- Credit facility to Firms/Companies and individuals to meet financial needs of their MSE units, Agricultural needs and other purposes falling under Priority sector norms.
- Credit facility for Personal expenditure of varied needs like medical emergencies, travelling expenses, social obligations etc.
Nature of facility
- Term Loan OR
- Overdraft to be allowed to Non-Salaried Borrowers/Firms/Companies for Business Purpose Only.
Target Group and Eligibility
Any individual (salaried or Professional/Self-employed or Pensioner or others) in the age bracket of 21-65 years having property to be mortgaged and sufficient income to repay the loan.
Non-Salaried class borrowers (Professionals/Businessmen) should have regular source of income and are filling IT Return.
Maximum age limit of the borrower on the date of applying for Credit facility is 65 years and maximum age limit for full repayment is 70 years for all class of borrowers.
Minimum gross Salary of 30,000/- p.m. at Metro Centres and Rs.20000/- p.m. for other centres.
Minimum Income of 4.00 lac p.a. at all centres as per latest IT Return.
Under both cases :
- After all deductions of like PF, Insurance Premium, Income Tax, Professional Tax and other statutory deductions, any other loan installments including EMI of the proposed loan, Net Take Home Pay should not be less than 40% of gross salary/income or Rs.10000/- whichever is higher.
Income of co-applicant can be reckoned to arrive at the stipulated minimum take home pay.
Co-applicants can be Spouse/Parents/Children
Quantum of Credit facility and fixation of amount of sanction
Credit facility for an amount of 60 percent of the distress sale value of the property in the form of non-agricultural land with building constructed thereon/flat/apartment/ commercial property in the name of the borrower (or in joint names) may be considered.
Minimum Amount: Rs 2 lacs
Maximum Amount: Rs. 200 lacs for individuals & Rs. 500 lacs for Firms/ Companies.
In case the property stands in joint names, Credit facility will be considered in joint names
Credit facility will not be allowed against third party immovable property.
Term Loan: Maximum 144 Equated Monthly Instalments irrespective of loan amount.
OD: The Interest of OD account should be fully serviced every month.
OD limit must be renewed before expiry of 12 months.
Every month minimum credit should be more than interest debited to the account.
Rate of Interest (floating)
- UCO Float Rate + 2.55% p.a. for advance under Priority Sector
- UCO Float Rate + 3.55% p.a. for advance under Non-Priority Sector
Equitable Mortgage (EM)/ Registered Mortgage of unencumbered residential house/flat/apartment/ commercial property situated in metro/urban/ semi-urban centres in the name (in joint names) of the prospective borrower.
The property will be insured against fire, riots and wherever required, against other probable hazards such as floods, lightning, cyclone etc. by the borrower with the usual 'Bank’s Clause' for the value of the property preferably with our channel partners.
For more details please contact nearest UCO Bank branch.