Consolidation Loans from UCO Bank (UCO)
Different loan schemes for debt consolidation.
UCO Bank, headquartered in Kolkata, offers a range of financial products to different segments of its customer base. The bank gives you the option to choose from a range of loans that are specifically suited for your different needs.
UCO Bank Consolidation Loans
A UCO consolidation loan helps customers pay off all their debts and consolidate them into one loan which they can repay by choosing terms best suited for their needs. Consolidation loans can be unsecured loans like personal loans or secured loans like loans against property, gold or securities.
A balance transfer loan such as “takeover of home loan” scheme is also considered to be a consolidation loan if it is a relatively low-interest loan in comparison thereby reducing the debt burden. A top-up home loan that can be used by a housing loan borrower to repay credit card debt or other high-interest loans can also be considered as a consolidation loan.
These loans help customers by consolidating all their debts into one loan, request takeover of a high-interest loan with a relatively low-interest loan, pay off high-interest credit cards, etc. depending on their needs. The main motive is to reduce the number of outgoing instalments by streamlining the whole thing into one, finding better deals to repay the loans faster and finding relatively low-interest loans.
Please remember that UCO Bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by UCO Bank that you can avail as a consolidation loan:
- UCO Cash Loan (Personal Loan)
- UCO Pensioner Loan
- UCO Securities (Loan Against Securities – KVP/LIC/Relief Bonds)
- UCO Gold Loan (Loan Against Gold Ornaments)
- UCO Property Loan (Mortgage Loan)
- UCO Swabhiman (Reverse Mortgage Loan)
- UCO Rent Loan (Loan Against Rent Receivables)
- UCO Home Loan
- UCO Top-up Home Loan
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
UCO Bank Cash Loan (Personal Loan)
This loan helps borrowers to get funds to meet their personal needs such as expenses for a child’s wedding, domestic and foreign travel, medical emergency, etc. This loan scheme can also be repurposed into a consolidation loan to pay off their debts.
Features of UCO Personal Loan
Why this Loan?
- The UCO Bank Cash (Personal Loan) is designed to help permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies having a salary account with UCO Bank get financial assistance to meet their personal needs
- The bank offers 0.25% concession in interest rate to women borrowers
- This is a collateral-free loan
UCO Bank Personal Loan for Pensioners
This loan helps pensioners to get funds to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. This personal loan can also be used to pay off their high-interest credit card debts and loans, thereby consolidating their debts. Pensioners receiving pension through UCO Bank and ex-staff of the bank are eligible for this loan.
Features of UCO Personal Loan for Pensioners
Why this Loan?
- The UCO Bank UCO Personal Loan for Pensioners is meant for ex-staff of UCO Bank and pensioners/family pensioners, drawing pension through UCO Bank, who need financial assistance to meet urgent personal needs
- This is a collateral-free loan
- There are no prepayment charges for this loan
UCO Bank UCO Securities (Loan Against Securities)
This scheme helps borrowers get access to funds by pledging their securities such as National Savings Certificates (NSCs), Kisan Vikas Patra (KVP), Relief Bonds of RBI, Life Insurance Policies, etc. to the bank. The main purpose of this loan is to help the borrower to meet any contingencies and personal needs such as a wedding, overseas travel and so on, however, it can also be used to consolidate the borrower’s high-interest debts.
Features of UCO Securities (Loan Against Securities – NSC, KVP, Relief Bonds, LIC)
Why this Loan?
- The UCO Bank Loan Against Securities is meant for borrowers who want to avail financial assistance by pledging NSCs, KVPs, Relief Bonds, LICs, etc. for financial emergencies
- Borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, hence consolidating their debts
- This loan is offered as cash credit, term loan or demand loan
UCO Bank Gold Loan
This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This advance can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts.
Features of UCO Gold Loan (Loan Against Gold Jewellery)
Why this Loan?
- The UCO Gold Loan is meant for borrowers who want to get funds by pledging gold ornaments to meet their financial needs
- This loan scheme can also be availed by borrowers as a consolidation loan to pay off their high-interest credit card debts and loans
UCO Bank Property Loan (Loan Against Property)
This loan helps borrowers get access to funds by pledging their property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts.
Features of UCO Mortgage Loan
Why this Loan?
- The UCO Property Loan is meant for individual and corporate borrowers who want to avail financial assistance by pledging their residential/commercial property to the bank to meet their urgent financial needs. This loan can be availed for personal or business needs but not capital market, trading or speculative purposes
- Borrowers can also avail this scheme as a consolidation loan to pay off their debts
- The scheme is offered as a term loan or overdraft based on the needs of the borrower
UCO Bank Swabhiman (Reverse Mortgage Loan)
This loan helps senior citizens who want to meet their living expenses or supplement pension income by pledging their self-occupied, residential property for this loan. This loan scheme can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts. This loan cannot be availed for trading or speculative purposes.
Features of UCO Reverse Mortgage Loan for Senior Citizens
Why this Loan?
- The UCO Bank Swabhiman Reverse Mortgage Loan helps senior citizens get access to funds by mortgaging their self-occupied, residential property and convert it into liquid cash flows to meet their living expenses, personal needs, travel and medical expenses or home renovation, repair and extension expenses
- They can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans. This will help them live their golden years stress-free
UCO Bank Rent Loan (Loan Against Rent Receivables)
This loan helps property owners who have let out or leased their property situated in metro, urban or semi-urban areas to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. get access to funds to meet their personal needs. This loan can also be used to consolidate debts.
Features of UCO Rent Loan (Loan Against Future Lease Rentals)
Why this Loan?
- The UCO Bank Rent Loan is meant for property owners who have rented or leased their property situated in metro, urban or semi-urban areas to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. get access to funds to meet their personal needs
- This loan can be availed to meet the financial needs for business expansion, higher education, wedding, purchase of a new property, repayment of existing loans, etc. It cannot be used for trading, capital market or speculative reasons
- Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
UCO Bank Home Loan
This loan helps home loan borrowers transfer their housing loan to UCO Bank. The biggest advantage of availing this loan is that the rate of interest is calculated on reducing balance, making it an ideal solution if you want to reduce your debt burden.
Features of UCO Home Loan
Why this Loan?
- The UCO Bank Home Loan is meant for borrowers who want to transfer their housing loan to UCO Bank in addition to simply availing it as a home loan for the purchase, construction, extension or furnishing of a residential property
- Borrowers can also avail this scheme for reducing their debt burden by transferring their existing housing loan to UCO Bank
UCO Bank Top-up Home Loan
This loan helps home loan borrowers get the funds to meet their personal needs. It can also be used to consolidate high-interest debts. This loan cannot be availed for speculative reasons.
Features of UCO Top-up Home Loan
Why this Loan?
- The UCO Bank UCO Top-up Home Loan is meant for borrowers who want to avail financial assistance for personal needs after availing the home loan scheme from the bank. Borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and other loans, thereby reducing their debt burden
- All existing home loan borrowers are eligible for this loan
Important Note: UCO Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for UCO Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, UCO Floating Rate and (Strategic) Spread. As of October 2020, the Float Rate of UCO is 6.90%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Reference Facts
- UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
- Headquarters: Kolkata, West Bengal
- Call Centre Toll-Free Number: 1800 274 0123