Different COVID Loans for Different Customers.

COVID-19 loans for businesses, Self-Help Groups (SHGs), farmers and PMJDY OD account holders.

UCO Bank COVID-19 Loans

As of May 2020, UCO Bank is offering two loan schemes to help its existing SHG customers deal with the financial aftermath of COVID-19. They are:

  • UCO Bank UCO COVID-19 Emergency Credit Line (UCECL) for Businesses
  • UCO Bank – UCO Sahyog COVID-19 (for Self-Help Groups, Farmers and PMJDY Overdraft Account Holders)

We give you important details of these COVID-19 loans below. If you need more details about a particular COVID-19 loan scheme, please get in touch with us at [email protected].

UCO Bank UCO COVID-19 Emergency Credit Line (UCECL)

This loan helps businesses get access to funds to deal with the financial after-effects of the COVID-19 pandemic. Existing UCO Bank customers with at least a 6-month relationship with the bank are eligible for this scheme.

Features of UCO COVID-19 Emergency Credit Line for Businesses

  • Quantum of Loan: The bank sanctions up to 10% of the existing fund-based and non-fund based limits up to a maximum of Rs. 50 crore under the UCO COVID-19 Emergency Credit Line scheme
  • Interest Rate: The interest rate applicable to this loan is equal to 1-year Marginal Cost of Funds based Lending Rate (MCLR) of UCO Bank. As of May 2020, the 1-year MCLR of UCO Bank is 7.95%
  • Repayment Period: The loan must be repaid within 24 months including a moratorium period of 6 months from the date of first disbursement
  • Eligibility: Existing business customers enjoying working capital limits with the bank are eligible for this loan provided that the account has never slipped in SMA 02 category till the date of sanction
  • Margin & Processing Charges: Nil
  • Security: The bank asks for extension of charge on primary and collateral security on the existing loan
  • Guarantee: UCO Bank asks for existing personal/corporate guarantee to be continued for this loan

UCO Bank – UCO Sahyog COVID-19 (for Self-Help Groups, Farmers and PMJDY Overdraft Account Holders)

This loan is targeted towards Farmers, Pradhan Mantri Jan Dhan Yojana (PMJDY) Overdraft (OD) account holders and Self-Help Group (SHG) borrowers to help them face the financial crisis arising out of COVID-19. This scheme is valid up to 30th September 2020.

Features of UCO Sahyog COVID-19

  • Quantum of Loan: The maximum loan amount sanctioned under the UCO Sahyog COVID-19 is capped at Rs. 5000 per borrower and Rs. 1 lakh for the whole group for SHGs, 10% of the existing working capital limit up to Rs. 30,000 for farmers, and Rs. 1,000 over and above the existing maximum overdraft of Rs. 10,000 for PMJDY OD account holders
  • Interest Rate: As of May 2020, the interest rate applicable to this loan is not mentioned on the bank’s website. We suggest calling a UCO Bank representative for more information
  • Repayment Period: The loan must be repaid within 3 years including a moratorium period of 6 months from the date of first disbursement
  • Eligibility: Existing SHG customers of UCO Bank with a satisfactory track record who have also availed at least two doses of credit from the bank are eligible for this loan
  • Margin & Processing Charges: Nil
  • Security: No collateral security for SHG and PMJDY borrowers. The bank ask for extension of charge of assets pledged to the bank for the existing loan sanctioned to farmers
  • Guarantee: It is mandatory for borrowers to take coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) or Pradhan Mantri Suraksha Bima Yojana (PMSBY) if it was not availed earlier

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/Insurance Agents: 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.

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

Reference Facts

  • UCO Bank Website: www.ucobank.com and www.ucobanking.com (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Toll-Free Number: 1800 274 0123