If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • UCO Bank Used Car Loan Reviews

    • UCO Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      UCO bank took around a week's time to disburse my car loan. The response and the follow up was really good also their customer support is really good. I went to their place to submit my documents. The rate of interest is also nominal with UCO bank however, I am happy with the loan amount.
      Was this review helpful? 0
      , jamnagar
      Reviewed on May 19, 2017
    • UCO Car Loan
      "Good deal"
      0.5 5.0/5 "Blown Away!"
      I got a excellent deal on the rate of interest at UCO bank when compared to HDFC Bank for the car loan. The interest rate was of 9.2% , whereas at HDFC Bank it was around 10.25%. The charges were minimal and the process was on time. The documentation was process was simple and it was all completed on time.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Apr 08, 2017
    • UCO Car Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      My car loan is from UCO Bank and I am happy with the smooth process. The documentation was normal and it was easy to get the loan through. The rate of interest was of 9% and it was a zero processing fee. The after loan services is also good without any hassles.
      Was this review helpful? 0
      , kolhapur
      Reviewed on Mar 21, 2017
    • UCO Car Loan
      "Best"
      0.5 4.0/5 "Great!"
      I have got the car loan with the UCO bank and the loan amount got disbursed within twenty four days of time from my application date. Processing charges were around 11.25% and I approached the bank directly then I got the car loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 19, 2016
    • UCO Car Loan
      "Happy Loans!"
      0.5 5.0/5 "Blown Away!"
      My car loan is approved with UCO bank with low interest rate of 9.75%. They approved me the expected loan amount for a new car loan. Since I am planning to take the car in November, they are waiting for the disbursement. It is mandatory for the applicant to stay in own house to get a car loan with UCO bank.
      Was this review helpful? 1
      , new delhi
      Reviewed on Sep 18, 2015
    • UCO Car Loan
      "Most Reliable"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from UCO bank. The whole process just took a day. The customer service was good. The manager himself talks to the customer. They are very customer friendly. Compared to the other banks I have seen, they offered the least rate of interest of 10.15%. They processing fee was very less too. I got a loan of 85% on the value of the car.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 25, 2015
    • UCO Car Loan
      "Poor response"
      0.5 1.0/5 "Really Bad"
      I got no response for my car loan with UCO Bank. They contacted me initially and later there was no response from them. So I decided to switch with another bank.They need improvement on their services.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 30, 2015
    • UCO Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      Since I did not get the required amount I dropped the idea of taking a car loan with UCO Bank. The services are good. The rate of interest was about 14% and the processing fee was 7K for the loan amount two lakhs.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 30, 2015
    • UCO Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I got excellent response from UCO bank and it was the only bank who came forward to help me for my car loan. But when I was at the car show room to purchase my car I tried contacting them a couple of times and at that moment I did not get a response. The dealer informed me to go with SBI as they have a tie up with SBI and my salary account is with SBI too. So it was a instant decision that at that moment not to take my car loan with UCO.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 29, 2015
    • UCO Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I did not take my car loan with UCO Bank as I got the loan with another bank who the dealer had a tie up with. And the offer was almost the same that UCO was giving me. The services has been good with UCO and their communication was good.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 29, 2015
    • UCO Car Loan
      "Average"
      0.5 1.5/5 "Bad"
      I did not take my car from UCO Bank as I did not get a follow up. They need a lot of improvement in the customer services and how to value a customer. Later my priorities changed and I dropped the idea of the car loan.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 27, 2015
    • UCO Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan did not process with UCO Bank as I did not have Form 16. They done a pretty decent job and provided a good service. The interest rate was pleasing and the processing fee was high compared to the other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 26, 2015
    • UCO Car Loan
      "Average!!"
      0.5 2.5/5 "Just OK"
      My experience with UCO Bank for the car loan was not upto the mark. They donâ??t have any person to collect the document as I had to go their office and fill up their documents. It took nearly 15 days for the loan to get disbursed .The foreclosing charges are more and also the manager did not want me to close and also they had forced me to maintain some amount in my account.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 23, 2015
    • UCO Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I did not go with UCO Bank for my car loan because the place I bought my car from had a tie up with SBI and I also have a account with the SBI and I got the same benefits from SBI too. The response and services I got from UCO was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 22, 2015
    • UCO Car Loan
      "good"
      0.5 5.0/5 "Blown Away!"
      I got the car loan with UCO bank.The rate of interest is around 10.2% and am really happy with them.The customer service is really working good .The loan got disbursed within a week of time when I applied.They are helping in all ways.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2015
    • UCO Car Loan
      "Execute the same that are committed in the beginning"
      0.5 1.0/5 "Really Bad"
      At first they informed that they can process the loan amount that I expect but at the final stage they asked me to pay some amount and said that they can process only 60%. What I noticed online is completely different when it comes to action. Though interest rate for car loan is less in nationalized bank of UCO, I will not appreciate their service.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 15, 2015
    • UCO Car Loan
      "Satisfied overall.."
      0.5 4.0/5 "Great!"
      I could not avail car loan from UCO bank because I got offer from my home branch for the same rate of interest otherwise I would have gone with UCO. Person who contacted me from UCO bank was good and he updated scheme details with good follow ups. Rate is comparatively equal to the market.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 14, 2015
    • UCO Car Loan
      "Satisfied!!!"
      0.5 5.0/5 "Blown Away!"
      UCO bank individuals asked for some documents but at that time I was unable to submit that so they informed, would return back once I have all papers. Communication was good and the executive was good. When I dealt with them for a car loan never faced any issues and they were ready to give reasonable rate.
      Was this review helpful? 0
      , chennai
      Reviewed on May 14, 2015
    • UCO Car Loan
      "It is good"
      0.5 4.0/5 "Great!"
      It was amazing experience with UCO bank but the interest rate is high so I did not go for car loan. The bank is customer friendly and they gave rate of 11% but I got it done for 10.25% outside. I suggest UCO bank to give competitive rate for car loan.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 14, 2015
    • UCO Car Loan
      "Did not get response..."
      0.5 1.0/5 "Really Bad"
      I was informed that UCO bank will approve the car loan in turn around time of three days but they contacted me only after I have taken the vehicle. As on my view, I will not appreciate the customer service of UCO bank and recommending them to give better response to customers.
      Was this review helpful? 0
      , chennai
      Reviewed on May 14, 2015
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    UCO Bank Used Car Loan is Rated as "Great!" by 26 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    UCO Bank Used Car Loans

