If you need some extra money, then borrowing from your bank might be the answer. If you use a bank simply for savings and a current account, then perhaps it is time to look at other financial products that your bank can offer. If you want to borrow from your bank, here are some of the possible options and benefits.

Why borrow money?

People borrow money for all sorts of reasons, and in all different ways. If you are finding it hard to make ends meet at the moment then getting a credit card or loan may help you out over the next few months. Also, if you need to make a large purchase but you need to spread the cost, then borrowing from your bank is a good option.

Credit cards

Perhaps the most common way to borrow from your bank is to get a credit card. A credit card gives you a certain amount of money or credit that you can spend, which you have to pay back with interest. Bills are paid monthly and you can choose to pay the full amount or just the minimum payment each month. Borrowing money on a credit card is expensive, but for short-term purchases they can be great if you pay the balance back in full each month.

Loans

Loans are another common way to borrow from your bank. Your bank is likely to have a variety of loans on offer, ranging from small personal loans to much larger loans for business or home improvements. If you need to pay off high interest debts or make a large purchase and pay it back slowly, then loans might be the right option for you.

Advantages of using your bank

The main advantage of using your bank to borrow money is that they know what sort of spending patterns you have, and if you have built a rapport with them they are likely to be more generous than other lending institutions. It may also be convenient to use the same bank that you do now, as all your accounts are in one place and you can manage your money more easily.

Disadvantages

There are also a number of disadvantages to using your own bank. Although your bank may give you a good deal, it may not be the best deal you can possibly find. Although speaking to your own bank is a good idea, you should shop around and look at other lenders in order to get the best possible terms. You should also make sure that borrowing money is right for you, and that you can make any repayments that are required.

Now Indian Banking  industry is growing and there are several banks Public sector Banks,Private sector Banks,and cooperative Banks are working in India.There was 14 major banks nationalized in 1969.this step led to a shift from class Banking to Mass Banking.

Indusland Bank was the first private bank to be set up in India. IDBI, ING Vyasa Bank, SBI Commercial and International Bank Ltd, Dhanalakshmi Bank Ltd, Karur Vysya Bank Ltd, Bank of Rajasthan Ltd etc are some Private Sector Banks. Banks from the Public Sector include Punjab National bank, Vijaya Bank, UCO Bank, Oriental Bank, Allahabad Bank, Andhra Bank etc.

ANZ Grindlays Bank, ABN-AMRO Bank, American Express Bank Ltd, Citibank etc are some foreign banks operating in India.

Some Major Banks of India are Listed Below

* ALLAHABAD BANK

* AMERICAN EXPRESS BANK LTD

* BANK MUSCAT (S A O G)

* BANK OF AMERICA

* BANK OF INDIA

* BARCLAYS BANK PLC

* CENTURION BANK LTD

* CITIBANK N A

* CORPORATION BANK

* DHANLAKSHMI BANK LTD (THE)
* DEUTSCHE BANK INDIA
* EXPORT-IMPORT BANK OF INDIA

* GLOBAL TRUST BANK LTD

* HONGKONG & SHANGHAI BANKING CORPORATION LTD (THE)

* ICICI BANK LTD

* IDBI BANK LTD

* INDUSIND BANK LTD

* SYNDICATE BANK INDIA

* INDUSTRIAL DEVELOPMENT BANK OF INDIA

* ING VYSYA BANK LTD

* JP MORGAN CHASE BANK

* PUNJAB NATIONAL BANK

* STANDARD CHARTERED GRINDLAYS BANK LTD

* STATE BANK OF INDIA

* STATE BANK OF INDORE

* CANARA BANK INDIA
* PUNJAB TRACTORS
* RESERVE BANK OF INDIA
* BANK OF BARODA INDIA
* FEDERAL BANK INDIA
* HDFC BANK INDIA
* UNION BANK OF INDIA
* YES BANK INDIA

There are many money Lenders offers Personal Loan in India and Banks also issue the loan to their customers UCO Bank also offers Personal loan product known as cash loan.This is a Personal Loan scheme to meet the domestic needs like marriage, medical, travelling and other social obligations.

Eligibility

Permanent Employees or those who have completed 3 years of service. Minimum take-home pay should be 40% of gross salary after all deductions including EMI against this loan. Regular income may also be reckoned for eligible quantum.

