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 loan after satisfying all existing liabilities if any.
Age
Minimum age 21 years & Maximum age up to 70 years including repayment period.
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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For New Car
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UCO FLOATRATE+0.80
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For preused Car purchased from Certified Car Dealer
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UCO FLOAT RATE+1.90
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For purchase of Pre used Car all others
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UCO FLOAT RATE+2.40
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UCO CAR LOAN COMBO SCHEME
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UCO FLOAT RATE+0.55
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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
