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    UCO Bank Car Loan Reviews

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    UCO Bank Car Loan is Rated as "Great!" by 25 Users

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    rated 4.0/5.0 by 25 users

    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.

    You’re probably eligible for an UCO Bank Car Loan if you are

    UCO Bank Car Loan Minimum Age

    At least 21 years old

    UCO Bank Car Loan Maximum Age

    No maximum age stipulation

    UCO Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    UCO Bank Car Loan Minimum Income

    Earn more than the minimum
    income required

    Your UCO Bank Car Loan amount eligibility is based on these factors

    UCO Bank Car Loan Minimum Salary

    Minimum income required
    Rs.20,000 per month

    UCO Bank Car Loan Maximum Loan to Value

    Loan capped @
    85% of the on Road price

    UCO Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible UCO Bank Car Loan amount by these steps

    UCO Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    UCO Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years

    Documentation needed to apply for an UCO Bank Car Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. 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

    UCO Bank Car Loan Interest RatesUpdated on 30 Apr 2017

    UCO Bank Car Loan Details
    Interest Rate 9.85%
    Processing Fees Nil
    Loan Tenure 1 year to 7 years
    Pre Closure Charges Nil
    Guarantor Requirement No guarantor required

    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.

    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.

    Features of Car Loan From UCO Bank

    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

    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.

    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 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.

    No Processing Fee or Prepayment Penalty

    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.

    Why apply for a UCO Bank Car Loan through BankBazaar.com?

    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.

    UCO Bank Car Loan Interest Rate

    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.

    Eligibility Criteria for a Car Loan from UCO Bank

    • The age of the applicant should be at least 21 years. No limit on maximum age.
    • For Salaried applicants, minimum monthly income should be atleast 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 min. income of Rs.5 lacs in Metro centers and Rs.4 lacs in Non Metro centers as per the ITR of the preceding financial year.
    • Farmers and Agriculturalists should be earning a gross income of atleast Rs.4 lacs per annum during the previous financial year.

    Income of spouse, parents, children can be considered to enhance the loan amount, on case to case basis.

    Perfect Car Loan Deals for you

    How to calculate EMI on UCO Bank Car Loan

    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.

    UCO Bank Car Loan FAQ's

    1. Who is eligible to procure a car loan from UCO Bank?
    2. Salaried employees, self-employed professionals and businessmen, agriculturists, farmers, business firms and pensioners can apply for a UCO Bank car loan.

    3. What are the different types of vehicles that UCO Bank provides car loans for?
    4. UCO Bank finances all types of new vehicles and car models.

    5. What is the maximum loan amount sanctioned by UCO Bank for car loan borrowers?
    6. 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.

    7. Do UCO Bank car loan borrowers have to furnish any security while availing the loan?
    8. Yes, hypothecation of the new vehicle is required when a car loan is availed.

    9. Can customers make joint applications for UCO Bank car loans?
    10. 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.

    11. What is the maximum tenure approved by UCO Bank for car loans?
    12. The maximum loan tenure that can be chosen by borrowers for new car financing is up to 84 months.

    13. What kind of interest rate is charged by UCO Bank for car loans?
    14. 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%.

    15. How is the car loan interest rate calculated by UCO Bank?
    16. The car loan interest rate is determined on a daily reducing basis calculated on the outstanding amount in the loan account.

    17. Does UCO Bank charge any processing fees for car loans?
    18. 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.

    19. Do UCO Bank car loan borrowers have the option of prepaying the loan amount availed?
    20. Yes, UCO Bank borrowers can repay their car loans either in part or as full repayments before the end of the tenure.

    21. Does UCO Bank levy any prepayment charges on car loan borrowers?
    22. No, prepayments can be done without any additional charges borne by the customer.

    23. How can customers apply for a UCO Bank car loan?
    24. New customers can contact the nearest UCO Bank branch or the Retail Loan Division in their cities to apply for a car loan.

    25. Can customers make car loan applications online?
    26. Yes, Customers do have the option of applying for a car loan on the UCO Bank website.

    27. What are the income documents that have to be submitted by car loans borrowers to UCO Bank?
    28. 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.

    29. Can customers make balance transfers from other car loan accounts to a new UCO Bank car loan account?
    30. Yes, UCO Bank does provide the option of making balance transfers from other bank car loan accounts to a UCO Bank car loan account.

    31. 16. <h3>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.
    32. 17. <h3>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
    33. Does UCO bank offer top-up loans for car loan borrowers?
    34. Customers can contact any UCO Bank branch for more details on top-up loans.

    35. Who is eligible to avail a car loan from UCO Bank?
    36. 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.

    37. Should salaried applicants meet a specific employment criteria to qualify for a car loan with UCO Bank?
    38. Yes, salaried employees have to complete atleast six months of employment and should be regular employees with their current companies.

    39. Does the car loan applicant have to meet any criteria for age requirements?
    40. Yes, UCO Bank car loan applicants have to be aged atleast 21 years, with no cap on the maximum age limit.

    41. What are the loan margin requirements for a new car loan borrower?
    42. New car loan borrowers have to bring in 15% as the loan margin.

    43. Does UCO Bank provide any insurance cover for car loan customers?
    44. Yes, UCO Bank provides accidental / natural death cover for the borrower under the UCO Rin Jeevan Suraksha scheme to repay the outstanding loan amount.

    45. What are the particulars that have to be entered by the customers while making car loan applications online?
    46. Customers have to enter their personal details, employment details, income information, loan amount, term, PAN number, etc., while making online car loan applications.

    47. What is the income criteria that has to be met by salaried employees while applying for a UCO Bank car loan?
    48. Salaried employees need to show a minimum monthly take-home income of Rs. 20,000 after deducting all their existing liabilities.

    49. What is the income criteria that has to be met by self-employed businessmen while applying for a UCO Bank car loan?
    50. 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.

    51. What is the income criteria that has to be met by farmers and agriculturists while applying for a UCO Bank car loan?
    52. Farmers having land holding in their names have to show a minimum annual income of Rs. 4 lakhs for the previous financial year.

    53. What is the income criteria that has to be met by business firms while applying for a UCO Bank car loan?
    54. 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.

    55. What is the maximum loan limit approved by UCO Bank for car loan applicants?
    56. 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.

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

    59. Where can customers download the UCO Bank car loan application form?
    60. The UCO Bank car loan application form can be got from any branch or can be downloaded from the bank’s web portal.

    61. Does the applicant’s credit score have any impact on the eligibility criteria for UCO Bank car loans?
    62. Yes, UCO Bank will sanction car loans based on the CIBIL score, repayment history, age and the income criteria of the applicant.

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