Table of Contents
Features of UCO Bank Consumer Durable Loan
- Loan amount: Offering a loan amount of as high as Rs. 2 lakh, UCO Bank Shopper Loan ensures that you are able to purchase your desired product without any hassle
- Flexible tenure: You don’t have to worry about paying the UCO Bank Consumer Durable Loan immediately as the bank offers a flexible tenure of up to 60 months
- Easy application: With minimum documentation, you can easily avail the funds you need
- No pre-payment charge: In case you prepay the UCO Shopper Loan, you can prepay it without paying any additional charges
Also Know: What are the Types of UCO Bank Personal Loan and Interest Rates
UCO Bank Consumer Durable Loan Interest Rate
The following are key interest rates associated with UCO Shopper Loan:
| For salary tie-up arrangement or Loan secured by 100% liquid collateral security | 9.45% onwards |
| For others | 10.45% |
Eligibility Criteria of UCO Bank Consumer Durable Loan
The following are the key eligibility criteria for availing a UCO Shopper Loan:
- You should either be a self- employed businessman/individual or a permanent employee of govt./semi govt./PSU/semi govt./PSU/universities or reputed private concerns
- You should be working with your current organisation for at least 1 year and minimum 5 years of service period should still be remaining
- You should be an existing customer of UCO Bank for at least the past 6 months
- You must be at least 21 years old and less than 60 years if you are a salaried applicant. If you are a self-employed applicant, minimum eligibility age is 21 years and maximum is 65 years
- Your minimum income should be:
| Salaried individuals | At metro centres:
Rs. 30,000 |
At other centres:
Rs. 20,000 |
| The minimum take home income should be 40% of gross salary after all deductions including EMI of the proposed loan or Rs.10000, whichever is higher | ||
| Non-salaried individuals | Minimum annual income should be Rs. 4 lakh at all centres according to the latest submitted IT Return | |
| Minimum 40% of net monthly income should be remaining after deducting EMI of proposed loan, taxes and any other obligations or Rs.10,000 whichever is higher | ||
Documents Required for UCO Shopper Loan Scheme Application
The basic documents required to apply for UCO Bank Consumer Durable Loan are:
- ID Proof: Aadhaar Card, PAN Card, Voter ID Card, Passport, Driving License, etc.
- Address Proof: Ration Card, Aadhaar Card, Utility Bills (electricity or phone bill), Voter ID Card, Passport, etc.
- Income proof: Bank Account Statement, Salary Slips, Acknowledged ITR, etc.
However, please note that the bank may ask for additional documents, if required.
Fees and Other Charges
The following are some key fees and charges associated with the UCO Shopper Loan:
| Processing Fee | 1.00% of the loan amount with minimum Rs.1000/- |
| Pre- Payment Charge | NIL |
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
UCO Bank Customer Care
- You can call on 1800-274-0123
- You can send an email on calcutta@ucobank.co.in
- You can visit the nearest branch of the bank
FAQs
Q1. I am a pensioner. Can I apply for for UCO Bank Consumer Durable Loan?
No, this loan scheme is also available for salaried as well as self- employed individuals.
Q2. Can I purchase any consumer durable product of my choice from this loan scheme?
Yes, you can purchase any consumer durable product of your choice with the loan scheme.
Q3. How do I purchase the consumer durable product?
Once the UCO Bank transfers the loan amount to your account, you can either walk to the neatest store or can purchase the product online.
Q4. What is margin?
Margin is the amount that a borrower needs to pay from his own funds and the balance amount is paid by the bank. Let’s say, if a mobile phone costs Rs. 60,000 and there is a 10% margin, the bank will give a loan for 90% of the cost of the mobile phone and the rest of the amount has to be arranged by the borrower.
Q5. How much margin is offered under UCO Bank Consumer Durable Loan scheme?
The bank offers a margin of 20% of the total article cost.
Q6. Can I apply for UCO Bank Consumer Durable Loan if I am not an existing customer of the bank?
No, this loan scheme is only available to the existing customers of the UCO Bank.
Q7. Can I repay UCO Bank Consumer Durable Loan?
Yes, you can repay UCO Bank Consumer Durable Loan without paying any extra charge.