    Formerly known as United Commercial Bank, UCO is one of the major commercial banks in the country. Established in 1943, this Kolkata headquartered banking and financial services institution has been serving a massive customer base across various sectors and target groups. A key component of its retail loan arm is finance facility for used cars in the personal banking segment.

    UCO extends used car loans for all types of income groups ranging from salaried class to self employed towards the purchase of pre owned cars in various categories. As a responsible public sector bank, UCO disburses used car loans at attractive terms and low interest rates.

    Features and Benefits of UCO Bank Used Car Loan

    Populist Approach

    Other than applicants from salaried and non - salaried groups, UCO also provides car loan to other categories of aspirants such Business houses(Corporates & Non Corporates), Retirees, Pensioners & Non Resident Indians(NRI’s) which represents a mass reach approach from a responsible bank.

    Appealing Quantum of Loan

    Up to 70% funding is provided for used cars 4 years old (from the date of registration) and up to 60% for cars between the 4 to 5 years. The maximum loan amount for used cars is Rs.3.5 lacs.

    Towering Repayment Tenure

    For used cars, the loan repayment can be made in up to 36 EMIs which gives you multitude of options in choosing the most suitable tenure that matches your monthly budget. Plus, UCO Rin Jeevan Suraksha (insurance) covers the outstanding loan amount in case of death of the borrower.

    Soft on Wallet Fee & Charges

    Processing fee charged by the bank is just 1% of the loan amount(maximum Rs.1500). UCO does not levy any penalty on car loan prepayment. With such conducive rates, you’re likely to save more on miscellaneous charges involved in the loan.

    Nominal Interest Rates

    The interest rate for used cars is substantially low when compared to its counterparts in the market. The current interest rate for used cars is Base rate + 4%. The base rate is the standard rate of interest for all loan products from UCO which can change based on the bank’s discretion.

    UCO Bank Used Car Loan Eligibility Criteria

    • An aspirant aged 21 and above is welcome to apply for a car loan from UCO Bank. There is no upper limit on the age criteria.
    • For the salaried class, min. monthly available income should be Rs.20,000 after all deductions and existing liabilities on various loans. Maximum loan amount provided by the bank will be 36 times of gross monthly income.
    • Non salaried car loan aspirants from metros(professionals and businessmen) should be earning a minimum of Rs.5,00,00 and Rs.4,00,000 in all other centers as per the ITR/ Assessment of ITR during the preceding financial year. The maximum loan amount disbursed can go up to three times the average gross income for the last two years.
    • Farmers and Agriculturists with a min. of Rs.4,00,000 in gross income can be eligible for a car loan from UCO. Max. loan can be up to 3 times the annual income of the previous financial year.

    UCO Bank allows clubbing of income of immediate family members like spouse and children to enhance eligibility.

    UCO Bank Used Car Loan Interest Rates

    UCO CAR is a specialised loan which can be used by borrowers to purchase a pre-owned car. Based on new guidelines from the RBI, interest on this loan will be computed using MCLR, which takes into account current financial conditions to provide relevant information to borrowers.

    UCO Bank Marginal Cost of Funds based Lending Rate (For new borrowers)

    Individuals who wish to avail a UCO Bank will have to pay interest based on MCLR, with these rates changing on a regular basis. The MCLR rates for the month of May are highlighted in the table below.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.30%
    1 month 9.40%
    3 months 9.45%
    6 months 9.50%
    1 year 9.55%
    2 years 9.65%

    Used car loan interest rates – May 2016

    The tenure of a used car loan determines the overall interest rate payable, primarily due to the fact that MCLR changes with tenure. UCO Bank can charge an additional spread over the applicable MCLR, with this being the final interest applicable. These rates are decided by the bank at its sole discretion.

    UCO Bank Base and Prime Lending Rates (For existing borrowers)

    Existing borrowers can choose to migrate to a MCLR based platform or continue using the old Base Rate system.

    Base Rate 9.70% per annum, effective October 5, 2015
    Prime Lending Rate 14.25% per annum, effective October 5, 2015

    UCO Bank interest rate for used cars (Based on Base Rate)

    The interest for UCO CAR is calculated on the basis of the base rate, with the final interest payable being BR+4%. This effectively means that used car loans from UCO Bank are charged an interest of 13.70% per annum.

    Note: The rates mentioned above are subject to change at the sole discretion of UCO Bank. These rates are as of May 31, 2016 and borrowers should check prevailing rates at the time of application.

    EMI Calculation for UCO Bank Used Car Loan

    Determine EMIs and get breakdown of various charges before applying for a used car loan from UCO Bank. Use the UCO Bank Used Car Loan calculator to help you ascertain expenses involved. This user friendly tool will give you a better picture of the costs incurred, thus enabling you to plan the financials in a better way.

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