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  • UCO Two Wheeler Loan

    UCO Bank Two Wheeler Loan
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    UCO has been in the business since 1943, and over the years have spread its wings all over the country and even around the globe. Around the country there are 45 zonal offices and headquarters in Kolkata. The bank offers loans of different kinds to meet the varied needs of the average citizen. Everything from personal, home and two wheeler loans, among others, are offered by the bank. Other financial products that the bank offers include agriculture credit, debit cards, foreign currency loans etc.

    Why do we need Two Wheeler Loans today?

    One of the basic needs that we find in our busy lives is the ability to be mobile. Public transport is just not good enough for the average office-goer or college student. We all want at least a two wheeler, if not a car, to get us to places so that we do not have to depend on the unreliable and inconvenient public transport. Two wheelers are definitely cheaper and more convenient than cars in the jam-packed roads of our country. UCO two wheeler loan is your ticket to a smart way to finance your precious two wheeler at flexible terms.

    Eligibility Criteria:

    If you are a salaried applicant, you must be aged between 21 and 55 years to be eligible. If you are a Non-salaried applicant, you must be aged between 21 and 60 years to be eligible.

    The income criteria for salaried and non-salaried applicants is as follows:

    • As a salaried borrower, you must be earning a minimum gross salary of Rs.8000/-p.m. Take home income of 40% p.m is the minimum amount you will need to be eligible for this loan. This amount is after taking into account the EMI of the proposed loan.
    • If you are Non-salaried borrower, in the preceding year, you should have a minimum income of Rs. 1 lac p.a as per Income Tax Return/Assessment order. Otherwise, if you intend to buy a feature rich vehicle, you should have a minimum income of Rs. 1.50 lacs p.a. You must also have a 40% take home pay to be eligible for this loan. If you are an agricultural borrower, the Sanctioning Authority should be satisfied with your proof of income.

    Two Wheeler Loan Interest Rate:

    • The interest rate that will be applicable for this kind of loan in the General category is Base rate + 4.25%
    • Accounts with full liquid collateral security will be liable to 1.00% interest Rebate
    • Accounts with 50% liquid collateral security will be liable to 0.50% interest Rebate

    Features & Benefits:

    • Amount of Loan: The maximum amount of loan that you are entitled to is Rs.60,000/-. However, this amount can be increased to Rs.1 lac if you go for feature rich two-wheelers.
    • Processing Charge: You will be charged with 1.00% of the loan amount as processing charge. The minimum amount that you need to pay as processing charge is Rs.500/-
    • Margin: The margin on the two wheeler loan is 10% of the total on road cost
    • Insurance: In the case of the borrower’s natural/accidental death, he/she will have insurance from UCO Rin Jeevan Suraksha to cover the outstanding loan.
    • Repayment: the repayment must be done in a maximum of 48 months. The full amount should be repaid in 48 Equated Monthly Installments.
    • Prepayment charges: There are no prepayment charges.


    1. I am not a salaried employee, I own a farm. Am I eligible to get a loan for two wheeler from UCO?
    2. Yes, unlike many other banks in the market, UCO has a special scheme catering to the agricultural borrower. It is expected that the borrower should provide sufficient proof of income that will satisfy the Sanctioning Authority.

    3. What happens in the case of my early demise?
    4. You will be covered by insurance (UCO Rin Jeevan Suraksha) in the event of you untimely death (either natural or accidental). It will cover any outstanding loan that you have.

    5. If I happen to come across some extra money during the period of my repayment, is it possible to pay back the full amount at one go? Will I be charged for this?
    6. No. you will not have to bear pre-payment charges. You are free to make the full payment if you come across some extra money and end the repayment period early if you wish to do so.

    7. I am a salaried employee at an American company and I am aged 56 years old. Will I be eligible for the UCO Two wheeler loan?
    8. If the applicant is a salaried employee, he/she must be aged between 21 and 55 years to be eligible for this loan.

    9. What is the maximum amount I can borrow with the UCO two wheeler loan?
    10. You can borrow up to the sum of Rs.60,000/-. However, you can get this sum increased to Rs.1 lac if you are considering a feature rich two-wheelers.

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