What is UCO bank Personal loan Calculator?
When one takes a Personal Loan, a natural
question that comes to mind is how much the EMI would (Equated Monthly
Installment) be that one has to pay back to the bank every month. UCO bank
Personal loan calculator helps you in calculating your monthly EMI at your
fingertips.
How to use UCO bank Personal loan Calculator?
Once you find the UCO bank Personal loan calculator, To
calculate the amount of UCO bank Personal loan EMI, you need to put the
following inputs in the UCO bank Personal loan calculator:
- Loan Amount –
The principal amount borrowed from the bank or financial institution is
known as the loan amount.
- Interest Rate –
Interest rate can be either fixed or floating.
- Loan tenure – Is
the time over which you choose to repay the loan.
The end result will be your EMI, the total interest you’ll be
paying and the total amount you’ll be paying by the end.
Benefits of UCO bank Personal loan Calculator?
· Fast
· Simple
· Convenient
· Estimate
your monthly expenses and have a healthy financial plan
Why should I use UCO bank Personal loan Calculator?
The simplest answer is that it’s fast and it’s
convenient. This means that you can do multiple calculations in minutes where
such calculations many take longer were you to sit down with a pen and paper.
These calculators are also super accurate so it eliminates the possibility of
errors in calculations, provided you provide accurate data.
UCO bank Personal loan Calculator Eligibility-2019
UCO bank Personal loan eligibility
and interest rate of UCO bank depends upon following factors –
- Loan amount: Generally,
banks offer lower interest rates in
UCO bank for higher amount.
- Your Salary: Higher
salary bracket individuals are offered personal loans at lower interest
rates. UCO bank Personal loan interest rate of the bank varies with your
net monthly income.
- Employer Category: Employer category of the borrower is a major deciding
factor in order to determine his/her rate of interest. Every bank has a
list of company categories of salaried individuals to which they avail
personal loan. So, higher company category leads to low bank UCO bank
Personal loan rate.
- Relationship with the UCO bank: Yes bank offers
special rates, offers and charges to the existing account holders of the
bank. Those who have managed their accounts and made all the payments on
time in past will get benefit of low UCO bank Personal loan interest rate.
- Loan Tenure: Personal
loans in UCO bank are of longer repayment tenure of 7 years.
- Repayment Capacity: Before
giving loan to the borrower, every bank checks the repayment capacity of
the borrower. Bank verifies the repayment capacity of the customer through
CIBIL score or credit score as it has all the details of previous loans
taken and their repayments. CIBIL score also gives the information of credit card bills
payment.
Eligibility Criteria |
Eligibility Details |
Age |
21 years – 65 years |
Minimum Annual Income |
Salaried: ₹ 3 Lakhs |
Minimum Credit Score |
700 and above |
Loan Tenure |
7 years |
Documents required to apply loan at UCO bank- 2019
Salaried Employees:
- Filled up loan application form
- 2 Passport Size Photo
- Copy of Income
Tax PAN
- Identity Proof – Aadhaar, Passport / Driving License / Voter ID
/ PAN
- Residential Address Proof – Leave and License/
Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Income Documents – 3 months pay slip, 2 years Form 16,
3 months bank statement showing salary credit and any EMI debit
Self-Employed:
- Filled up loan application form
- 2 Passport Size Photo
- Copy of Income
Tax PAN
- Identity Proof – Aadhaar, Passport / Driving License / Voter ID
/ PAN
- Residential Address Proof – Leave and License/
Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Income Documents – 3 months pay slip, 2 years Form 16,
3 months bank statement showing salary credit and any EMI debit
Lowest EMI per lakh for loan for personal use
Bank |
Lowest EMI per lakh |
Max Tenure |
SBI Personal Loan |
₹ 2,658 |
48 months |
HDFC Bank Personal Loan |
₹ 2,162 |
60 months |
ICICI Bank Personal Loan |
₹ 2,187 |
60 months |
Bajaj Finserv |
₹ 2,224 |
60 months |
Citibank |
₹ 2,174 |
60 months |
IDFC First Bank |
₹ 2,199 |
60 months |
Axis Bank |
₹ 2,187 |
60 months |
Tata Capital |
₹ 1,942 |
72 months |
Fullerton India |
₹ 2,732 |
48 months |
IndusInd Bank |
₹ 2,174 |
60 months |
Kotak Bank |
₹ 2,149 |
60 months |
RBL Bank |
₹ 2,326 |
60 months |
IIFL |
₹ 2,275 |
60 months |
HDB Financial |
₹ 2,326 |
60 months |
PNB |
₹ 2,224 |
60 months |
Andhra Bank |
₹ 2,202 |
60 months |
UCO bank |
₹ 2,174 |
60 months |
UCO Bank of India |
₹ 2,260 |
60 months |
Bank of Baroda |
₹ 3,302 |
36 months |
Syndicate Bank |
₹ 2,296 |
60 months |
Standard Chartered Bank |
₹ 2,174 |
60 months |
Bank of Maharashtra |
₹ 3,471 |
36 months |
Canara Bank |
₹ 2,683 |
48 months |
Corporation Bank |
₹ 3,367 |
36 months |
Karur Vysya Bank |
₹ 3,413 |
36 months |
Federal Bank |
₹ 2,608 |
48 months |
Indian Overseas Bank |
₹ 2,260 |
60 months |
Indian Bank |
₹ 3,276 |
36 months |
Allahabad Bank |
₹ 2,283 |
60 months |
IDBI Bank |
₹ 2,286 |
60 months |
Factors affecting UCO bank Personal loan EMI 2019:
Loan amount – This is the amount which a borrower decides to take from the
bank in the form of a loan. Higher the UCO bank Personal loan amount,
higher will be the EMI.
Rate of interest – This is the interest charged on the borrowed loan amount.
Lower the UCO bank Personal loan interest rate, lower the EMI.
Loan Tenure – This is the time period for which you take a loan. Longer
the UCO bank Personal loan tenure, lower will be the EMI. Longest loan tenure
available across banks in India is 5 years, subject to borrower’s current age and
retirement age.
Following table provides a
comparison of EMI for a Rs. 1 lakh loan at different tenures:
Loan Tenure |
2 years |
3 years |
5 years |
EMI amount for loan amount Rs. 1
lakh at 10.50% |
₹ 4,638 |
₹ 3,250 |
₹ 2,149 |
Total amount you pay back to the bank
including principal and interest |
₹ 1.23 Lakh |
₹ 1.36 Lakh |
₹ 1.68 Lakh |
Interest you have to pay over loan
tenure |
₹ 23,034 |
₹ 36,470 |
₹ 67,905 |
At
the lowest interest rate of 10.50%, the lowest EMI for tenure of 5 years is ₹
2,149 per lakh. You need to pay an interest
of ₹ 67,905 on your loan amount of Rs. 1 lakh over 5 years.
If you take a loan for 2 years at
the same rate of interest, you will have to pay a higher EMI of ₹ 4,638 and a
total interest of ₹ 23,034 on your loan amount of Rs. 1 lakh for 2 years, which
is much lesser than what you paid for a 5 years loan.
UCO bank Personal loan Application Process in India 2019:
- UCO bank Personal loan Application
Process Online
If the UCO bank Personal loan applicant
has an existing relationship with the financial lender, he/she can apply for a UCO
bank Personal loan via his/her net banking account and could possibly be
eligible for a pre-approval. For other customers, they can apply for a UCO bank
Personal loan online by following the steps mentioned below:
- Visit the website of the financial lender.
- Under the loan section, choose personal loans.
- Click on the ‘apply now’ option.
- Enter the details in the UCO bank Personal loan application
form and submit it to the bank.
- The bank will assess the eligibility of the applicant
and request for the submission of the required KYC documents and income
documents.
- If the applicant is found eligible, the bank will
disburse the loan amount to the bank account of the applicant, as
mentioned in the application form.
