Retirement should be about enjoying life, not worrying about finances. Our STP Pension loan is here to help you access quick funds when you need them with competitive interest rate, flexible repayments and loan amount. UCO STP Pension loan is available for Pensioners who receive pension through our Bank Branch.
Customer can apply for Pension Loan with their mobile no/saving account no/customer id by clicking on Start Application
KEY FACT STATEMENT (Illustration)
Particulars
Details
Purpose
Medical Exp. for self/spouse/dependent children Payment of Mediclaim premium for self & dependents Marriage expenses in the family Educational expenses of dependent children Traveling expenses Repairs to house property/dwelling Funeral expenses Agricultural needs
Quantum of Loan
• For Pensioners having provision of family pension & Spouse is alive: 15 times of monthly pension (excluding arrears) if any subject to: a) Maximum Rs. 10.00 lacs for age up to 70 years b) Maximum Rs. 5.00 lacs for age above 70 years to 74 years
• For the following Categories of customers: a) Family pensioners i.e. Spouse receiving pension after death of the Pensioners. b) Pensioners without family pension provision c) Pensioners where spouse is predeceased. - 10 times of monthly pension subject to a maximum of Rs. 3 lacs
Processing Charges
Nil
Documentation Charge
Nil
Rate of Interest
For General Public: UCO Float Rate + 3.05% For UCO Bank Staff Pensioners: UCO Float Rate + 2.05% For Current Rate of Interest refer Repo Linked rate View Rates
Documentation
Documentation can be done at the branch or e-sign through NeSL for DDE-enabled states
Repayment
Maximum in 48 monthly installments.
For Pensioners having provision of family pension & Spouse is alive: Loan repayment period should end before the pensioner reaches 75 years of age. Maximum application age is 74 years.
For the following Categories of customers:
Family pensioners i.e. Spouse receiving pension after death of the Pensioners.
Pensioners without family pension provision
Pensioners where spouse is predeceased.
Loan should be repaid in 48 EMIs or before the Pensioner reaches 72 years of age, whichever is earlier.
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. In case the spouse is pre-deceased, the Branch should obtain personal guarantee of son(s)/daughter(s) or a third-party guarantee acceptable to the bank.
Penal Charges
In case of default/delay in repayment/non-compliance of terms of sanction, a penal charge of 2% + GST on the outstanding amount will be levied annually. Default charges to be calculated daily for the entire period of irregularity.
Point of Contact
For any query, please contact the Base Branch: Customer Care: 18001030123 Technical issues: Landline: 03344559409
Pensioner who receives pension through our bank is eligible
Maximum age to apply is 74, subject to category of pension
Personal Guarantee of spouse eligible to receive family pension in the event of death of the pensioner. If the spouse is pre-deceased, the guarantee of son(s)/daughter(s) or a third party acceptable to the bank is required.
Existing account should be KYC compliant
The sanction is valid for 180 days from the date of approval and will be canceled if not availed within this period.
Standing Instructions for EMI recovery will be set up automatically.
Loan proceeds must not be used for speculative purposes.
In case of a one-month or more delay in EMI payment, penal interest of 2% p.a. will be charged on the amount of default.
Maximum repayment period is 48 months, subject to the pensioner's age.
*Please read all terms and conditions carefully before applying.