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STP UCO Cash Loan
STP UCO Cash Loan
STP UCO Cash Loan
UCO Bank brings you the STP UCO Cash Loan, a fully digital personal loan solution designed exclusively for salary Account customers. With a simple, paperless process and real-time validation, you can apply and get funds disbursed to the chosen account.(Disbursement is instant if document execution is done digitally else customer has to visit the Branch for manual documentation and disbursal of the loan).
With minimal Processing and Documentation Charges and requirement of no collateral, the scheme offer a fast and hassle-free credit experience for eligible customers.
Customers can apply using their PAN and Aadhaar Number by clicking on Start Application.
KEY FACT STATEMENT (Illustration)
Particulars
Details
Purpose
Any personal purpose other than speculative purpose.
Eligibility Criteria
Individual should be an employee in a Central/State Government or Reputed Public/Private Limited organisations.
Active Salary account maintained with us or other Bank.
Age between 21- 57 years.
Regular salary credited in the past 12 months.
Monthly Average Balance (MAB) maintained in salary account for the past 12 months as under-
Loan Amt. (in Rs.)
MAB
Above 10 lakh
Rs.50,000/-
> 6 lakh & < 10 lakh
Rs.40,000/-
Up to 6 lakh
Rs.25,000/-
Minimum net annual income > Rs.6 Lakh for past 2 years as per ITR filed.
No history of SMA-1/2/NPA, write-offs (except COVID/Natural calamities restructuring).
Employment verification (employer name, employment duration) to be conducted via ITR check through Fintech integrations.
Annual income check to be conducted through account aggregator services.
Borrowers having exposure under Pre Qualified Personal Loan, STP UCO Select Plus Loan and UCO Cash scheme of our bank are not eligible for loan under this scheme.
Nature of facility
Term Loan
Minimum & Maximum Loan Amount
Minimum – Rs.1 lakh Maximum – Rs.15 Lakh for Central Govt. and State Govt. staff and Rs.7.5 Lakh for other than Govt. employees
Credit Score Requirement
A live CIC check is conducted during the journey at the time of application of the loan with the following filters:
Minimum CIBIL Score of 750 is required.
New to Credit i.e. with score 0, -1, not in range 300-900, etc. customers are not eligible.
Existing EMI obligations of the applicant is to be considered.
History with accounts which have slipped to SMA-1/SMA-2//NPA in the past 24 months to be made ineligible.
History with accounts slipped into NPA in the last 36 months to be made ineligible.
History with restructured/written off (except COVID/Natural calamities restructuring) are to be excluded/made ineligible.
Not more than 5 live personal loan accounts in CIBIL.
Not more than 5 enquiries for Personal Loans in the last 12 months as reflected in the CIBIL report.
Min-10.03 %, Max-16.19% based on Tenure, loan Amount and CIBIL Score
Repayment Tenor & Moratorium Period
Tenure 6 months to 60 months Loan should be repaid in 60 EMIs or before the customer attains 58 years of age, whichever is earlier.
Security
No collateral security is required.
CIBIL Charges
Rs.177/- Inclusive of GST to be deducted upfront from operative account.
Documentation Charges
Rs. 250/- per lakh +GST
Processing Charges
0.50% of loan amount + GST (minimum Rs.750/- + GST)
DDE Charge
Rs 42 Inclusive of GST
Stamp Charge
Applicable as per State Stamp Act.
Cooling off/ look-up period
Three days from the date of sanction/disbursement.
Penal Charges
In case of default in repayment/delay in repayment/non-compliance of terms of sanction, penal charge on outstanding amount @ 2% + GST on yearly basis will be charged. Default charges to be calculated on daily basis for the entire period of irregularity
Documentation
Documents to be executed through NeSl.
In states where NeSl is not available documents to be executed at branches before disbursement.
Stamp duty as applicable.
Repayment of Loan Installment
Repayment of instalments will be through Auto Recovery/Flexi NACH as per declaration by the applicant.
Auto Recovery - If salary/primary operative account is with our Bank.
Flexi NACH - If salary/primary operative account is with other Bank. Branches to collect and execute Flexi Nach mandate from borrower before disbursement.
Disbursement
Upon acceptance of terms and conditions by the applicant and execution of documents through NeSl - Eligible loan amount shall be disbursed instantly to account chosen by the applicant.
Where documents are executed manually at branch - Eligible loan amount shall be disbursed by branches to account chosen by the applicant.
Point of Contact
For any query please contact Base Branch Customer Care: 18008910 For Technical issues Landline: 03344559409/03344559312 Email:- digital.lending@uco.bank.in
Individual should be an employee in a Central/State Government or Reputed Public/Private Limited organisations.
Active Salary account maintained with us or other Bank.
Age between 21- 57 years.
Regular salary credited in the past 24 months.
Minimum net annual income > Rs.6 Lakh for past 2 years as per ITR filed.
No history of SMA-1/2/NPA, write-offs (except COVID/Natural calamities restructuring).
Minimum Monthly Average Balance (MAB) maintained in salary account for the past 12 months should be Rs 25000/-
Annual income check to be conducted through account aggregator services.
Mode of operation of the account must be Self.
Constitution of account must be individual.
Minimum CIBIL Score of 750 is required.
Loan proceeds should not be used for any speculative purposes
In case of delay in payment of EMI by one month or more penal charges @2% p.a.will be charged on the amount of default of the period. i.e. w.e.f due date.
*Please Note:-Read all the terms and condition carefully before applying, In case of wrong submission of required data, application will be rejected.
