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.
|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|
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:
The eligibility criteria for availing a car loan from UCO Bank are listed as follows:
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:
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.
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 -
Car Loan account statement from the existing bank
Sanction letter from the borrower’s current bank.
The other documents that have to be submitted by UCO Bank car loan borrowers are as follows:
New car loan borrowers have to bring in 15% as the loan margin.
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.
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.
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.
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