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UCO Two Wheeler Loan

UCO Bank offers two-wheeler loans at interest rates starting from 10.70% p.a. and a repayment tenure of 4 years. UCO Bank does not levy any prepayment charges on its bike loans as well.
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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.

UCO Bank Two-Wheeler Loan Interest Rates

Interest Rate 10.70% p.a. onwards
Maximum Loan Amount Rs.1 lakh
Minimum Loan Amount Contact the bank
Income Salaried Employee: Rs.8,000 per month
Non-Salaried Individuals: Rs.1 lakh (Rs.1.5 lakh for feature-rich vehicles)
Repayment Period 4 years
Processing Fee 1% of the loan amount (Minimum of Rs.500)
Prepayment Charges Nil

Features and Benefits

The main features and benefits that are offered by UCO Bank on its two-wheeler loans are mentioned below:

  • Salaried and non-salaried borrowers can avail the loan.
  • The repayment tenure is 48 months.
  • The interest rate is reduced if collateral is provided.
  • A higher loan amount is provided for feature-rich two-wheelers.
  • The processing fee is 1% of the loan amount (minimum of Rs.500).
  • The margin is 10% of the on-road cost of the vehicle.
  • No pre-payment charges are levied.

UCO Bank Two-Wheeler Loan EMI Calculator

In case you wish to buy a bike on loan and want to know the Equated Monthly Instalments (EMIs), you can use BankBazaar’s two-wheeler loan EMI calculator. Using the calculator is easy and helps in saving time when compared to manual calculations. Accurate results are provided for the details that are entered. Once details such as the loan amount, interest rate, loan tenure, and processing fee are entered, the results are displayed almost immediately.

SBI Two-Wheeler Loan Eligibility

The eligibility criteria that must be met by salaried and non-salaried borrowers will be different and are mentioned in the table below:

Category Salaried Borrowers Non-Salaried Borrowers
Age 21 years to 55 years 21 years to 60 years
Income Rs.8,000 per month Rs.1 lakh according to the Income Tax Returns for the previous year.
Rs.1.5 lakh for feature-rich vehicles.

Find out two-wheeler loan eligibility criteria here.

How to Apply for a UCO Bank Two-Wheeler Loan?

The step-by-step procedure to apply for the two-wheeler loan offered by UCO Bank is mentioned below:

  • Visit UCO Bank website
  • Under the ‘Personal Banking’ section, you will find the ‘Loans/Advance’ option, click on it.
  • On the next page, click on ‘Apply Here’. The option can be found under the ‘Vehicle Loan’ section.
  • Next, enter your name, address, pin code, state, district, preferred processing branch, mobile number, email ID, facilities interested, and the tentative amount.
  • Agree to the terms and conditions and click on ‘Generate OTP’.
  • Enter the OTP and submit the details.
  • A UCO Bank executive will contact you to process the request.

Documents Required

The list of documents that must be submitted by salaried and non-salaried borrowers are mentioned below:

Salaried Borrowers

  • Application form
  • Two passport-sized photographs
  • Identity proof such as Driving License, Passport, PAN Card, Voter’s ID, Ration Card, Office Identity Card, School Leaving Certificate, or Birth Certificate.
  • Bank statement for the last 6 months.
  • Income proof such as salary slips (last three months), Form 16, or Income Tax Returns.
  • A quotation that has been given by an authorised dealer.

Non-Salaried Borrowers

  • Application form
  • Two passport-sized photographs
  • Identity proof such as Driving License, Passport, PAN Card, Voter’s ID, Ration Card, Office Identity Card, School Leaving Certificate, or Birth Certificate.
  • Bank statement for the last 6 months.
  • A quotation that has been provided by an authorised dealer.
  • Proof of business such as financial statements, statement of accounts, and trade license.

Any additional documents that are requested by the bank must be provided as well.

FAQ's

  1. Can I download the application form online?

    Yes, you can download the application form from https://www.ucobank.com/pdf/twowheeler-loan.pdf.

  2. Is it mandatory to provide collateral or security when I avail a two-wheeler loan?

    No, it is not mandatory to provide security when you apply for a two-wheeler loan from UCO Bank. The bike acts as security.

  3. What is the maximum loan amount that can be availed for vehicles that are not feature-rich?

    The maximum loan amount that can be availed for vehicles that are not feature-rich is Rs.60,000.

  4. How much rebate will be provided on the interest rate in case 50% liquid collateral security is provided?

    0.50% of the interest rate will be reduced in case 50% liquid collateral security is provided.

  5. How much rebate on the interest rate will be provided in case full liquid collateral security is provided?

    1.00% of the interest rate will be reduced in case full liquid collateral security is provided.

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