- UCO bank Personal loan application
offline
Listed below is the process of
applying for a UCO bank Personal loan at the branch of the financial lender:
- Visit the branch of the financial lender.
- Procure the UCO bank Personal loan application form
and enter all the required details.
- Submit relevant documents that prove one’s income,
age, address and identity.
- The lender will then verify the documents and check
the eligibility of the applicant.
- The loan amount will be transferred to the bank
account of the applicant if he/she is found eligible.
- Email and phone banking
requests:
You can leave a request for UCO bank
Personal loan with the bank through an email or at the customer service centre
of the bank. The bank will review your eligibility and contact you to take the
process further.
- Request through ATM machine:
Nowadays you can apply for UCO bank
Personal loan via ATM kiosks as well. Once you raise a request the bank
personnel will contact you.
How UCO bank Personal loan Applications are processed 2019:
The process of sanctioning of a UCO
bank Personal loan is simpler than property loans such as home loan and car
loan. This is because, in case of property loans, the bank has to verify not
just your financial information, but also the credibility and eligibility of
the asset that you are purchasing with the loan amount. For personal loan, you
are the collateral security yourself, so the bank has to do a background
verification only on you.
- Once the bank receives your loan application, it will
check the information provided by you against the data available with
them, such as bank balance, salary deposits made into your account, EMIs
being deducted from your account, etc.
- The bank will cross-check and confirm your identity
and address details through your Know Your Customer (KYC) documents.
Banks may visit you at home to confirm your place of residence and check
with your office on your employment tenure.
- The copy of your Income Tax Return or salary pays lips
will help the bank gauge your repayment capacity. This will help
determine how much loan amount the bank is willing to sanction to you.
- Some banks might ascertain your credit-worthiness by
finding out your CIBIL score. The higher the CIBIL
rating, the more your chances
of getting the loan approved.
- The bank will also review your age, number of years of
employment left, and salary growth prospects, to decide how much loan it
can approve for you and what the repayment period should be.
UCO bank Personal loan for Govt Employees 2019
- Interest rate UCO bank Personal loan for government
employee starts @11.49%
- Special offers available for government employees of
India and public sector undertakings
- Nil processing fees for defense personnel
- Lowest interest rates for employees of public sector
banks
As per the current rates, both HDFC
and ICICI bank offer the lowest interest rates of 11.49% for Government
Employees. Based on processing fee, HDFC Bank and ICICI Bank offer lowest
processing fee with 0.99 charges for government employees working in Defense.
For central govt. employees, the best UCO bank Personal loan rates are 12.25%
to 17.25%.
SBI
Personal Loans for Govt Employees
SBI offers special Loan Schemes for
Government Employees in order to meet their urgent fund requirements. SBI
Xpress Credit is a loan for meeting medical emergency, wedding or family
vacation expenses. All government employees are eligible to avail loan of up to
Rs. 15 Lakh from SBI with a maximum tenure of 48 months. SBI Xpress Credit UCO
bank Personal loan interest rate starts from 11.90%. Another similar scheme,
SBI Pension Loan is a specially designed schemes for government pensioners. Under the scheme, an amount of up to Rs. 14 Lakh is
available for government pensionersfor a tenure of up to 60 months . Interest rates charged on
SBI Pension loan starts at 12.45%.
Government Bodies Who Offer Personal
Loans
Maharatna PSU – Maharatna Pubic Sector Undertaking (PSU) can raise the
investment of any company from Rs. 1,000 crore to Rs. 5,000 crore. The
companies whose 3 years average annual profit is Rs. 5,000 crore or average
annual net worth of Rs. 10,000 crore for 3 years or average annual turnover for
3 years is Rs. 20,000 crore are eligible to become a Maharatna PSU. Presently,
there are 7 government companies which comes under Maharatna categories and
these are BHEL, GAIL India, ONGC, NTPC, Coal India, Indian Oil Corporation and
Steel Authority of India. The rates for these PSUs are different from the rates
offered to private sector companies. The UCO bank Personal loan rates for
Maharatna PSU employees in HDFC Bank are 11.49% – 13.99% and in ICICI Bank are
11.60%.
