Rs. 2 Lakh Consumer Loan for Rs.10000 Earner: UCO Bank
Consumer finance is credit taken out by a private individual (consumer) from a business (usually a credit institution) for purely private purposes. According to the type of credit, consumer credits are mostly typical installment credit for buying consumer durable products. The demand for such product is very high and growing because of the technology evolution leading to development of innovative products which are priced high. Price of the product is the reason why not everyone can afford such durable items.
However to ease this problem, lending institutions offer consumer loan. There are many lenders offering consumer loan in India and UCO Shopper Loan Scheme is one of the most sought loan for buying electronic gadgets such as smartphones, TV, fridge and other electronic/digital appliances or gadgets.
The reason is that the minimum income required for consumer loan is very less. Listed below are the frequently asked questions about shopping loan
Yes. UCO bank offers loan for shopping durable products to self employed, salaried and businessmen.
No. The annual income required for loan by UCO Bank for buying mobile phone, refrigerator, air conditioning appliances etc. is different.
The minimum monthly salary required is Rs. 10,000 which excludes all deductions, EMIs, etc.
Depending on the city applicant lives in, the gross salary required is Rs. 30,000 per month for an individual living in cities like Mumbai, New Delhi, Pune, Bengaluru, Chennai, Kolkata and other metro cities.
If the applicant is staying is non-metro city, the gross monthly required is Rs. 20,000.
Yes. UCO Shopper Loan scheme can be availed by self employed, salaried employee, and businessmen.
The minimum net yearly income of Rs. 4,00,000 is required as per the latest income tax return.
No. Loan requires self-employed or businessmen to have minimum 40% surplus (i.e. Rs, 1,60,000) after considering EMI of proposed loan and Income Tax and any other obligations or Rs.10000/- whichever is higher.
Rs. 2 Lakh or 10 times of monthly take home pay. And the tenure is 5 years i.e. 60 months.
Salaried professional should have minimum 1 year of service.
Seniors are also eligible for the loan. However they should meet the minimum income criteria as mentioned above and the number of years remaining in their service should be greater than 5 years.
Loan borrower can purchase consumer durable items such as television, refrigerator, air conditioner or any other electronic or digital gadget.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).