Saturday, August 8, 2020
Finance

« Pensioners Loan

UCO Bank- UCO Pensioner

Short Term loan is extended through this scheme to Pensioners who receive pension through our Branch. War widows and widows drawing family Pension through our Branch are also eligible provided there is another co-borrower of sufficient means.


Purpose:

  • For meeting medical expenses for self/spouse/dependent/children.
  • Payment of mediclaim premium for self & dependents.
  • Meeting marriage expenses in the family.
  • Educational expenses of dependent children
  • Traveling expenses.
  • Repairs to house property/dwelling.
  • Funeral expenses.

Quantum of loan: 

  • Without Family Pension: 10 times of monthly pension subject to maximum of Rs. 2,00,000/-.
  • With Family Pension: 10 times of monthly pension subject to maximum of Rs. 3,00,000/-.

Processing Charges:There is no processing charge or service charge.

Rate of Interest: MCLR of 1 Year + 4.15%

Repayment: 

  • Maximum in 36 monthly installments.
  • Repayment should be so fixed that the loan is fully repaid before the pensioner reaches 72 years of age.

Prepayment Charge: No pre-payment charge is levied.

Guarantee: 

  • Personal Guarantee of spouse eligible to receive family pension in the event of death of the pensioner.
  • Where spouse is predeceased, personal guarantee of sons/daughters or a third party.
  • In case of war widow/widows if co-borrower is not available, a third party guarantee having sufficient income

Updated on : 21/1/2017