Established in the year 1943, UCO Bank is one of the most prominent and commercial financial institutes of India. Its major activities include providing different types of loans to the borrowers at the lowest possible interest rates. The personal loan availed from UCO Bank can be used for multiple purposes as it covers the expenses of marriages, education, travelling, and other social obligations. However, before any borrower applies for the UCO Bank Personal Loan, it is important for the user to for consider the following points. If they fail to abide by these criteria, the possibility for the approval of the loan amount will automatically get decreased. So, take a quick look:
At first, you need to be aware of the basic eligibility criteria of the loan provider. And, as you are planning to apply for the loan at UCO Bank, make sure that you have fulfilled these criteria:
- You are at least 21 years old and less than 58.
- You in-hand monthly income needs to be more than 40% of the gross salary
- You have submitted all the following documents:
- Signed application form
- Identity proof (voter ID, Pan Card, Adhaar card, etc…)
- Processing fee along with the check
- Bank statement of the past three months
- Salary slip and form 16, in case you are a salaried employee
- Income tax statement, in case you are a self-employed
- You are a citizen of India
- You maintain a good credit score
UCO Bank interest rates vary from 11% to 16%. And, ultimately it will depend upon your past records of the loan repayment. Also, you will be able to get the loan amount starts from 50k to 10 lakhs at a time. Additionally, the tenure period that you have chosen for the loan repayment would also play a vital role in setting up a perfect rate of interest. You have the option to choose the UCO Bank EMI Calculator for checking the EMI breakage and interest rates.
Personal Loan for Bad Credit BorrowersAnother important factor that you must consider is your credit or Cibil score. If it is below the minimum limit, it will decrease the chances of the instant personal loan approval. So, we would recommend you to use the free credit score checker tool for UCO Bank and then verify your application. If your credit score is okay, make sure that you have simply applied for the loan. And, to be honest, it is not just with UCO Bank, it may happen with almost all the banks and NBFCs of India.
If you have a bad credit score or you don’t have enough documents to show, and you are still looking for the best personal loan at the low-interest rate, we would recommend you to get Instant Personal Loan at Rupee Station. It easily offers bad credit UCO Bank Personal Loan to the borrowers.
