UCO Bank Mudra Loan

MUDRA Yojana is a government-issued refinancing scheme in which financial institutions act as intermediaries, distributing credit to small-scale business owners. To get the credit without much hassle and at an attractive interest rate, you can contact any branch of United Commercial Bank Ltd. or, in short, UCO Bank. 

Eligible business owners can get up to ₹10 Lakhs through UCO Bank MUDRA Loan and make the required investments in their venture. Since it is a credit facility with a low rate of interest and zero processing fees, it will become much easier to repay the loan.

MUDRA loan provides credit assistance to small-scale business owners so that they can invest adequately and enhance their growth opportunities. Following are the features of this UCO Bank MUDRA Loan: 

• Collateral is not necessary to get the MUDRA loan. Therefore, it reduces your hassles during loan applications.

• The repayment period for this credit facility is flexible. You can choose tenure between 1 and 5 years.

• There are three interventions or subcategories of MUDRA loan, namely Shishu, Kishor and Tarun.

• All the interventions of UCO Bank MUDRA loans have a different range of allowed loan amounts.

• You do not need to pay any processing fees on your credit. It can reduce your total cost of borrowing to a certain extent.

• The credit comes with zero restriction of end usage, letting you utilise the amount to efficiently manage your business expenses.

• You can get the credit from any of the branches of UCO Bank, nearest to your location.

• You will also get a MUDRA debit card against your loan account. You can make multiple credit withdrawals, as necessary.

You need to meet the following eligibility standards to get the UCO MUDRA Loan:

• Willing borrowers need to have non-corporate small business units from manufacturing, trading, services sectors or non-agriculture allied production farms.

• They should have a sound and well-devised plan for growing the commercial prospect by utilising this credit. 

• Individual / Partnership Firm (including LLP) / Proprietorship Firm / Private and Public Limited Company that are considered micro enterprises as per the MSMED Act, 2006.

• Applicants need to have an Udyam Registration Certificate, Aadhaar, and any Officially Valid Document (OVD) as per the bank’s policies. 

• When applying for STP Shishu MUDRA Loan, your mobile number provided at the time of registration must be linked to your Aadhaar.

During the credit application procedure, you will have to submit the following documents for the UCO MUDRA Loan: 

• Identity Proof: Aadhaar Card, voter ID card, passport, driving license, etc. 

• Residential Proof: Passport, Aadhaar Card, electricity or telephone bill, etc.

• Business Documents: License of the business unit, business establishment certificate, etc.

• Bank account statements for the last 6 months

• 2 passport-sized photographs of the applicant

• Balance sheets of the last 2 years 

• Estimated balance sheet for the coming year

• Project report demonstrating the economic prospect of your business

Note: You may have to provide additional documents if requested by the lending institution.

You can apply for the UCO Bank MUDRA Loan by following the steps mentioned below: 

• Step 1: Visit the official portal of the UCO Bank. 

• Step 2: Find the MUDRA loan application form and print it out. 

• Step 3: Fill in the application form properly. 

• Step 4: Attach all the necessary documents. 

• Step 5: Submit your duly filled application form to a nearby branch of the UCO Bank. 

Following this, the branch will carefully examine your application and go through your documents before approving your loan.

For any queries regarding your MUDRA loan, you can contact the financial institution through the following means: 

• Toll-Free Number: 1800 103 0123 

• Email ID: hopgr.calcutta@ucobank.co.in

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