UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial banks of India. Being a Commercial Bank, giving Loans and Advances is among their primary activities. Apart from their participation in meeting both Term Loan and Working Capital requirements of Agriculture sector, Trade and Service sector, Large/Medium and Small Scale Industries sector, Infrastructure sector etc. including taking care of their Export/Import and non-fund based needs like Letter of Credit, Bank Guarantee etc., They have a fairly large basket of loan products specially designed to suit your personal needs. This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 5 years. To know more, follow some simple steps given below to get best interest rates.
At least 21 years old
No maximum age stipulation
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs.20,000 per month
Loan capped @
85% of the on Road price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Processing Fees||1% of the loan amount, Maximum Rs. 1500|
|Loan Tenure||1 year to 7 years|
|Pre Closure Charges||Nil|
|Guarantor Requirement||No guarantor required|
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.
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.
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.
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.
The car loan can be repaid in up to 84 EMIs, which is a whopping 7 years to repay the loan amount along with interest charges. You’re free to choose a tenure that suits your repayment capacity.
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 car loans is just 10.20%, making it one of the most cost effective loans in the country today. Plus, the interest is computed on “Reducing Balance” basis.
The savings continue with 100% waiver on the Processing Fee. Plus, 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.
BankBazaar.com is a leading online marketplace for all your banking and financial needs. Its highly recommended that you compare various car loan offers on this site that helps you in choosing the best car loan by offering these details under a single window. It also gives you an advantage to apply online and get all the assistance you require, from application to disbursal.
Akin to its public sector counterparts, UCO follows the system of Base Rate linking to ascertain the rate of interest for all its loan products which includes car loans. The current rate of interest is 9.90%, applicable for loans of all tenures. The rate is subject to periodic revision, based on market conditions and decision of the bank. Do inquire about the latest interest rate before applying.
Ex-employees and applicants working in certain sectors/companies can be eligible for a lesser rate.
Income of spouse, parents, children can be considered to enhance the loan amount, on case to case basis.
It’s important to know the EMI amount and breakup of other charges before availing a car loan from UCO. This not only helps in understanding the financials involved, but also helps in choosing the right term for your loan.
The Car Loan EMI Calculator under the “Finance Tools” section of this website helps you with this task. Before calculating the EMI, you must know the loan amount, Tenure, Rate of Interest and Processing fee percentage. Once you have these details, use the sliders to select the Loan Amount and Tenure, fill the tabs below with interest and processing fee rate and click “Calculate”.
Now, an elaborate presentation of various components involved in your car loan including the EMI is provided for reference.
Salaried employees, self-employed professionals and businessmen, agriculturists, farmers, business firms and pensioners can apply for a UCO Bank car loan.
UCO Bank finances all types of new vehicles and car models.
There is no cap on the maximum loan amount sanctioned, but UCO Bank generally finances up to 85% of the on-road price of the new car.
Yes, hypothecation of the new vehicle is required when a car loan is availed.
Yes, joint applications can be made by customers along with their spouse and children above the age of 18. The income of co-applicants can be included along with the applicant’s income to improve the income criteria for the car loan.
The maximum loan tenure that can be chosen by borrowers for new car financing is up to 84 months.
UCO Bank offers floating interest rates for car loans, which is directly linked to the base rate of the bank. The car loan interest rate is generally the current base rate plus 0.25%.
The car loan interest rate is determined on a daily reducing basis calculated on the outstanding amount in the loan account.
Yes, UCO Bank car loan borrowers have to pay a processing fee of 1% of the total loan amount, up to a maximum of Rs. 1500.
Yes, UCO Bank borrowers can repay their car loans either in part or as full repayments before the end of the tenure.
No, prepayments can be done without any additional charges borne by the customer.
New customers can contact the nearest UCO Bank branch or the Retail Loan Division in their cities to apply for a car loan.
Yes, Customers do have the option of applying for a car loan on the UCO Bank website.
The income documents that have to be submitted by salaried applicants are as follows -
Yes, UCO Bank does provide the option of making balance transfers from other bank car loan accounts to a UCO Bank car loan account.
The following documents have to be submitted by borrowers -
The other documents that have to be submitted by UCO Bank car loan borrowers are as follows -
Customers can contact any UCO Bank branch for more details on top-up loans.
Salaried employees, self-employed businessmen and professionals, farmers, agriculturists, business concerns, pensioners, ex-staff of UCO Bank and NRIs are eligible to avail an UCO Bank car loan.
Yes, salaried employees have to complete atleast six months of employment and should be regular employees with their current companies.
Yes, UCO Bank car loan applicants have to be aged atleast 21 years, with no cap on the maximum age limit.
New car loan borrowers have to bring in 15% as the loan margin.
Yes, UCO Bank provides accidental / natural death cover for the borrower under the UCO Rin Jeevan Suraksha scheme to repay the outstanding loan amount.
Customers have to enter their personal details, employment details, income information, loan amount, term, PAN number, etc., while making online car loan applications.
Salaried employees need to show a minimum monthly take-home income of Rs. 20,000 after deducting all their existing liabilities.
Self-Employed Businessmen need to show a minimum annual income of Rs. 5 lakhs in Metros and Rs. 4 lakhs in other cities according to their Income Tax returns statements for the previous year.
Farmers having land holding in their names have to show a minimum annual income of Rs. 4 lakhs for the previous financial year.
Business firms must show profits for the past two years and sufficient cash flow to repay the car loan after excluding all other existing liabilities.
The maximum loan limit differs according to the type of applicant for car loans -
Yes, UCO Bank customers can check the status of their car loan applications online on the bank’s website.
The UCO Bank car loan application form can be got from any branch or can be downloaded from the bank’s web portal.
Yes, UCO Bank will sanction car loans based on the CIBIL score, repayment history, age and the income criteria of the applicant.