Quantum of loan

90% of the proposed expenditure or Rs. 2 Lacs whichever is lower. Additional amount may be sanctioned within the quantum ceiling to the existing eligible borrowers

Security

Loan will be on clean basis with two guarantors – Spouse and other than Spouse having equal income with that of the applicant.

RepaymentThe loan amount with interest is repayable in 48 EMIs through salary deduction of employee borrower. But one year before retirement.

Service Charge : 1% (minimum Rs.500/-)

For more details please Log on to

http://www.ucobank.com

If apply for a scholarship but unfortunately you haven’t get it and now you are worrying for your higher education,Don’t worry there are many Banks offers education loans in India.UCO Bank also offers Education loan,Here we compile the information about the education loan of UCO Bank.
The scheme extends a helping hand to meritorious students desirous of pursuing basic/higher/professional/technical education either in India or abroad. The parents will become co-borrowers with their dependant (student) if the latter applies for educational loan.

Studies in India

*

School education including plus 2 stage.
*

Graduation courses leading to degrees like B.A., B.Sc., and B.Com. etc.
*

Post Graduate courses leading to Masters degrees as also Ph.D.
*

Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
*

Computer Certificate courses of reputed institutes accredited to Universities or DoE.
*

Courses like ICWA, CA, CFA, etc.

Studies Abroad

* Graduation : Job oriented professional / technical courses offered by reputed Universities.
* Post Graduation : MCA, MBA, MS, etc.
* Courses conducted by CIMA – London, CPA in U.S.A., etc.

Eligibility

*

Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
*

Secured admission to foreign University / Institution.
*

No maximum or minimum income is prescribed for parents/family

Age limit:

*

18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
*

21 to 28 years for post-graduation course etc. – may be extended from 30 -33 years for general & SC/ST candidates respectively.

Quantum of loan

Need based finance subject to repaying capacity of parents/students with following ceilings:

Studies in India: Maximum Rs. 7.50 Lac

Studies Abroad: Maximum Rs. 15 Lac.

The loan amount under the scheme would be for meeting the following expenses :

* Course Fees
* Hostel/Boarding Fees including caution deposit/building fund etc.
* Books, Stationery & Equipment required for the course, including Computers.
* Examination/Library/Laboratory fees.
* Travel Expenses/Passage for studies abroad.

Security

Upto Rs.4.00 lacs – No security

Above Rs.4.00 lacs – Collateral securities of suitable value.

Service Charge : There is no processing fee /upfront /service charge

RepaymentThe loan will be repaid in 5-7years after commencement of repayment. There will be moratorium for repayment during “the course period+1 year or 6 months after getting job, which ever is earlier”.

1% interest concession may be provided, if the interest is serviced during moratorium period.

For more details Log On to

http://www.ucobank.com

There are many Lenders who offers car loan and Banks also Provide this facility to their customer.UCO bank also offers car loan known as UCO CAR,Here we compile the information about this loan for your guidance.

This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 5 years and economic life of a vehicle should be taken as 8 (eight) years from the date of manufacture of the vehicle.

Eligibility

Salaried Persons

The applicant must be a permanent employee having completed 2 years of service and remaining period of service of more than 5 years. The minimum monthly take-home pay must be Rs. 7,500/- + EMI

Professional & Businessmen

Minimum income should be Rs. 1.20 Lac per annum as per Income Tax Return/Assessment. LIC Policy equal to the amount of loan should be assigned in favour of the Bank.

Amount of loan

The amount of loan would be 85% of the cost of vehicle or Rs. 7.50 lacs whichever is lower in case of purchase of new car. For purchase of old car, the maximum quantum would be 60% (if age of car is more than 4 years old) and 70% (if the age of car is upto 4 years old) of the cost of the vehicle or Rs.3.50 lacs maximum. For second hand vehicle “certificate of fitness” and valuation certificate is required.

1% service charge is applicable subject to a ceiling of Rs.1000/- only

Repayment

The loan amount together with interest will have to be repaid within a maximum of 60 months. In case where at source deduction is not possible, repayment should be made by post dated cheques in 60 installments. In case of second hand/perused vehicle the loan with interest should be repaid within the residual economic life of the vehicle but not exceeding 36 installments.

0.5% charge is levied on pre-paid amount if loan limit is above Rs. 2 Lac.
For more details Log on to

http://www.ucobank.com