This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 5 years.
Target Group
- Salaried Group
- Regular Employee with minimum 6 months completed service.
- Non-salaried Group
- Established professionals & Self Employed, Businessmen
- Farmers and Agriculturists.
- Business Concerns (Corporates & Non Corporates)
- Ex-staff and Pensioners
- NRIs
Income Criteria
- Salaried Group
- Minimum monthly take-home pay would be Rs.20,000/- at all centres after all statutory deductions and existing loans liabilities + EMI of the proposed loan.
- Maximum loan limit 36 times of Gross Monthly Income.
- Non-salaried Borrower
- Minimum Income criteria for Professionals & Self-employed Businessman would be Rs 5. 00 lac p.a. in Metro Centres and Rs 4.00 Lacs p.a. in other centres as per ITR/ Assessment of ITR during the preceding year.
- Maximum loan limit three times of average gross annual income for the last 2 years.
- Farmers & Agriculturists
- Minimum Gross Income of Rs. 4.00 lacs p.a. during the previous financial year.
- Farmers having land holding in their own name.
- Maximum loan limit: Three times of Annual Income of the previous financial year.
* Clubbing of income of spouse, major children for ascertainment of loan limit is considered on merits.
* Likewise clubbing of income of regular earning parents is allowed for loan to major children.
- Business Concerns (Corporates & Non Corporates)
- Business concern must be in profit for last 2 years and cash flow during the currency of loan must be sufficient enough to repay the proposed vehicle loans after satisfying all existing liabilities if any.
Age
Minimum age 21 years & Maximum age up to 70 years including repayment period. The UCO Bank vehicle loan aims to ensure that you drive around the city in your vehicle! Choose a pre- approved vehicle loan to get the best interest rates. Before applying for a car loan online, use the vehicle loan EMI calculator to calculate your EMI. Apply for a UCO Bank for a car vehicle loan to make your dream of owning a car a reality.
Margin Requirements
- New Car: 15% for new vehicle
- Pre-used Car:
- 20% of Valuation in case of reputed certified car dealers for pre used cars. Vehicles up to 5 years old are eligible.
- In other cases, 30% of Valuation by approved valuer or surveyor of any General Insurance company / certified automobile engineer or IDV (Insured's Declared Value), whichever is lower, for pre-used cars. Vehicles up to 5 years old are eligible.
Insurance
Car should be Insured under Comprehensive Insurance with requisite Bank clause, preferably through Bank's Channel Partner.
Quantum of loan
- For New Car:
- Maximum finance would be 85% of the on Road Price i.e. Ex Show Room Price+ Cost of Registration +One Time Road Tax+ Insurance(one time) with no ceiling on maximum loan amount.
- For Pre-used Car:
- Rs 15 lac if purchased from reputed certified car dealers for pre used cars..
- Rs 5 lacs if purchased from others
Repayment
- New Car: Maximum 84 EMI
- Pre-used Car: Maximum 60 EMI
Rate of Interest
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Existing Guidelines
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Revised Guidelines
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UCO Float Rate (7.30%)+ 0.80% = 8.10% p.a.
(Minimum CIBIL Score for existing Customer is 600 and for New Customer it is 700)
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UCO Float Rate(7.30%) + 0.25% = 7.55% p.a.
(Minimum CIBIL Score for existing Customer is 600 and for New Customer it is 700)
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Processing Charge
1% of the loan amount maximum Rs.1500/-.
Prepayment Charges : NIL
For more details please contact nearest branch.
- Click here for FAQ
