UCO Business Loan: Everything You Need To Know

UCO Bank (formerly known as United Commercial Bank) is one of the leading government-owned commercial banks in India that offers a wide spectrum of Business Loan schemes to its customers. The bank offers business loans in India ranging from Rs. 50,000 to Rs. 5 Crore (varies from scheme to scheme) on an attractive interest rate starting from 8.85% p.a. alongside the option to choose flexible repayment tenure ranging from 1 year to 10 years (varies from scheme to scheme). The bank also doesn’t levy any pre-payment charges.

UCO Business Loan – Highlights

Loan amount

Rs. 50,000 - Rs. 5 Crore

Rate of interest

8.85% - 11.65%

Repayment tenure

1 year - 10 years

Foreclosure charges

NIL

The aforementioned details (rates of interest, loan amount, fees, and charges) can differ as per the updates.

UCO Business Loan - Eligibility Criteria

Following are the fundamental UCO Bank business loan eligibility criteria that you will be required to fulfill in order to avail of the funding for your business:

• Your age must be anywhere between 21 years and 60 years.

• You must possess at least 2 years of experience in running a business or your business must be in continuity consecutively for 2 years.

• The loan can be availed by the private and public limited companies, partnership firms, proprietary concerns, individuals, etc.

UCO Business Loan - Documents Requirement

Following are the fundamental documents that you must possess in order to avail of the UCO Bank Business Loan:

• PAN card

• Proof of identity (Voter’s ID card, Driving license, Passport, Aadhaar card)

• Proof of address (Telephone bill, Electricity bill, Registered Lease Deed, Bank statement)

• Proof of business (Sales tax challans, Shop and establishment certificate, Incorporation certificate, Partnership deed)

• Last 6 months’ bank statement

• Last 2 years’ ITR

Although, the bank may ask you for other documents according to the situation and your creditworthiness.

UCO Business Loan - Features and Benefits

UCO Bank Business Loan comes along with some appealing features and benefits which are as follows:

• The loan gets disbursed within a matter of a few days for urgent needs.

• The bank determines the interest rate based on daily reducing balance.

• Zero foreclosure charge is taken by the UCO Bank in case you want to pre-pay the loan at once.

• You can apply for UCO Bank Business Loan easily and seamlessly at your convenience via UCO Bank portal.

• The bank may extend financial assistance to a business of up to Rs. 2 crores instantly without taking any security/collateral from the applicant.

• UCO Business Loan can be availed for flexible repayment tenure of up to 10 years.

• There are no hidden charges in UCO Business Loan.

• The documentation process can also be performed at your convenience through UCO Bank Online Portal.

UCO Business Loan for Female Entrepreneurs

To support women entrepreneurs, UCO Bank also extends special Business Loans For Women so that they can also start a new business or expand the existing business. Even the government has launched several special business loan schemes for females that are focused on facilitating women with new business ideas or existing women entrepreneurs. UCO Bank extends 0.50% concession on the business loan interest rate for women entrepreneurs.

Experienced Search Engine Optimization Executive with a demonstrated history of working in the Information technology and services industry. Strong marketing professional with a focus on Finance & Marketing.