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  • UCO Car Loan

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  • UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial banks of India. The bank offers car loans to its customers under two different schemes. Customers can use these car loans to buy new cars as well as pre-owned cars. Let’s take a detailed look at the different aspects of car loans offered by UCO Bank.

    Comparison of UCO Bank Car loans

    Loan Type Interest Rate Loan Amount Processing fee
    New car loan 9.10% p.a. 85% of the on-road price with no maximum ceiling 1% of the loan amount
    Pre-used car from a certified dealer (not older than 5 years) 10.20% p.a. Up to Rs.15 lakh 1% of the loan amount
    Pre-used cars from other dealers (not older than 5 years) 10.70% p.a. Up to Rs.5 lakh 1% of the loan amount
    Car loan combo scheme (new) 8.85% p.a. N/A 1% of the loan amount

    Why Choose UCO Bank Car Loan

    The trust of an established banking institution coupled with new age features and benefits helps you to easily procure the car and manage the loan without any hassles. Easily available to wide category of salaried and non - salaried groups, the bank provides loans for cars of all makes and models. With no cap on the maximum loan amount, your dream of owning the favorite car has no limits. Some of the notable benefits of UCO Bank car loans are listed as follows:

    • Available to Everyone: The bank provides loan for all categories of income groups. Salaried employees, Entrepreneurs & Businessmen, Farmers & Agriculturalists, Pensioners, NRIs and even Business Concerns are eligible to apply for a car loan from UCO.
    • Maximum Quantum of Loan: The bank finances up to 85% of the “On Road” cost of the car with no ceiling on the maximum amount of loan one can avail. This feature ensures little burden on your wallet as the larger share of the costs is taken care by UCO.
    • Sound Repayment Tenure: New car loans from UCO Bank can be repaid in up to 84 EMIs while used car loans can be repaid in 60 EMIs. You’re free to choose a tenure that suits your repayment capacity.
    • Pleasing Rate of Interest: Compared to other banks operating in the car loan segment, you’re likely to save more on interest charges with UCO Bank. The present rate of interest for new car loans is 9.10% p.a. ((MCLR of 1 Year + 0.40%, presently), making it one of the most cost-effective loans in the country today. Plus, the interest is computed on “Reducing Balance” basis.
    • No Prepayment Penalty: No penalty for prepayment of the loan gives you more reasons to apply for a car loan with UCO. Do check with the existing offer at the time of applying to ensure the waivers hold good as this offer is seasonal.

    Eligibility Criteria for a Car Loan from UCO Bank

    The eligibility criteria for availing a car loan from UCO Bank are listed as follows:

    • The age of the applicant should be at least 21 years. The maximum age limit is 70 years which includes the loan repayment period.
    • For Salaried applicants, minimum monthly income should be at least Rs.20,000 after all deductions which includes statutory deductions, existing loan EMIs and the EMI value of the proposed loan.
    • Self-employed and Professionals should have a minimum income of Rs.5 lakh in Metro centers and Rs.4 lakh in Non-Metro centers as per the ITR of the preceding financial year.
    • Farmers and Agriculturalists should be earning a gross income of at least Rs.4 lacs per annum during the previous financial year.
    • Business concerns like corporates and non-corporates must be show profit for last 2 years and the cash flow must be enough to repay the car loan after settling all existing liabilities, if any.
    • Salaried employees with minimum 6 months of work experience, professionals, self-employed persons, businessmen, farmers, agriculturists, corporates, non-corporate business concerns, ex-banking staff of UCO, pensioners, and NRIs are eligible to apply for a car loan from UCO Bank.
    • Income of spouse, parents, children can be considered to enhance the loan amount, on case to case basis.

    Documentation Needed to Apply for an UCO Bank Car Loan

    • Photo ID and age proof
    • Signed application form with photograph
    • Residence proof
    • Last 6 months bank statement
    • Documentation for salaried applicants:
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
    • Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Overview About UCO Bank Car Loan

    Founded in 1943, UCO is one of the premier commercial banks in the country. Headquartered in Kolkata, the bank provides a wide range of loans such as Home, Education, Consumer Durables, Vehicle Loan (Cars and Two Wheelers) along with a host of other credit facilities for routine needs. UCO extends loans for new as well as used cars not older than 5 years.

    Financing is provided at attractive interest rates and terms covering the “On Road” costs of a new car. A flexible repayment tenure and accessibility makes car loan from UCO, one of the most competitive in the market today.

