Loan amount

₹

Rate of interest (p.a)

%

Loan tenure

Yr

Monthly EMI | ₹ |

Principal amount | ₹ |

Total interest | ₹ |

Total amount | ₹ |

Principal amount

Interest amount

UCO Bank is a leading government-owned commercial bank in India. The famous industrialist, G.D. Birla established the United Commercial Bank Limited in 1943 with headquarters in Kolkata. As of 30th March 2017, the financial institution had more than 49 zonal offices and 4000+ service units pan India.

Naturally, with its pronounced brand repute and far-flung network, numerous individuals across India resort to UCO Bank to avail home loans. However, due to the high-value funding involved in housing credit, the financial responsibility it entails is also considerable. Thus, several aspiring homeowners use the UCO bank home loan EMI calculator before they commit to such credit.

- Loans at UCO Bank are available for both salaried and self-employed individuals. Special rates offered to women, senior citizen and NRI customers.
- Individuals aged 21 to 60 years old can apply for a loan at UCO Bank
- Loan to Value Ratio is 90%.
- The loan tenure of UCO Bank ranges from 5 to 30 years.
- Interest rates charged is 6.90% – 7.25%
- UCO Bank home loan EMI per lakh starts from Rs. 659. The EMI can be easily calculated using the UCO Bank home loan calculator 2021.

When a borrower applies for a home loan with a lender, he/she needs to provide documents reflecting the property’s value. Based on that and the individual’s credentials, the lender sanctions a loan amount. This loan amount along with applicable interest forms the total loan liability, which the borrower must repay over a stipulated term in fixed monthly instalments or EMIs.

Individuals can use the home loan calculator UCO Bank to compute this EMI. It involves three variables that a user must input, namely, the loan amount, rate of interest, and repayment tenure. Besides the instalment amount, it also shows the total cost of loan and net payable amount.

In order to calculate home loan EMI, the UCO Bank uses the following formula –

*E = [p x r x (1 + r)^**n**] / [(1 + r)^**n-1**]*

The UCO home loan calculator is also based on this mathematical expression. In this formula, p denotes the loan amount; r stands for interest rate divided by the number of instalments in a year and n represents the repayment tenure in months.

The following example may provide for a more elaborate understanding of how such a calculation takes place manually.

The particulars of a loan that Ms Sharma has availed from UCO Bank are provided in the following table:

Loan amount |
Rs. 30 lakh |

Rate of interest |
9% |

Maturity period |
20 years (240 months) |

With regards to the above-mentioned formula, here, p is Rs. 30 lakh, r is 0.0075 (9%/12 x 100), and n is 240.

Thus, EMI = [3000000 x 0.0075 x (1 + 0.0075)^240] **/ **(1+0.0075)^240-1]

Or, EMI = Rs. 26,992

Since the manual calculation of home loan EMI can be time-consuming and error-prone, a UCO home loan EMI calculator may be a better alternative.

As discussed earlier, the EMI calculation is based on three key variables – the loan amount, tenure, and the interest rate. Let’s take a look at how these factors determine home loan EMIs:

- Opting for a higher loan amount translates to heftier instalments and vice versa.
- Contrarily, EMI is lower when the repayment tenure is more extended and vice versa. But, the total interest payable moves in proportion to the maturity period.
- A higher rate would mean increased cost of a loan, and, thus, more substantial EMIs.

- Borrowers can compare between different tenures and loan amount options to determine the EMI that suits their convenience.
- It provides error-free results.
- Individuals can use it to plan their prepayments as well to reduce their repayment burden.

Sound planning is quintessential when it comes to home loan repayment. With the UCO Bank home loan EMI calculator, individuals can learn about the monthly payouts in advance and plan their finances accordingly with ease.

**Que**. What is the maximum tenure offered by UCO Bank Home loan for EMI payments?

**Ans**. The maximum tenure at UCO bank goes up to 30 years for EMI repayments.

**Que**. How to apply for a home loan at UCO Bank?

**Ans**. A home loan at UCO Bank can be applied by visiting the official website of UCO Bank or by going to the nearest branch.

**Que**. Who is eligible for a home loan at UCO Bank?

**Ans**. Self-employed and salaried individuals can apply for a home loan at UCO Bank.

**Que**. Can I add family members as co-guarantors?

**Ans**. To add co-guarantors from your immediate family, one can apply for a joint UCO Bank home loan.

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