UCO Bank Personal Loan Review: Interest Rates, Eligibility

UCO Bank Personal Loan Review: Interest Rates, Eligibility

UCO Bank offers a range of personal loan options to borrowers, with preferential loan amounts and interest rates available for salaried borrowers and salary account holders.

Good for

  • Female borrowers
  • Borrowers seeking a small personal loan
  • Salaried borrowers with UCO Bank account

Bad for

  • Borrowers seeking a large personal loan above Rs. 10 lakhs
  • Online personal loan applications

Editor's Rating


UCO Bank has a wide range of personal loan options available to its borrowers, including small personal loans and secured personal loans. With interest rates starting at 8.45%, UCO has one of the cheapest personal loans in the market. Additionally, women can avail a concessional interest rate of 10.05% for the UCO Cash Loan, which allows salaried applicants to borrow up to Rs. 10 lakhs over a 5 year tenure. Between the lender's variety of loan schemes, competitive interest rates, and low processing fees, UCO Bank is a good personal loan lender to consider.

Summary of UCO Bank Personal Loans
Interest rates between 8.45% and 10.45%
Small personal loan options up Rs. 10 lakhs
Secured personal loans available
Concessional interest rates for women
Personal loan tenure up to 5 years

Table of Contents

What Makes UCO Bank Personal Loans Stand Out to Borrowers

The UCO Bank personal loan has great features for women and borrowers that are seeking a small personal loan amount. UCO offers special personal loan benefits to ladies, including a concessional interest rate of 10.05%. Additionally, the lender provides personal loan amounts as small as Rs. 10,000, which is perfect for borrowers who are in need of minimal funding.

Below, you can find different UCO personal loan schemes, as well as the features that make them stand out amongst the rest.

UCO Personal Loan SchemeFeatures
UCO Cash Personal LoanUp to Rs. 10 lakhs for marriage expenses, education, social obligations, agricultural loans and more.
UCO Pensioner Personal LoanPensioners with UCO salary account are eligible for up to Rs. 10 lakhs.
UCO Shopper Personal LoanLoan amount up to Rs. 2 lakhs, or 80% of the value of the purchased item.
UCO Securities Personal LoanA secured personal loan with multiple options for collateral.
UCO Gold Personal LoanLoan amount up to 75% of gold value.

UCO Bank Personal Loan Interest Rates

UCO Bank is in the top 3 of lowest interest rates amongst the banks ValueChampion analysed.
UCO Bank is in the top 3 of lowest interest rates amongst the banks ValueChampion analysed.

UCO Bank's most basic personal loan option offers rates as low as 10.05%, making it one of the top 3 lowest personal loan interest rates amongst the banks that our financial analysts reviewed. However, you can find much lower rates at UCO Bank if you qualify for one of their personal loan schemes.

UCO Personal Loan SchemeInterest Rates

UCO Cash Personal Loan

  • Women: 10.05%
  • Men: 10.30%

UCO Pensioner Personal Loan

  • General Public: 10.45%
  • UCO Bank Staff: 9.45%

UCO Securities Personal Loan


UCO Shopper Personal Loan

  • With Security: 8.45%
  • Other Cases: 9.45%

UCO Gold Personal Loan


UCO offers secured personal loans in which you can put up collateral against your personal loan amount. Depending on the collateral you choose, you can avail interest rates as low as 8.45%.

UCO Bank Accepted Forms of Collateral

  • National Savings Certificates
  • Kisan Vikas Patra
  • Government Securities
  • Relief Bonds
  • Life Insurance Policies
  • Salary Tie Up
  • Gold and Gold Ornaments

Additionally, pensioners and UCO Bank staff can avail personal loans with low interest rates starting at 10.45% and 9.45%, respectively. However, pensioners who are not UCO Bank staff can find better rates at Bank of India (BOI) or State Bank of India (SBI), for instance.

It's important to note that women can avail lower interest rates at UCO Bank. Other borrowers will find slightly higher rates starting at 10.45%, though this is still well below the market average of 11.88%.