    Interest Rate Concession

    UCO Bank offers car loan interest rate concession for the following categories:

    • Concession of 10 basis points (bps) is offered to the employees of the central and state government, PSU, central and state government autonomous bodies, central and state government colleges and universities and the staff of UCO Bank.
    • This concession is also offered to existing UCO Bank customers with a proven track record of satisfactory running of their savings and current accounts with an average balance of Rs.50,000 for the last 1 year.
    • Loan accounts with regular EMI payments of 3 years and above after moratorium period can also avail this concession.
    • Ex-employees and applicants working in certain sectors/companies can be eligible for a lesser rate.

    UCO Bank Car Loan FAQ's

    1. What are the income documents that have to be submitted by car loans borrowers to UCO Bank?

      The income documents that have to be submitted by salaried applicants are as follows -

      Employment Verification Certificate / Form 16 / Pay slips for the last three months / Income Tax Returns Statement and Assessment Order.

      Self-employed applicants have to submit the following income documents -

      Trade license / Financial statements / Statement of accounts.

    2. Can customers make balance transfers from other car loan accounts to a new UCO Bank car loan account?

      Yes, UCO Bank does provide the option of making balance transfers from other bank car loan accounts to a UCO Bank car loan account.

    3. What are the documents that have to be submitted by borrowers while making balance transfers?

      The following documents have to be submitted by borrowers -

      Car Loan account statement from the existing bank

      Sanction letter from the borrower’s current bank.

    4. What are the other types of documents that have to be submitted by UCO Bank car loan borrowers?

      The other documents that have to be submitted by UCO Bank car loan borrowers are as follows:

      • 2 Passport size photographs from the applicants
      • Bank account statement for the last six months and passbook - For the Applicant and guarantor
      • Quotation or Invoice from the authorized car dealership
      • Any two of the following - Ration Card /Voter’s ID Card / Passport / PAN Card / Office Identity Card Birth Certificate / Driving License /School Leaving Certificate. But it is mandatory to provide atleast one document from the following list - Ration Card /Voter’s ID Card / PAN Card / Passport / Driving License
    5. What are the loan margin requirements for a new car loan borrower?

      New car loan borrowers have to bring in 15% as the loan margin.

    6. What is the maximum loan limit approved by UCO Bank for car loan applicants?

      The maximum loan limit differs according to the type of applicant for car loans -

      Salaried Employees - Loans sanctioned up to a maximum of 36 times their gross monthly income.

      Self-employed - Loans sanctioned up to three times their gross annual income for the last two years.

      Farmers/ Agriculturists - Loans sanctioned up to three times their annual income for the previous year.

    7. Can UCO Bank customers check their car loan application status online?

      Yes, UCO Bank customers can check the status of their car loan applications online on the bank’s website.

    8. Where can customers download the UCO Bank car loan application form?

      The UCO Bank car loan application form can be got from any branch or can be downloaded from the bank’s web portal.

    9. Does the applicant’s credit score have any impact on the eligibility criteria for UCO Bank car loans?

      Yes, UCO Bank will sanction car loans based on the CIBIL score, repayment history, age and the income criteria of the applicant.

    10. What happens if I don’t pay the car loan emi amount on time?
    11. The bank typically gives a warning when the EMI amount is not paid on time. In the first few instances, customers have to pay the overdue amount along with the penal interest. In case of multiple defaults, the bank will repossess the car from the customer and recover the damages.

    Perfect Car Loan Deals for you

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    UCO Bank Car Loan Reviews

