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Salient Features Of End-To-End Pension Loan for Eligible Customers
Sl no.
Parameter
Scheme covenants
1
Who are eligible?
Bank has introduced online Pension loan through Straight Through Process. Pensioners who receive pension through our Bank Branch and Ex-employees of our Bank, drawing pension through UCO Bank Branch is eligible
2
Purpose
Medical expenses, payment of Mediclaim, marriage expenses, educational expenses etc. of self/spouse/ dependent children
3
Quantum of Loan
For Pensioners having provision of family pension & Spouse is alive:
15 times of monthly pension (excluding arrears) if any subject to:
Maximum Rs. 10.00 lacs for age up to 70 years
Maximum Rs. 5.00 lacs for age above 70 years to 74 years
For the following Categories of customers - Family pensioners i.e. Spouse receiving pension after death of the Pensioners, Pensioners without family pension provision, Pensioners where spouse is predeceased.
10 times of monthly pension subject to maximum of Rs. 3 lacs
4
Rate of interest
PENSION
UFR
SPREAD
EFFECTIVE ROI
CUSTOMERS
8.05
3.5
11.55
UCO EX-STAFF
8.05
2.5
10.55
5
Repayment
Maximum in 48 monthly installments
For Pensioners having provision of family pension & Spouse is alive: Repayment Period of the loan be so fixed that the loan is fully repaid before the pensioner reaches 75 years of age. However, the maximum age, at the time of applying for the loan, not to exceed 74 years.
For the following Categories of customers: Loan should be repaid in 48 EMIs or before the Pensioner reaches 72 years of age, whichever is earlier
Family pensioners i.e. Spouse receiving pension after death of the Pensioners.
Pensioners without family pension provision
Pensioners where spouse is predeceased.
6
How to access this digital journey
This end to end digital journey may be accessed through UCO Website or mobile phone, using the link shared by the bank
7
Guarantee
Personal Guarantee of spouse eligible to receive family pension in the event of death of the pensioner.
In case the spouse is pre-deceased, the Branch should obtain personal guarantee of son(s)/daughter (s) or a third party guarantee acceptable to the bank.
