Car Loans for Pensioners

The purpose of the United Car Loan Scheme for Pensioners is to provide financial assistance to retired individuals who wish to purchase cars that are not older than four years.

Eligibility Criteria for United Car Loan Scheme for Pensioners

Here are the eligibility requirements for those who wish to avail the United Car Loan Scheme for Pensioners:

1. Must be a pensioner of the State or Central Government, State or Central Government Undertakings, Defence Services, Public Sector Undertakings, educational institutions such as schools, colleges, institutes and universities, and reputed companies.
2. Must draw a net monthly pension income of at least Rs.20,000.
3. In case the spouse of the pensioner seeking a car loan is still working, the spouse's net income may be taken into consideration for the calculation of total net income as well as monthly instalments. However, this can only happen if the spouse is the co-borrower of the loan, and the EMIs can be realised from either of their salaries or pensions.
4. A pensioner can avail the United Car Loan Scheme for Pensioners together with his working daughter or son, or spouse.
5. Family pensioners are not eligible for the United Car Loan Scheme for Pensioners.
6. The amount borrowed through a United Car Loan Scheme for Pensioners should be repaid prior to attaining the age of 75 years.

Key Features of United Car Loan Scheme for Pensioners

Here are the important features of the United Car Loan Scheme for Pensioners:

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score