UCO Bank Credit Card

UCO Bank has partnered with SBI Card to provide a range of credit cards. These cards offer users the opportunity to earn reward points with each purchase and provide various benefits, including entertainment, travel, and fuel perks. It’s important to select a credit card that aligns with your spending habits and ability to repay. Here is a list of the credit cards available through UCO Bank’s offerings.

Features and Benefits of UCO Bank Credit Card

The UCO Bank Credit Card offers several features and benefits:

  1. Multi-purpose Credit Cards: UCO Bank Credit Cards cater to a diverse customer base, including small and medium-sized enterprises (SMEs), artisans, handloom weavers, fishermen, self-help groups, and urban customers.
  2. High Loan Quantum: UCO Bank Credit Cardholders can access credit limits of up to Rs. 10 lakhs, offering significant financial flexibility, particularly for small industries.
  3. Minimal Security Requirements: UCO Bank Credit Card loans typically require minimal documentation and security. Many UCO Bank Credit Card loans do not necessitate collateral or third-party security.
  4. Competitive Interest Rates: UCO Credit Card loans come with affordable interest rates, with rates as low as base rate + 1% per annum, reducing the burden of interest payments.
  5. Loan Types: UCO Bank Credit Cardholders have the option to avail cash credit or term loans, depending on their capital requirements.
  6. Flexible Repayment Terms: UCO Credit card loans offer flexible repayment options, allowing customers to choose a convenient repayment period and repay the loan in affordable installments.
  7. Loan Purpose: Loans obtained through UCO credit cards can be used for working capital needs such as raw material procurement and block capital.
  8. Insurance Coverage: UCO Bank Artisans Credit cardholders registered with the Development Commissioner for Handicrafts are eligible for insurance coverage.
  9. CGTMSE Advantage: Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) coverage for Weavers credit cardholders means that they can access loans without the need for collateral security.

UCO Bank Credit Card Fees and Charges

Here are the fees and charges associated with the the UCO Bank Credit Card

  1. Joining/Annual Fee: The joining and annual fees for Indian Bank credit cards vary depending on the specific card you choose.
  2. Finance Charges: The monthly finance charges on outstanding balances are set at 3.50% (which translates to 42% per annum).
  3. Late Payment Fee:
  • For outstanding amounts less than Rs. 500, there is no late payment fee.
  • For outstanding amounts between Rs. 500 to Rs. 1,000, a late payment fee of Rs. 400 is applicable.
  • For outstanding amounts between Rs. 1,000 to Rs. 10,000, the late payment fee is Rs. 750.
  • For outstanding amounts between Rs. 10,000 to Rs. 25,000, a late payment fee of Rs. 950 is charged.
  • For outstanding amounts between Rs. 25,000 to Rs. 50,000, the late payment fee is Rs. 1,100.
  • For outstanding amounts above Rs. 50,000, a late payment fee of Rs. 1,300 is applied.

UCO Bank Credit Card Eligibility Criteria

To be eligible for UCO Bank Credit Card, certain criteria must be met:

  • Age Requirement: Applicants should be at least 18 years old and must be Resident Indians.
  • Skill Matching: The applicant should possess the necessary skills required for their chosen line of activity.
  • Artisans Credit Card: Artisans engaged in manufacturing or production activities qualify for the Artisans Credit Card. Those registered with the District Commissioner Handicrafts receive preference when seeking financial assistance through a composite loan on the credit card.
  • Laghu Udyami Credit Card: SME entrepreneurs who have maintained a banking relationship with the institution for the past 3 years and have a good financial track record are eligible for the Laghu Udyami Credit Card.
  • Swarojgar Credit Card: Small businesses falling within the priority sector, self-employed individuals, self-help groups, micro-entrepreneurs, small artisans, handloom weavers, rickshaw owners, fishermen, and urban borrowers can apply for the Swarojgar Credit Card.
  • Weavers Credit Card: Self-help groups, Primary Co-operative Societies, individual weavers, and Joint Liability Groups (JLGS) are eligible for the Weavers Credit Card. Preference is given to weavers registered with the Development Commissioner Handlooms.
  • Kisan Credit Card: All farmers, whether individual or joint borrowers who are owner-cultivators, are eligible for the Kisan Credit Card. This card is also available to self-help groups, Joint Liability Groups, sharecroppers, including tenant farmers.
  • Income Stability: Having a stable income is an important factor for credit card eligibility. The turnover from the previous year will be considered when determining the credit card limit.

Documents Required for UCO Bank Credit Card

To apply for a UCO Bank Credit Card, you’ll need to provide the following documents:

  1. Proof of Identity: This includes documents like Aadhar Card, Voter’s ID Card, Passport, Driving Licence, and PAN Card to verify your identity.
  2. Address Proof: You’ll need to submit an address proof, which can be Aadhar Card, Passport, Driving Licence, utility bills (like electricity or water bills), rental agreement, or similar documents to confirm your residential address.
  3. Income Proof: To demonstrate your income, you’ll typically need to provide Income Tax Returns (IT Returns) or other relevant income-related documents.
  4. Additional Document (for Kisan Credit Card): If you are applying for a Kisan Credit Card, you may also be required to submit land records as an additional document.

These documents are essential for the credit card application process and help the bank assess your eligibility and creditworthiness. Be sure to check with UCO Bank for any specific requirements or updates related to their credit card application process.

How To Apply for UCO Bank Credit Card

To apply for a UCO Bank Credit Card, follow these steps:

  1. Visit the UCO Bank website: Start by visiting the official website of UCO Bank (www.ucobank.com).
  2. Explore Credit Card Options: Review the various credit card options offered by UCO Bank. Choose the card that best matches your needs and preferences in terms of rewards, fees, and benefits.
  3. Check Eligibility: Review the eligibility criteria for the specific UCO Bank Credit Card you are interested in. Eligibility requirements may include age, income, and credit history.
  4. Prepare Documents: Gather the necessary documents that are typically required for a credit card application. These may include proof of identity (such as Aadhar Card, PAN Card), address proof (e.g., utility bills, rental agreement), income proof (Income Tax Returns or salary slips), and any additional documents specific to the card you are applying for.
  5. Fill Out the Application: Complete the online credit card application form provided on the UCO Bank website. Ensure that you provide accurate and complete information as requested.
  6. Submit the Application: Once you have filled out the application form, review the details to make sure they are correct, and then submit the application online.
  7. Verification and Documentation: After receiving your application, UCO Bank will verify your information and documents. If necessary, they may contact you for any additional details or documents.
  8. Approval and Card Delivery: If your application is approved, you will receive your UCO Bank Credit Card by mail at the address you provided in your application.
  9. Activate Your Card: Upon receiving your credit card, follow the activation instructions provided with the card. Activation is typically done by calling a toll-free number or activating the card online.

List of UCO Bank Credit Card

Here are some of the credit cards offered by UCO Bank Credit Card:

  1. UCO Bank Visa Classic Credit Card
  2. UCO Bank Visa Gold Credit Card
  3. UCO Bank Visa Platinum Credit Card