a) For Employees of Central/State Government as defined under Eligibility
84 Equated Monthly Instalments
b) For other than Government Employees
60 Equated Monthly Instalments
Repayment period in all cases to be fixed such that entire personal loans Is repaid one year before retirement
Processing Charge
1% of loan amount (minimum Rs.750/-)
Apply for inprinciple approval
For more details, please contact nearest branch.