Navratna PSU – Navratna PSUs are decided on six parameters like net worth,
net profit, total manpower cost, total cost of production, cost of services,
PBDIT (Profit before Depreciation, Interest and Taxes), capital employed etc. A
Miniratna company with 4 independent directors on its board team can become a
Navratna PSU. Navratna PSU includes 17 companies and some of these are Bharat
Electronics, Hindustan Aeronautics, Bharat Petroleum Corporation, Oil India,
NMDC etc. UCO bank Personal loan interest rates for Navratna PSU in HDFC Bank
are 11.49% – 13.99% and in ICICI Bank are 12.25%.
Public Sector Banks – These banks are those whose majority share of more than 50%
is held by a government. Currently, there are 21 nationalized banks in India
which mainly includes SBI, PNB, Bank of Baroda, UCO Bank etc. The loan rates
for Public Sector Bank employees in HDFC Bank are 15.50% and in ICICI Bank are
13.25% – 15.75%.
Central Government Enterprises
– In these companies, direct holding
of Central Government Departments/ Institutes or other Central Public Sector
Undertaking is 51% or more. The UCO bank Personal loan rates offered to Central
Government Enterprises by HDFC Bank are 15.50% – 17.25% and by ICICI Bank are
12.25% – 16.75%.
Railways – Indian Railways is a State-owned national
transporter and is owned and operated by Government of India via the Ministry
of Railways. Indian Railways employees can get UCO bank
Personal loan by HDFC Bank at 14.99% – 16.99% and by ICICI Bank at 12.25% –
16.75%.
State Government Enterprises – The rates for State Government employees and Institutes like
Universities, Colleges, etc. vary from bank to bank. Currently, HDFC Bank UCO
bank Personal loan rates for State Government Enterprises are 15.50% – 17.25%
and ICICI Bank rates are 12.25% – 16.75%.
Personal
Loans for Defense Personnel
Banks have come out with special
offers for our armed forces, in lieu of their unmatched contribution to India.
HDFC and ICICI Bank offer special rates on personal loans for defense personnel
as they classify under the armed forces category. Key armed forces category
which are eligible for these offers are BSF, CRPF, ITBP, CISF, SSB, NDRF, The Indian Airforce,
The Indian Navy and The Indian Army. Some banks also include the Police Department under their
schemes for defense personnel. The eligibility of these loan schemes is linked
to the seniority and designation of the personnel. The UCO bank Personal loan rates
for defense personnel in HDFC Bank are 15.75% and in ICICI Bank are 11.75% –
13.50%. Also, remember to compare the processing fees before taking a UCO bank
Personal loan offer for defense personnel as many banks offer nil processing
fee on loans for armed forces.
UCO
bank Personal loan for pensioners
pensioners or retired individuals are often in need of funds to meet
their personal expenses such as a child’s wedding or medical expenses. Leading
banks such as SBI and ICICI Bank offer loans for pensioners at lowest discounted rates. These loans can be availed by
retired employees of Central Government, State Govt. or defense forces. Banks
cap the maximum age of pensioners to be eligible for a UCO bank Personal loan at
76 years with a maximum loan tenure of up to 5 years. Banks charge a nominal
processing fee for pensioners . SBI charges 12.45% interest rates for pensioners and interest rate of ICICI Bank for pensioners is in the range of 16.00% .
Government
Employees UCO bank Personal loan Eligibility
- Minimum age of the applicant should be 21 years and
maximum 65 years.
- and permanent salaried employees with minimum income of
Rs. 20,000 per month are eligible for personal loan. Income eligibility
may vary depending upon your profile.
- Bank gives loans to those applicants who are at least 6
months experienced in their current job with a total experience of 3 years
although it may vary bank to bank.
- CIBIL score matters as personal loans are unsecured loans.
Your CIBIL score should be 700 or more than that with a good credit
history which is equally important to get approval on loan application.
