Who can avail CAR Loan?
Salaried/Non-Salaried group including Professionals, Self Employed, Businessmen,
Farmers and Agriculturists, Pensioners and Business Concerns are eligible for the
What makes of cars does your Bank finance?
We provide finance for all makes of cars.
Whether Car Loan scheme is meant for new cars only?
UCO Car Loan scheme is designed for both new cars and pre used (old) cars.
What is the maximum amount that I am eligible for?
For New Vehicle: No Ceiling on Maximum Loan Amount, however maximum finance would
be limited to 85% of the on Road Price
For Pre - Used Vehicles: Least of the following three:
- 70% of the cost of the used vehicle up to 4 years old
- 60% of the cost of the used vehicle more than 4years old but not exceeding 5 years
- Rs. 3.50 lacs maximum
What Security do I have to furnish for availing the Car Loan?
Hypothecation of Car.
Can I club income of my family members for calculating the eligible loan amount?
Yes, clubbing of Income of spouse and major children can be considered.
What is the repayment schedule?
Loan can be repaid in maximum 84 months for new cars and maximum 36 months for old
What is EMI?
EMI stands for Equated Monthly Installments. This installment comprises both principal
and interest components. You may use our EMI calculator to find out your monthly
payments based on the loan amount, the rate of interest and the repayment period.
What is the interest rate that I will be charged?
Bank offers floating interest rates linked to Base rate and these rates change with
change in the Base Rate of the Bank. For latest interest rates please refer our
How is interest calculated/ charged in my loan account?
Interest is calculated on daily reducing balance basis, which means that it is calculated
only on the outstanding loan amount, which reduces every time you pay off your EMIs
or make any prepayments. This lowers your interest burden significantly.
What are the processing fees charged by the Bank?
1% of the loan amount subject to a ceiling of Rs. 1500/-.
Can I repay the loan ahead of schedule? What are the prepayment charges?
Yes, you have the option to repay the loan ahead of schedule either in part or in
full without any prepayment charges.
Who has to be approached to apply for a car loan facility?
Nearest branch of UCO Bank or Retail Loan Hub of the city or customers can apply
online at www.ucobank.com.
For more details, please contact your nearest UCO Bank branch.