UCO Bank’s business loan help Micro, Small, and Medium Enterprises (MSMEs) grow profitability and ventures. It provides working capital for various business purposes and aims to support women entrepreneurs in setting up or expanding their businesses.
With schemes like PMEGP, UCO UDYOG Bandhu, and Pradhan Mantri MUDRA Yojana, UCO Bank offers competitive financing options for entrepreneurs in the MSME sector. To top it, the loan comes with outstanding benefits that help raise the business competency at ease.
UCO Bank Business Loan Highlights
UCO Bank’s business loan, designed specifically for MSMEs, offers easy access to capital for startups, individuals, and businesses. The interest rate varies based on the specific MSME scheme and the marginal cost of funds based lending rate:
| Loan type | Business loan |
| Purpose | Easy MSME Loans for startups, individuals, and businesses. Accessible working capital loan for growth. |
| Loan Amount | Upto ₹1000 Lakhs |
| Interest Rate | 8.70% p.a.onwards |
| Tenure | Upto 7 years |
Note: Please be informed that the UCO Bank business loan interest rates are subject to change per the market.
Note that many business loans are offered as per the loan schemes launched by government. Check more on CGTMSE, Udyogini, GECL, Emergency Credit Line Scheme, Standup India Scheme & Mahila Samridhi Yojana from the linked pages.
Types of UCO Bank Business loans
The table below outlines the schemes aimed to empower women in the MSME sector and other small business owners. The information provided is based on their purpose, tenure, and interest rate:
| Loan Name | Purpose | Tenure | Interest Rate |
|---|---|---|---|
| UCO Shishu Mudra Loan | Micro businesses for income generation activities | Up to 5 years | Currently ranging from (7% to 9%) |
| UCO Kishore Mudra Loan | Established micro businesses for expanding/upgrading existing activities | Up to 7 years | Currently ranging from (7% to 9%) |
| UCO Tarun Mudra Loan | Established micro & small businesses for growth & diversification | 3- 5 years | Currently ranging from (7% to 9%) |
| UCO Pratham MSME Loan | Small businesses for working capital & term loan requirements | 3 – 5 years | based on individual borrower profile |
| UCO Mahila Udyam Nidhi Scheme | Women entrepreneurs for setting up new or expanding existing businesses | Up to 5 years | 1% lower than present interest rate for MSME loans |
| UCO Technology Upgradation Loan Scheme | Small & medium businesses for technology upgradation & modernization | Up to 7 years | Competitive, with special concessions for specific sectors |
| UCO Export Finance Scheme | Exporters for pre-shipment & post-shipment credit needs | Up to 180 days | Competitive, based on export potential & risk analysis |
| UCO Stand-up India Loan Scheme | SC/ST & women entrepreneurs for setting up greenfield ventures in manufacturing, trading, or service sectors | Up to 7 years | 1% lower than prevailing interest rate for MSME loans |
| UCO CONTRACTOR | Existing and prospective contractors/sub-contractors for their business needs | Up to 7 years | UCO Float Rate + 0.50% – 1.00% |
| UCO GST MITRA | MSME enterprises for working capital requirement | Up to 5 years | UCO Float Rate + 1.55% |
| UCO Vyapar Samridh | New and existing MSME borrowers for working capital or term loan needs | Up to 5 years | UCO Float Rate + 1.55% |
| Swarojgar Credit Card (SCC) | Micro-entrepreneurs, artisans, handloom weavers, fishermen, etc. for working capital or block capital | Up to 5 years | UCO Float Rate + 1.55% |
| Laghu up-gradationUdyami Credit Card (LUCC) | Small business units, retail traders, artisans, etc. for working capital or term loan needs | Up to 3 years | UCO Float Rate + 1.55% |
| UCO Trader | Clients engaged in retail, wholesale trading and services for working capital and term loan needs | Up to 3 years | UCO Float Rate + 1.55% (up to Rs 1 crore), based on rating above Rs 1 crore |
| UCO UDYOG BANDHU | Enterprises engaged in manufacturing, production, processing, or service activities | Up to 5 years | UCO Float Rate + 0.55% – 1.55% |
| UCO BUNKAR RINN YOJANA | Handloom weavers for working capital and term loan needs | Up to 3 years | UCO Float Rate + 0.40% – 1.90% |
| UCO Roop Sangam | Women entrepreneurs for setting up or expanding businesses | Up to 5 years | UCO Float Rate + 0.55% |
Note: Please be informed that the UCO Bank business loan interest rates are subject to change per the market.
Know more about loan criteria to help qualify for quick business loan approvals.
Curious to know more on the different types of business loan offered?
Check more on working capital loan, equipment purchase loan, medical equipment loan, construction equipment loan and commercial vehicle loans from the linked pages.
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UCO Bank Business Loan Eligibility Criteria
The eligibility criteria for UCO Bank business loans depend on the specific loan scheme you choose. Here the general overview of eligibility criteria
- Age Requirement: 21 – 60 years at the time of loan maturity.
- Work Experience: Minimum work experience of 2 years is mandatory for loan applicants.
- Business Continuity: Businesses must show a continuity of at least 2 years.
Please Note: The eligible entities for UCO Business Loans are private and public limited companies, partnership firms, proprietary concerns, individuals, MSMEs, and more.
Documents Required for UCO Bank Business Loans
Here are the documents required for applying for a UCO Bank business loan:
- PAN Card for Company/Firm/Individual
- Identity proof: Aadhaar Card, Passport, Voter’s ID Card, PAN Card, Driving License
- Address proof: Aadhaar Card, Passport, Voter’s ID Card, Driving License, Bank statement of the previous 6 months Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
- Proof of continuation: ITR/Trade license/Establishment/Sales Tax Certificate
Note: The Eligibility criteria many vary depending on the MSME product or scheme chosen,
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Why UCO Bank Business Loan
UCO Bank’s business loan stands out for having numerous benefits and financing options, along with a variety of MSME schemes to meet diverse business needs. Here are the other benefits that the bank provides:
How to Apply for UCO Bank Business Loan
Apply for MSME products offered by UCO Bank Business loan , by following these steps
Step 1: Visit the UCO Bank official website
Step 2: Go to the ‘MSME Loan’ section.
Step 3: Click on the ‘Apply Now’ button.
Step 4: Fill out the details as mentioned below
- Customer Name*
- Address*
- Pincode*
- State*
- District*
- Preferred Processing Branch
- Mobile Number*
- Email Id.
- Facilities Interested*
- Tentative Amount (INR)
Step 5: Submit the form and generate the OTP
Step 6: Proceed to initiate your Business loan application process.
Steps to Apply for Business Loan on Buddy Loan
Buddy Loan provides business loan starting at an interest rate of just 11.99% per annum. Follow the steps below to avail the loan now!
- Step 1: Visit buddyloan.com or Download the Buddy Loan app (Android or iOS).
- Step 2: Proceed to the business loan application page. Enter your mobile number and OTP to access the Business Loan Application Page.
- Step 3: Specify Loan amount and Email. Select the Business Loan option.
- Step 4: Choose Business Proof (Yes/ No)
- If ‘Yes’ (support your statement with a business proof), input both business and personal details.
- If ‘No’ (No business proof), select your profession type and enter your personal details.
- Step 5: Provide Income Details and Click ‘Submit’
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