Loan
for Government Employees – Fees & Charges
Bank charge fee from PSU employees
on processing and pre closure of personal loan. These charges include –
Processing Fee – This fee varies from bank to bank and is higher than
secured loans and can range upto 2% for government employees.
Pre Closure Fee – This fee is charged when you want to close your loan before
the completion of the tenure. Foreclosure charges are different in all banks.
Most of the banks charge a preclosure fee from nil to up to 5% on outstanding
loan amount.
Documents
Required for Public Sector Personal Loan
- Signed application form
- Age proof – Passport, PAN Card, Birth Certificate,
Employee ID Card
- Copy of Income
Tax PAN
- Identity Proof – Aadhaar, Passport / Driving License / Voter ID
/ PAN
- Address proof – Passport, Voter ID Card, Aadhar Card,
Utility bills (not more than 3 months old)
- Income proof – Form 16 of last 2 years, salary slips of
last 6 months and last 6 months bank statement
UCO bank Personal loan Interest Rates of Various Banks 2019
Bank |
Interest Rates |
Lowest EMI per Rs. one lakh |
Processing Fee |
HDFC Bank |
10.75% – 22.00% |
Rs. 2,162 |
Upto 2.50% Min Rs. 1,999 |
Citibank |
10.99% – 18.99% |
Rs. 2,174 |
Upto 0.5% |
ICICI Bank |
11.25% – 22.00% |
Rs. 2,187 |
Starting from 0.99%, Up to 2.25% |
Bajaj Finserv |
11.99% – 15.50% |
Rs. 2,224 |
Starting from 1.50%, Up to 3% |
IDFC Bank |
11.50% – 19.50% |
Rs. 2,199 |
Starting from 0.75%, Up to 2% |
Tata Capital |
11.75% – 18.00% |
Rs. 1,942 |
Flat fee of Rs. 1499*, Upto 2.50% |
RBL Bank |
13.99% – 18.00% |
Rs. 2,326 |
Upto 2% |
IndusInd Bank |
11.00% – 20.00% |
Rs. 2,174 |
Min 1% to Max 2.50% |
Components of UCO bank Personal loan Calculator?
- Amount of UCO bank Personal loan to calculate UCO bank
Personal loan EMI
- Loan term (months or years) to calculate UCO bank
Personal loan EMI
- Rate of interest (percentage) to calculate UCO
bank Personal loan EMI
Will other banks provide Personal loan Calculator?
Yes. These days most, if not all, banks have UCO
bank Personal loan calculator, specific to various loans, available on their
websites.
Tips before applying UCO bank for personal loan
Step 1 : Check loan EMI and calculate
eligibility
As you decide
to take a personal loan, always estimate your loan amount eligibility to know
the loan amount you will be eligible for and can apply for. Also calculate the
monthly EMI that you can comfortably service given your net take personal
salary and other existing fixed obligations including rent and EMIs on other
existing loans, if any. Your house loan eligibility is calculated based on your
age, net income, existing obligations, property type, LTV ratio and other
factors. EMI is dependent on the loan amount, interest rate and tenure. Once
you understand your minimum loan requirement, your eligibility and monthly EMI
you can comfortably service, shortlist the banks which offer you maximum loan
amount to meet your requirements.
Step 2 : Check loan approval status and
legal documents
If you are
buying a property from builder, then check for the banks which have approved
the projects you have shortlisted. For resale property, check the approved map
plans and ensure that all property registration papers for the complete chain
from the first owner to current owner are in place. Shortlist the banks which
lend on your chosen property.
Step 3 : Decide on type of UCO bank
Personal loan interest rate offers
As you narrow
down the list of banks in Step 2 and 3, you need to conduct an interest rate on
UCO bank Personal loan comparison of the loan offers of various banks. Some of
the interest rate offers that needs to be checked are:
Choice
between fixed and floating rates – Fixed rates come at a slightly higher rate
of interest compared to floating rate loans and interest rate remains constant
during the tenure of personal loan. In floating rate loan, interest rates are
reset at periodic intervals in response to changes in MCLR and PLR rates of
banks or NBFCs. Majority of housing loans in India today are floating rate
loans as it allows the borrowers to get UCO bank Personal loan interest rate in
line with the current interest rates.