UCO Bank Personal Loan Eligibility Criteria

Consider this if you seek a small personal loan

Required Monthly Income Varies per loan scheme.
Min. Loan Amount Rs. 10,000
Max. Loan Amount Rs. 10 lakh
Processing Fee Up to 1.00%
Interest Rate Type Floating
Loan Tenure Up to 5 years

While UCO Bank offers low interest rates and flexible loan amounts, the lender's eligibility criteria is a potential drawback for some borrowers.

Under the UCO Cash Loan, you must hold a salaried position, as well as a salary account with UCO Bank. Therefore, self-employed borrowers who are seeking a large personal loan of Rs. 10 lakhs or more should consider Bajaj Finserv or Citibank for their personal financing needs.

The UCO Shopper Loan Scheme, on the other hand, is open to both salaried and self-employed borrowers. The bank's small personal loan option is great for borrowers who are seeking minimal funding between Rs. 10,000 and Rs. 2 lakhs, as most other banks have a minimum loan amount of Rs. 1 lakh.

Like most personal loan lenders, UCO has an income requirement for each of its personal loan schemes. Below, you can find the income requirement for both salaried and self employed borrowers per loan scheme.

Income Requirement for UCO Personal Loans

UCO Personal Loan SchemeIncome Requirement
UCO Cash Personal LoanRs. 10,000 per month.
UCO Pensioner Personal LoanNo income requirement, but personal guarantee in event of death is mandatory.
UCO Shopper Personal Loan
  • Salaried: Rs. 30,000 p.m. at metro centers and Rs. 20,000 p.m. for others.
  • Self-Employed: Rs. 4 lakhs per annum.
UCO Securities Personal LoanNo income requirement, but securities should be in name of the borrower.
UCO Gold Personal LoanNo income requirement, but declaration of the purpose of the gold loan is required.

UCO Bank offers a standard loan tenure maximum of 5 years. This longer loan term allows you to pay smaller equated monthly installments over time.

Finally, UCO Bank has relatively generous age requirements compared to other personal loan lenders. Salaried borrowers between the ages of 21 and 60 are eligible for most of the lender's personal loan schemes, while self employed borrowers between the ages of 21 and 65 can avail the UCO Shopper Loan. If you are older than 65, you can avail a UCO Pensioner Loan, but the maximum age to qualify is 75.

UCO Bank Personal Loan Processing Fee and Other Charges

UCO Personal Loan SchemeProcessing Fee
UCO Cash Personal Loan1.00% of loan amount, minimum Rs. 750
UCO Pensioner Personal LoanNot advertised.
UCO Shopper Personal Loan1.00% of loan amount, minimum Rs. 1,000
UCO Securities Personal LoanRs. 250
UCO Gold Personal Loan
  • Priority Sector: Up to Rs. 500
  • Non Priority Sector: Up to Rs. 5,000

UCO Bank charges a 1.00% processing fee on the UCO Cash Loan, which is relatively low compared to other banks and lenders who can charge up to 3.00% of the total loan amount. Additionally, pensioners benefit from zero processing fees, though this is standard among banks in India.

UCO does not advertise prepayment charges for its most basic personal loan. However, it does promote no prepayment charges under the UCO Shopper Loan. This is a good feature for borrowers who want to pay down their personal loan in advance without costly charges up to 4.00% per EMI.

UCO Bank Personal Loan: Apply

While you can begin your UCO personal loan application process online, you will need to visit the closest UCO Bank branch for more information.

The lender does not advertise the required documents necessary for your personal loan application, so ValueChampion recommends contacting UCO Bank customer service with any queries.

UCO Bank Personal Loan Customer Care

Natalia Sanchez-Kumar

Natalia Sanchez-Kumar is a Junior Research Analyst at ValueChampion, specialising in loans in India. She is a History graduate of New York University and has worked in the area of social impact, Future of Work and socio-technological research in the US and India. She has co-authored policy proposals alongside the International Labour Organisation in Sri Lanka and the Maldives, as well as hosted a data privacy conference with Facebook in New Delhi.