UCO Bank Personal Loan [Interest Rate, Processing Fees, Tenure, Prepayment Charges 2022]

By | October 31, 2023

 

About UCO Bank:
UCO Bank, officially known as United Commercial Bank, is a prominent nationalized bank in India, established in 1943 in Kolkata, West Bengal. The visionary G.D. Birla played a pivotal role in its inception, serving as the chairman and guiding the bank’s expansion throughout India. In 1969, UCO Bank was nationalized, becoming a significant player in the country’s banking sector. As of the financial year 2020-21, the bank, with nearly 94% stake held by the Ministry of Finance, Government of India, reported a net profit of Rs 167 crore, demonstrating its financial stability and commitment to social causes, including poverty alleviation.

Key Services and Products:
UCO Bank offers a wide array of services and products to its customers, including savings and checking accounts, fixed deposits, recurring deposits, and locker facilities at branches nationwide. Embracing digitalization, the bank provides a user-friendly mobile app, along with digital services such as FastTag payment gateway, internet banking, cardless transactions, and BHIM UCO UPI. Account holders can obtain debit and credit cards at minimal costs, enhancing their banking experience.

Corporate Information:

  • Head Office: UCO Bank is headquartered in Kolkata, located at BTM Sarani, Kolkata, since its establishment.
  • Number of Employees: The bank employs approximately 22,012 individuals across its branches. Shri Atul Kumar Goel serves as the Managing Director and CEO, with Shri Ajay Vyas and Shri Ishraq Ali Khan as the two Managing Directors. The board of directors includes highly qualified individuals such as Ph.D. Dr. Sanjay Kumar Tuli Roy and Shri K. Rajvan Nair.
  • Branches and ATMs: UCO Bank operates 3,078 branches and 2,564 ATMs throughout the country. The bank is actively focused on expanding its branch and ATM network, aiming for rapid growth. Additionally, it operates two overseas branches in Singapore and Hong Kong, showcasing over 60 years of successful overseas branch operations.

Loan Offerings:

  • Interest Rate: UCO Bank offers loans with competitive interest rates ranging from 10.05% to 10.45% per annum.
  • Loan Amount: Customers can avail loans up to Rs. 15 lakh, ensuring financial support for various needs.
  • Maximum Tenure: The loan tenure is flexible, with a maximum of 7 years for State/Central Government Employees, 5 years for Non-Government Employees, and 4 years for Pensioners.
  • Processing Fee: A nominal processing fee of 1% of the loan amount is charged, with a minimum of Rs. 750/-.
  • Prepayment Charges: UCO Bank imposes no prepayment charges, offering flexibility to borrowers.
  • Minimum Monthly Salary: Loan eligibility criteria depend on the specific loan amount requirements, ensuring accessibility for a wide range of applicants.

UCO Bank’s commitment to innovation, digitalization, and customer satisfaction positions it as a reliable banking partner, empowering individuals and businesses with diverse financial solutions. For the most up-to-date information and personalized assistance, interested individuals are encouraged to visit UCO Bank’s official website or contact the bank directly.

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