Thinking of a Personal Loan for Senior Citizens to pare down your debts?

Take a look at UCO Bank Pensioner Loan Scheme

UCO Bank UCO 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

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to twelve times the net monthly pension of borrowers or Rs. 10 lakh, whichever is less

Interest

  • UCO Bank Pensioners (Ex-employees): The interest rate applicable to this loan is defined as the sum of two factors: UCO Float Rate and a Spread factor of 2.30%. As of October 2020, the the effective interest rate is 9.45%
  • Other Pensioners: The interest rate applicable to this loan is defined as the sum of two factors: UCO Float Rate and a Spread factor of 3.30%. As of October 2020, the effective interest rate is 10.45%

Repayment

  • This loan must be repaid within 4 years subject to the maximum age criterion

Eligibility

  • Pensioners and Defence Pensioners drawing pension through UCO Bank
  • The maximum age to apply for this loan is 74 years for UCO Bank pensioners (ex-employees) and 72 years for other pensioners/family pensioners

Security Needed

  • This is an unsecured loan
  • The bank may ask for guarantee of spouse eligible for family pension, earning children or third-party guarantee

Processing Charges

  • There are no fees levied by the bank for processing this loan

Documents Needed

  • 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

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