If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    UCO Bank Car Loan Eligibility Calculator

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    UCO Bank Car Loan Eligibility Overview

    UCO Bank is one of the leading commercial banks in India, which was founded in 1943. It has its headquarters in Kolkata, and offers a wide portfolio of loans such as Education Loan, Home Loan, Consumer Durables, Vehicle Loan, etc. and a host of other general credit facilities. With a UCO Bank Loan, you can get finance for the purchase of new cars and used cars (which is not older than 5 years).

    UCO Bank offers an easy car loan scheme with quick and hassle-free processing. Borrowers can repay the loan in flexible EMI options of up to 84 EMIs for new cars and up to 36 EMIs for used cars. The interest rate applicable is very low and this enables better savings on attaining your car.

    UCO Bank Car Loan Eligibility Criteria

    Who can apply?

    • Applicants who are at least 21 years old can apply. UCO Bank has not set any maximum age limit for applicants.
    • Salaried Individuals: Any regular salaried employee who has at least 6 months of work experience, can apply.
    • Non-salaried Individuals: Well-established Professionals, Businessmen, Self Employed, Agriculturists or Farmers, can apply.
    • Corporate or Non-Corporate Business Concerns are eligible to apply for a UCO Bank car loan.
    • Pensioners or Ex-staff can apply for the loan.
    • NRIs are also eligible to apply for a UCO Bank car loan.

    Income Criteria for Eligibility

    Salaried Individuals

    •The net monthly salary should be at least Rs.20000/- after all deductions and pay-outs to existing loans + EMI of the proposed car loan.

    •36 times of Gross Monthly Income is the maximum loan limit for salaried applicants.

    Non-salaried Individuals

    •Professionals & Self-employed Businessman should have an annual income of at least Rs 5 lacs in Metro cities and Rs 4 Lacs in other centres according to the Income Tax Returns filed or as per the assessment of ITR in the previous year.

    •Three times of average gross annual income of the last 2 years is the maximum loan limit offered to non-salaried borrowers.


    •Agriculturists or those involved in allied activities should earn an annual Gross Income of at least Rs. 4 lacs in the preceding financial year.

    •Farmers who have their own land holdings meet the income eligibility criteria.

    •Three times of income earned annually, i.e, income of the previous financial year, is considered as the maximum loan limit offered to farmers and agriculturists.

    Corporate and Noncorporate Business Concerns

    •Any business concern which is earning profit for the last 2 years consecutively, with stable cash flow to meet repayment of the proposed loan as well as existing liabilities (if any) are considered eligible.

    Factors affecting UCO Bank Car Loan Eligibility

    • The debt-to-income ratio is a determining factor affecting UCO Bank car loan eligibility. The Bank will analyse income earned annually against your debts. This helps the bank to understand the borrower’s repayment capacity.
    • Credit score of an individual is a reliable source of information used by banks to evaluate whether or not an applicant is creditworthy and would be consistent in repayment of the loan. If all your dues are paid properly and there are no serious defaults in your credit history and there are no dues pending, your credit score will be high. This also ensures that your CIBIL score is high and this in turn influences your chances of getting a car loan approval.
    • Amount of loan you have requested as well as the loan margin paid by you is another important component in determining your car loan eligibility. If you pay a sizeable amount of the invoice value of your car as downpayment, this reduces the loan quantum and alternately reduces your loan burden. Banks approve smaller loan amounts since the repayment is faster and involves lesser risk.
    • Age of the applicant is another detrimental matter - even with age limits set by banks to determine loan eligibility. Applicants who are in maximum age limit category have lower chances of getting their loan approved. However, a short loan tenure increases their chances of a favourable loan approval.

    How to improve your UCO Bank Car Loan Eligibility

    You can increase your UCO Bank Car Loan eligibility by effectively ensuring that your dues are paid and your credit score is high, as well as by showing a reliable source of income, etc.. In order to be considered creditworthy, an applicant must:

    • Have paid all credit dues in a timely manner.
    • Have not defaulted on any Joint accounts and accounts/transactions he/she is a guarantor in.
    • Have both secured and unsecured loans in his/her credit history is a must - this will affect your credit report positively.
    • Review in detail accounts wherein you are a co-signatory of any credit transactions. Since a co-obligor has equal financial liabilities, any defaults in payment will reflect poorly on his/her credit score
    • Pledge a valuable collateral or security in exchange of the car loan, so that it assures the bank of repayment in some form, reduces risk and increases your chances of getting the car loan approved.

    UCO Bank Car Loan Eligibility Calculator

    If you want to make sure whether or not you are eligible for a car loan from UCO bank, you needn’t waste any time and effort. With the availability of the Car loan eligibility calculator tool online, you can easily scrutinize the eligibility criteria by entering the information asked for in the questionnaire. This tool is easy to use as well as saves precious time that would be otherwise wasted on waiting around for insight from the bank or it’s executives. The details to provide from your end are: car/model, invoice value of the car, age/ date of birth, income, source of income , etc. By clicking on “calculate”, the tool will project all necessary information related to your UCO Bank car loan eligibility.


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