    • UCO Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in UCO bank on one year before. The loan was applied directly to bank on time they have sanctioned the loan with sufficient amount for the tenure of 7 years. The rate of interest and processing fee are nominal. Overall it is a good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 24, 2019
    • UCO
      UCO Car Loan
      "Rate of Interest is less and the best"
      0.5 5.0/5 "Blown Away!"
      UCO Bank car loan rate of interest is very good. I did not apply through online and i have directly approached in their branch and i have applied the loan on Friday evening and done the documents on the same day they have given the loan cheque on next Monday. The rate of interest is 9.25% and there is a processing fee of Rs. 1300 I have a account with them for so many year.
      Was this review helpful? 1
      , chennai
      Reviewed on May 28, 2019
    • UCO Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with UCO BANK , the process of getting loan was too fast i just got my loan in few days and i dont have to worry about document . The tenure period is 10year and they charge nominal rate of interest and about processing fee was also good . They had also given an option of foreclosure too.
      Was this review helpful? 2
      , lucknow
      Reviewed on Dec 07, 2018
    • UCO Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with UCO bank and my experience was good, the processing time was normal and i received my loan amount on time. Customer service was good and they followed up on time. Tenure period for this loan was for 7 years.
      Was this review helpful? 1
      , lucknow
      Reviewed on Nov 26, 2018
    • UCO Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with UCO bank, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Preclosure charges were nominal and i closed the loan in 2 years but the tenure period is 5 years.
      Was this review helpful? 5
      , chandigarh
      Reviewed on Jul 23, 2018
    • UCO Car Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I got a car loan from UCO bank and the interest rates were competitive. The application process was easy because it was easy. The rate of interest was good. I got a loan of 3.65lacs. The application and the documentation process was also easy and hassle free.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on May 15, 2018
    • UCO Car Loan
      "Faster service"
      0.5 5.0/5 "Blown Away!"
      My service with UCO BANK was very good. One of my wife's friend suggested this bank. I have purchased a new brand Swift Dzire. I took loan of 6L, paid the inital payment as 2L. EMI payment goes through ECS, I directly approached the bank and submitted the documents. It is a faster service and the loan was on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 25, 2017
    • UCO Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      I have current account running with UCO bank customer service was very nice I have atm facilities nearby my location also even the online application is user friendly which makes my transaction fast ,I can say the overall service is excellent from UCO for my current account.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 15, 2017
    • UCO Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      UCO bank took around a week's time to disburse my car loan. The response and the follow up was really good also their customer support is really good. I went to their place to submit my documents. The rate of interest is also nominal with UCO bank however, I am happy with the loan amount.
      Was this review helpful? 2
      , jamnagar
      Reviewed on May 19, 2017
    • UCO Car Loan
      "Good deal"
      0.5 5.0/5 "Blown Away!"
      I got a excellent deal on the rate of interest at UCO bank when compared to HDFC Bank for the car loan. The interest rate was of 9.2% , whereas at HDFC Bank it was around 10.25%. The charges were minimal and the process was on time. The documentation was process was simple and it was all completed on time.
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on Apr 08, 2017
    • UCO Car Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      My car loan is from UCO Bank and I am happy with the smooth process. The documentation was normal and it was easy to get the loan through. The rate of interest was of 9% and it was a zero processing fee. The after loan services is also good without any hassles.
      Was this review helpful? 1
      , kolhapur
      Reviewed on Mar 21, 2017
    • UCO Car Loan
      "Best"
      0.5 4.0/5 "Great!"
      I have got the car loan with the UCO bank and the loan amount got disbursed within twenty four days of time from my application date. Processing charges were around 11.25% and I approached the bank directly then I got the car loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 19, 2016
    • UCO Car Loan
      "Happy Loans!"
      0.5 5.0/5 "Blown Away!"
      My car loan is approved with UCO bank with low interest rate of 9.75%. They approved me the expected loan amount for a new car loan. Since I am planning to take the car in November, they are waiting for the disbursement. It is mandatory for the applicant to stay in own house to get a car loan with UCO bank.
      Was this review helpful? 1
      , new delhi
      Reviewed on Sep 18, 2015
    • UCO Car Loan
      "Most Reliable"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from UCO bank. The whole process just took a day. The customer service was good. The manager himself talks to the customer. They are very customer friendly. Compared to the other banks I have seen, they offered the least rate of interest of 10.15%. They processing fee was very less too. I got a loan of 85% on the value of the car.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 25, 2015
    • UCO Car Loan
      "Poor response"
      0.5 1.0/5 "Really Bad"
      I got no response for my car loan with UCO Bank. They contacted me initially and later there was no response from them. So I decided to switch with another bank.They need improvement on their services.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 30, 2015
    • UCO Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      Since I did not get the required amount I dropped the idea of taking a car loan with UCO Bank. The services are good. The rate of interest was about 14% and the processing fee was 7K for the loan amount two lakhs.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 30, 2015
    • UCO Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I got excellent response from UCO bank and it was the only bank who came forward to help me for my car loan. But when I was at the car show room to purchase my car I tried contacting them a couple of times and at that moment I did not get a response. The dealer informed me to go with SBI as they have a tie up with SBI and my salary account is with SBI too. So it was a instant decision that at that moment not to take my car loan with UCO.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 29, 2015
    • UCO Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I did not take my car loan with UCO Bank as I got the loan with another bank who the dealer had a tie up with. And the offer was almost the same that UCO was giving me. The services has been good with UCO and their communication was good.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 29, 2015
    • UCO Car Loan
      "Average"
      0.5 1.5/5 "Bad"
      I did not take my car from UCO Bank as I did not get a follow up. They need a lot of improvement in the customer services and how to value a customer. Later my priorities changed and I dropped the idea of the car loan.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 27, 2015
    • UCO Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan did not process with UCO Bank as I did not have Form 16. They done a pretty decent job and provided a good service. The interest rate was pleasing and the processing fee was high compared to the other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 26, 2015
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