Decide if you
need a personal saver loan – This is a loan with overdraft facility which
allows you to deposit surplus amount in your UCO bank Personal loan overdraft
account as and when available, allowing you to reduce your overall interest
amount. This loan is highly recommended for salaried individuals with high
bonuses and self employed business which is seasonal and has fluctuating cash
flows. The interest rates on overdraft loan is slightly higher than that of a
regular housing loan interest rate.
You can also
evaluate a mortgage guarantee house loan as it covers any default risk and
allows the lender to give you loan at low rate of interest. You will however
need to pay a mortgage guarantee fee to the bank.
Check and
compare the current UCO bank Personal loan interest rates of the banks on
various types of loan products and take an informed decision.
Step 4 : Compare shortlisted banks
In addition
to interest rates, banks also charge many other fees on personal loans. Along
with interest rates, you should check other associated costs with a your loan
which include prepayment charges, processing fee, insurance premium and other
charges offered by the shortlisted banks. You should calculate all inclusive
costs on UCO bank Personal loan to be able to further shortlist the banks and
reduce your choice to 2-3 banks.
You can take
the help of loan advisors of online on various websites listed below.
2.
https://www.paisabazaar.com/
3.
https://www.bankbazaar.com/
5.
https://www.deal4loans.com/
8.
https://www.bajajcapital.com/
Step 5 : Select the bank based on other
service related parameters
Finally, as
you decide to take the loan, also consider other service and transparency
related parameters of the chosen banks. Some of these factors are turnaround
time offered by the banks, quick loan delivery, doorstep services, transparency
in the loan process. You also need to understand the trends and changes in MCLR
rates over a period. Last but not the least, read reviews of existing customers
on banks on their services, interest rates and transparency to take your
decision to borrow from a bank.
How is UCO bank Personal loan calculated?
UCO bank
Personal loan EMI Calculator uses the combination of loan amount, loan tenure
and interest rate to calculate EMI online. Besides this, it also tells you how
much rate of interest you would pay over your loan period. Longer the loan
tenure, more the amount of interest for same loan amount and interest rate.
How much should I pay as monthly EMI
for personal loan?
Monthly EMI
depends upon your income and expenses. Generally, banks advise you to limit
your EMI to 35% to 45% of your net income so that you can pay your EMI without
any burden or difficulty. You can calculate your EMI online which will help you
to know your repayment capacity.
What if I miss EMI payment or there is
an ECS bounce?
If you miss
your EMI payment or if there is an ECS bounce then bank may charge a penalty.
In addition, it will also be reflected in your CIBIL report and your CIBIL score may get impacted.
What if I get delay in paying the UCO
bank Personal loan EMI?
Banks charges
penalty for delaying EMI payment. The amount of penalty varies from bank to
bank.
Why it is necessary to calculate EMI
beforehand?
It is
important to calculate your EMI in advance to maintain stability in future
payments. When you avail loan, you promise the bank to pay a fixed amount at
fixed date every month. So, before availing the loan you should consider the
stability of your income, monthly expenses and the existing loan obligations to
avoid any discrepancies in future payments.
Does the loan tenure affect my EMI for
personal loan?
UCO bank
Personal loan can be availed for maximum tenure of 5 years. Tenure affects your
monthly EMI. Longer the tenure of personal loan, lower will be your EMI.
UCO bank Personal loan Further Links:
·
Uco
Bank Internet banking Official Website:
·
Uco
Bank Application Forms Download Links:
·
Personal
Loan Uco Bank :
·
Online
Savings Account Opening Uco Bank :
·
Uco
Bank Official App Download Link:
·
Uco
Bank Official IOS App Download Link:
·
Uco
Bank Login:
·
Uco
Bank Customer Care :
·
Uco
Bank Credit Card:
·
Uco
Bank Pin Reset:
·
Uco
Bank Balance Enquiry:
· Uco Bank Branch Details :