Get a UCO Bank Business Loan in the Best Way

UCO Bank, formerly known as United Commercial Bank which is a government-owned commercial bank which offers a range of business loan schemes to its users. The business loan or MSME loan interest rate offered is 7.45% onwards. Business loans are mainly offered to MSMEs and SMEs nationwide. Thus, UCO Bank also comes under best business loan provider of MUDRA loans that categorized into three ways:

  • Shishu
  • Kishor
  • And Tarun

UCO Bank Personal Loan Interest Rate

Here are some details of UCO Bank Business Loan interest rate 2021:

CategoriesInterest Rate & Charges
MUDRA Loan MSME Loan amount up to Rs 25 lakh  7.45% onwards 8.45% onwards  
Service chargesVaries from scheme to scheme
The maximum and minimum amount of loan allowed for  loan approval: For the Manufacturing sector For the Service sector  From Rs 25 lakh and up to Rs 5 croreAt leastRs 10 lakh and up to Rs 2 crore
Tenure/Time periodIt can vary from 1 year to 10 years on the basis of the scheme.
Pre-payment availability and chargesPre-payment options are available and are free of any charges on the loan amount.

UCO Bank MSME Loan Schemes

  • Artisans Credit Card
  • E-Rickshaw Under Mudra Loan
  • Laghu Udyami Credit Card
  • Pradhan Mantri MUDRA Yojana (PMMY)
  • Prime Minister’s Employment Generation Programme (PMEGP)
  • Scheme For Financing Two Wheeler Under Mudra
  • Standup INDIA
  • Swarojgar Credit Card
  • UCO Bunkar Rinn Yojana
  • UCO Doctor Scheme (Revised)
  • UCO Roop Sangam
  • UCO Trader
  • UCO Udyog Bandhu
  • UCO Vyapar Samridhi

Features and Benefits of UCO Bank Business Loan

Some essential features and benefits provided by UCO Bank for business loan users:

  • If you need urgentrequirements of funds, UCO Bank business loans are delivered within few days after the approval of the loan application.
  • The interest rate is added on the basis of the daily reducing balance. In other words, the interest rate will be credited only on the remaining amount of the loan.
  • The applicant can gain up to Rs. 200 lakh without providing any security/collateral when you applying for a UCO business loan.
  • UCO Bank offers transparency in the loan application system with no hidden charges applied to it.
  • Applying for a UCO Bank business loan has become very easy with the online portal available on the website.
  • UCO Bank offers business loansfor repayment at a flexible time period according to the applicant’s availability of funds and can be extended up to 10 years.
  • A low processing charge is offered to start from 2% to 3% of the loan amount.
  • There are no prepayment penalties. It may reduce the interest burden of the applicant and optimally utilize the surplus amount by prepaying the loan.
  • No security is required, which means minimal documentation is required.

Eligibility Criteria for Applying for UCO Bank Business Loan

Listed below are some eligibility criteria of UCO Bank Business Loan:

  • The borrower should be a minimum of 21 years at the time of loan application submission and not more than 60 years at the time of loan maturity.
  • The borrower should have a minimum work experience of 2 years. For businesses, the business continuity of 2 years is required.
  • Loans can be applied by private and public limited companies, partnership firms, proprietary concerns, individuals, etc.

Documents Required for UCO Bank Business Loan

Listed below are the required documents required while applying for a UCO Bank business loan:

  • PAN Card
  • Identity proof: Voter’s ID Card, Driving License, Valid passport, and Aadhaar card.
  • Address proof: Telephone bill, Electricity bill, Bank statement, Registered lease deed,
  • Business continuity proof: Shops and establishment certificate, Certificate of incorporation, and Sales Tax Challans.
  • Updated bank statements of at least 6 months.
  • Last 2 years Income Tax Returns.
  • Additional documents may also require.

UCO Bank Business Loan EMI calculator

Use the calculations to check the UCO Bank Business Loan EMI Calculator per month. It can be calculated by entering your loan amount, interest rate, and repayment period to calculate the EMI of the business loan amount:

The loan amount is taken as Rs. 1,00,000, interest rate as per 13% p.a. and the loan tenure is 36 months.

  • The monthly EMI is Rs. 3369.4
  • The total amount with interest is Rs. 1,21,298
  • The total interest amount is Rs. 21, 298
  • The yearly interest amount is Rs. 7,099

Conclusion

With the above UCO Bank Business Loan information, it can be easy to apply. You can check out the interest rate, loan amount offered, and other benefits offered by the bank. If you want to get more details you can visit the official website of UCO Bank. Apart from this, you can directly contact the customer care number 1800 274 0123 or mail at hopgr.calcutta@ucobank.co.in.

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