UCO Bank Business Loan
Last Updated : March 28, 2018, 10:33 a.m.
Need urgent funds to meet the deficit in business or for expansion of running business avail a business loan from UCO Bank. The bank provides a loan to different business segments and assists them in scaling up their function. The bank lends the highest loan amount up to Rs. 2,00,00,000 at the floating interest rate of 11.70% p.a. The processing fee is 0.50% of the loan amount subjected to a minimum of Rs. 2,000. No prepayment charges are levied on the customer and the customer can repay the loan before the tenure ends.
UCO Bank Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rates | 8.85% - 11.85% |
| Minimum Loan Amount | Rs. 2,00,000 |
| Maximum Loan Amount | Rs. 2,00,00,000 |
| Tenure | 10 years |
| Processing Fees | 0.50% of the loan amount |
| Prepayment Charges | Nil |
How To Apply
To apply for the business loan visit the nearest branch office. At the branch office, the representative will guide you regarding the process and the documents required.
UCO Bank Business Loan EMI Calculator
Now know your EMI in few easy steps. Just place the loan amount, tenure and the rate of interest in the calculator and the calculator will compute the EMI value for you in a fraction of second. It will also reveal the total amount of interest charged on the loan during the tenure.
For Instance – If I avail a loan of Rs. 1,00,00,000 to finance the emerging business needs for the tenure of 10 years at the interest rate of 11.70% p.a then my EMI will come to Rs. 1,41,742 and the total interest amount will be Rs. 1,70,09,047.
Table Showing EMI, Total Interest Amount and Total Repayment Amount
| Loan Amount (in Rs.) | Loan Tenure (in years) | Interest Rate (p.a,) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (EMI+Interest) (in Rs.) |
|---|---|---|---|---|---|
| 1,00,00,000 | 1 | 11.70% | 8,87,085 | 6,45,021 | 1,06,45,021 |
| 1,00,00,000 | 2 | 11.70% | 4,69,335 | 12,64,039 | 1,12,64,039 |
| 1,00,00,000 | 3 | 11.70% | 3,30,712 | 19,05,634 | 1,19,05,634 |
| 1,00,00,000 | 4 | 11.70% | 2,61,868 | 25,69,654 | 1,25,69,654 |
| 1,00,00,000 | 5 | 11.70% | 2,20,931 | 32,55,887 | 1,32,55,887 |
| 1,00,00,000 | 6 | 11.70% | 1,93,945 | 39,64,066 | 1,39,64,066 |
| 1,00,00,000 | 7 | 11.70% | 1,74,927 | 46,93,869 | 1,46,93,869 |
| 1,00,00,000 | 8 | 11.70% | 1,60,885 | 54,44,921 | 1,54,44,921 |
| 1,00,00,000 | 9 | 11.70% | 1,50,156 | 62,16,803 | 1,62,16,803 |
| 1,00,00,000 | 10 | 11.70% | 1,41,742 | 70,09,047 | 1,70,09,047 |
Amortization Table
| Year | Principal Payment (in Rs.) | Interest Outgo (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 5,60,319 | 11,40,585 | 94,39,681 |
| 2 | 6,29,510 | 10,71,394 | 88,10,171 |
| 3 | 7,07,243 | 9,93,661 | 81,02,928 |
| 4 | 7,94,573 | 9,06,331 | 73,08,355 |
| 5 | 8,92,691 | 8,08,213 | 64,15,664 |
| 6 | 10,02,922 | 6,97,982 | 54,12,742 |
| 7 | 11,26,767 | 5,74,137 | 42,85,975 |
| 8 | 12,65,900 | 4,35,004 | 30,20,075 |
| 9 | 14,22,218 | 2,78,686 | 15,97,857 |
| 10 | 15,99,226 | 1,03,066 | 0 |
Eligibility Criteria:
| Loan Scheme | Eligibility Criteria |
|---|---|
| UCO CA Loan Scheme |
- Chartered Accountants, individually/ jointly or Proprietorship Concern or a Partnership Firm
- Age of the individual/ proprietor/ younger partner (in case of partnership firm) shall not exceed 68 years. - The applicants/Firm are registered with Institute of Chartered Accountants (ICAI) and also holding valid certificate/ license for carrying out the practice - The applicants/ firms name shall not appear in the RBI defaulters list - In case of Firm, all partners shall join as Co-applicant - The applicants/firm should not have been subjected to disciplinary action by the Institute - CA firm should be in existence for a minimum of 2 years |
| UCO Trader |
- Existing enterprises engaged in business for at least 2 years and earning profit for the last 2 years
- New trading units, as well as units, which have not completed two years can be financed maximum up to Rs.10 lakhs - Individual, Proprietorship, Limited Company (public/private), HUF, Borrowing concern should deal exclusively with our Bank only |
| UCO Doctor |
UCO Bank Business Loan Application Form
The loan application form is available online as well as at the nearest branch office. The form consists of various sections that are required to be filled and they are:
- Name of loan
- Constitution (Proprietorship, Individuals, Partnership Firm, Private Ltd., Public Ltd, Trust or other )
- Account number
- Name of the firm
- Applicant details and recent photograph
- Firm details ( Office address, website, date of incorporation, industry type
- Contact details
- Residence address
- Co- obligant/ Guarantor details along with recent photograph
- Income details
- Loan details
Documents Required
- PAN Card – For Individual / Partnership Firm / Company
- Identity Proof – Any one (e.g. Voter ID / Driving License / Passport / Aadhar Card)
- Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Ownership proof of either residence or office either in the name of applicant or jointly with family members
- Business Continuity Proof – Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
- Letter certifying end use of the business loan funds on Business Letterhead
- Passport Size Photographs of all applicants and co-applicants
UCO Bank Business Loan Interest Rate
The bank charges interest at the floating rates. That is, the rate of interest is not same for the entire loan tenure and keeps on changing as per the change in the company policy. The rate of interest charged is linked to the base rate. It is calculated using the below mentioned formulae –
Rate of Interest = Base Rate + 2.0%
= 9.70% + 2.0%
= 11.70%
At present, the rate of interest charged on business loan is 11.70% p.a. and the base rate is 9.70%.
UCO Bank Business Loan Status
Now you can trace the loan procedure and check the application status by visiting the bank branch. You can ask the dealer and track your loan application.