UCO Car Loan

Why Choose UCO Bank Car Loan

The trust of an established banking institution coupled with new age features and benefits helps you to easily procure the car and manage the loan without any hassles. Easily available to wide category of salaried and non - salaried groups, the bank provides loans for cars of all makes and models. With no cap on the maximum loan amount, your dream of owning the favorite car has no limits. Some of the notable benefits of UCO Bank car loans are listed as follows:

1. Available to Everyone: The bank provides loan for all categories of income groups. Salaried employees, Entrepreneurs & Businessmen, Farmers & Agriculturalists, Pensioners, NRIs and even Business Concerns are eligible to apply for a car loan from UCO.
2. Maximum Quantum of Loan: The bank finances up to 85% of the "On Road" cost of the car with no ceiling on the maximum amount of loan one can avail. This feature ensures little burden on your wallet as the larger share of the costs is taken care by UCO.
3. Sound Repayment Tenure: New car loans from UCO Bank can be repaid in up to 84 EMIs while used car loans can be repaid in 60 EMIs. You're free to choose a tenure that suits your repayment capacity.
4. Pleasing Rate of Interest: Compared to other banks operating in the car loan segment, you're likely to save more on interest charges with UCO Bank. The present rate of interest for new car loans is 8.05% p.a., making it one of the most cost-effective loans in the country today.
5. No Prepayment Penalty: No penalty for prepayment of the loan gives you more reasons to apply for a car loan with UCO. Do check with the existing offer at the time of applying to ensure the waivers hold good as this offer is seasonal.

Eligibility Criteria for a Car Loan from UCO Bank

The eligibility criteria for availing a car loan from UCO Bank are listed as follows:

1. The age of the applicant should be at least 21 years. The maximum age limit is 70 years which includes the loan repayment period.
2. For Salaried applicants, minimum monthly income should be at least Rs.20,000 after all deductions which includes statutory deductions, existing loan EMIs and the EMI value of the proposed loan.
3. Self-employed and Professionals should have a minimum income of Rs.5 lakh in Metro centers and Rs.4 lakh in Non-Metro centers as per the ITR of the preceding financial year.
4. Farmers and Agriculturalists should be earning a gross income of at least Rs.4 lacs per annum during the previous financial year.
5. Business concerns like corporates and non-corporates must be show profit for last 2 years and the cash flow must be enough to repay the car loan after settling all existing liabilities, if any.
6. Salaried employees with minimum 6 months of work experience, professionals, self-employed persons, businessmen, farmers, agriculturists, corporates, non-corporate business concerns, ex-banking staff of UCO, pensioners, and NRIs are eligible to apply for a car loan from UCO Bank.
7. Income of spouse, parents, children can be considered to enhance the loan amount, on case to case basis.

Documentation Needed to Apply for a UCO Bank Car Loan

1. Photo ID and age proof
2. Signed application form with photograph
3. Residence proof
4. Last 6 months bank statement
5. Documentation for salaried applicants:
6. Last 3 months salary - slips
7. Form 16 or Income Tax Returns
8. Documentation for self-employed applicants:
9. Last 3 years Income Tax Returns with computation of Income
10. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Overview of UCO Bank Car Loan

Founded in 1943, UCO is one of the premier commercial banks in the country. Headquartered in Kolkata, the bank provides a wide range of loans such as Home, Education, Consumer Durables, Vehicle Loan (Cars and Two Wheelers) along with a host of other credit facilities for routine needs. UCO extends loans for new as well as used cars not older than 5 years.

Financing is provided at attractive interest rates and terms covering the "On Road" costs of a new car. A flexible repayment tenure and accessibility makes car loan from UCO, one of the most competitive in the market today.

Interest Rate Concession

UCO Bank offers car loan interest rate concession for the following categories:

1. Concession of 10 basis points (bps) is offered to the employees of the central and state government, PSU, central and state government autonomous bodies, central and state government colleges and universities and the staff of UCO Bank.
2. This concession is also offered to existing UCO Bank customers with a proven track record of satisfactory running of their savings and current accounts with an average balance of Rs.50,000 for the last 1 year.
3. Loan accounts with regular EMI payments of 3 years and above after moratorium period can also avail this concession.
4. Ex-employees and applicants working in certain sectors/companies can be eligible for a lesser rate.

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