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UCO Bank (formerly known as United Commercial Bank), established in 6th January 1943 in Kolkata, is a major government-owned commercial bank of India. As of 6th January 2013, the bank had 4000 plus service units and 49 zonal offices spread all over the country. It also has 2 overseas branches, one each in Singapore and Hong Kong. Its Board of Directors comprises government representatives from the Government of India and Reserve Bank of India, as well as eminent professionals like accountants, management experts, economists, businessmen, etc. The Bank was nationalized on 19th July 1969.
About UCO Bank
UCO Bank financial services It undertakes Foreign Exchange Business in more than 50 centres in India. the strengths of the Bank include, its nationwide presence, strong capital base, high proportion of long term liabilities, a well-diversified asset portfolio, overseas expansion with profitable operations, a large and diversified client base, all branches under CBS (Core Banking Solution), and branch representation in top 100 centres in the country.
Vision and Mission
The Bank aspires to emerge as the most trustworthy and sought-after world class financial institution. It strives relentlessly to be the most preferred destination for every customer and investor and a place of pride for its employees. According to the mission statement of the Bank, it seeks to achieve sustained growth in business and profitability, fulfilling socio-economic obligations, and attaining excellence in customer service. UCO Bank services stresses immensely on up gradation of skills of the staff and their effective participation by optimum utilization of state-of-the-art technology. Global banking has undergone massive changes in recent times, and UCO Bank has invested its sincerest efforts to adapt to these changes. With years of dedicated service to the Nation through an active financial participation in all segments of economy –be it agriculture, industry, trade and commerce, service sector, infrastructure sector, etc. the Bank has successfully kept pace with the transformations in the environment. UCO Bank banking services boasts a huge countrywide network and overseas presence in recent times and this speaks volumes of its dynamism and growth.
UCO Bank Loans
UCO Bank Home Loan: This scheme of housing finance offers an opportunity for customers to purchase and construct an independent house/ready built flat for residential purpose. The loan also serves a number of other purposes including, extension/repair/renovation of existing house/flat not more than 50 years old, takeover of home loans availed from other banks/FIs, purchase of old house/flat not more than 30 years old, etc. Additionally, the loan may be availed for furnishing of house property. Any individual (including NRI and PIO) not below 21 years of age or above 70 years (inclusive of repayment period) can apply for this loan, as laid down by UCO Bank Home Loan eligibility norms. When it comes to construction/purchase/takeover accounts, there is no upper limit of the quantum of finance. However, for repair/extension/renovation, the maximum upper limit is Rs. 25 lakhs in metro/urban/semi-urban centres, while it is Rs. 7.5 lakhs in rural centres. The maximum repayment period is 30 years/360 EMIs but it should not exceed 70 years for any class of borrower.
According to the UCO Pre-Approved Home Loan scheme, the Bank provides a facility for Home Loan applicants by offering In-principle sanction of home loan based on eligibility/entitlement as per Income Criteria under UCO Home Loan Scheme where applicant has not yet identified/finalized the property. Any individual (including NRI and PIO) having attained an age of at least 21 years but not above 70 years (inclusive of repayment period), can apply for this loan. According to UCO Bank loan details, the quantum of finance is the same as UCO Home Loan.
UCO Bank Personal Loan: This type of loan is specially tailored to extend financial assistance for unforeseen domestic expenses such as marriage, education, travelling, etc. The eligibility criteria allows any confirmed employee in Govt./Semi Govt./Reputed Public/Pvt. Ltd. Co./College/Universities/Public Sector Undertaking to apply for this loan. The applicant should have completed a minimum of 3 years’ service in the same organization and having a salary tie up arrangement with UCO Bank branches. UCO Bank loan advantage is that the maximum loan amount that can be sanctioned under this scheme is Rs. 10 lakhs. According to the income criteria, the net take home pay of the borrower should not be less than 40% of gross salary after the deductions.
Under the Personal Loan category, the Bank also has a Shopper Loan Scheme for purchase of consumer durables. This loan offers a maximum amount of Rs. 2,00,000 or 10 times of monthly take home pay, whichever is less. UCO Pensioner is a short term loan for retired individuals who draw pension through the Bank. It is repayable in maximum 36 EMIs. The repayment should be fixed in such a way that the loan is fully repaid before the pensioner reaches 72 years of age.
UCO Bank Loan Against Property : The key purpose of this scheme is to provide credit facility to firms/companies and individuals to meet financial needs of their MSE units and other purposes falling under Priority sector norms. Loan Against Property from UCO Bank also offers credit facility for personal expenditure of varied needs such as medical emergencies, travelling expenses, social events, etc. Any individual (salaried or professional/self-employed or pensioner or others) falling in the age bracket of 21 to 65 years of age having property to be mortgaged and sufficient income to repay the loan. The borrowers from non-salaried class, including professionals and businessmen, should have a regular source of income and should be filing IT return. The maximum age limit for full repayment is 70 years for all class of borrowers. Also, the minimum gross salary of the borrower should be Rs. 30,000 per month at Metro Centres and Rs. 20,000 per month for other centres. Non-salaried borrowers should have a minimum income of Rs. 4 lacs per annum, irrespective of the centre. The quantum of credit facility for an amount of 60% of the distress sale value of the property may be considered. In case the property is rented, it is to be ensured that the valuation is suitably adjusted to ascertain the realizable value of the property due to tenacity condition. It should also be noted that credit facility will not be allowed against third party immovable property.