UCO Bank Scheme for Financing eRickshaw Under Mudra Loan

Looking for a Mudra Loan to purchase an e-Rickshaw from UCO Bank?

You have landed at the right place. This page contains all the information you will need on UCO Bank’s Mudra Loans for Financing e-Rickshaws.

UCO Bank Scheme for Financing e-Rickshaws Under Mudra Loan

This loan helps non-salaried individuals get funds to purchase a two-wheeler under the Mudra loan scheme. This is a need-based loan. Necessary permit or clearance for running e-rickshaw must be obtained by the borrower from the local authorities.

Features of UCO Bank Scheme for Financing e-Rickshaws Under Mudra Loan

Why this Loan?

  • The loan is meant for non-salaried individuals to help them get funds under the Mudra loan scheme to purchase e-rickshaws for business use
  • The UCO Bank e-Rickshaw Mudra Loan for MSMEs is offered as a term loan

Loan Amount

  • This is a need-based loan. The loan amount sanctioned under this loan depends on the needs as well as repayment capacity of the borrower

Interest

  • The interest rate for this loan is defined as the sum of two factors namely, UCO Float Rate and Strategic Spread of 0.55%. Currently, the UCO Float Rate is 6.90% bringing the effective interest rate at 7.45%

Repayment

  • These loans need to be repaid in 5 to 7 years after the moratorium ends. The moratorium period for this loan is three months

Security Needed

  • The bank asks for hypothecation of assets created out of bank finance as security for this loan
  • The bank also accepts CGTMSE coverage guarantee

Borrower Contribution to Total Cost (Margin Money)

  • The bank does not charge a margin on this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank covers the rest. So, if the total amount needed is Rs. 20 lakh, you will have to contribute 20% which comes to Rs. 4 lakh. The bank will provide a balance of Rs. 16 lakh.

Processing Charges

  • The processing charges for this loan depends on the extant guidelines under the Pradhan Mantri Mudra Yojana (PMMY) set by the government

Documents Needed for Individuals

  • 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: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • 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

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
  • 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: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

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