Finance your Dream Car through UCO Bank Car Loan

Are you looking to postpone your dream car, just because of paucity of funds? Don't let it be. When UCO Bank Car Loan is here to fulfill all your requirements. Don't compromise in paying heavy EMI's from your net salary each month but prefer car loans that would successfully plan your monthly budget with ease.

UCO Bank has much to offer on car loans that would systematically align your preferences of what you are actually looking for in your car loan product. It's better to assess the eligibility criteria before going to avail car loan. That would really help you to choose your best interest rate on car loan.

UCO Bank Car Loan Eligibility

1. Below are the individuals who are eligible to avail car loans from UCO Bank :

•    Salaried group: Regular employee with minimum 6 months completed service
•    Non-salaried group: Established professionals & self-employed, businessmen  
•    Farmers and agriculturists.
•    Business concerns (Corporates & Non- Corporates)
•    Ex-staff and pensioners
•    NRIs

2. The minimum age of the borrower should be 21 years and the maximum age should not exceed 70 years at the time of loan maturity.

3. The availability of car loans is dependent on the income criteria of the borrower concerned under UCO Car Scheme.

UCO Bank Car Loan Interest Rate

The availability of UCO Bank Car loan is applicable under two schemes:

1. UCO Car

If you are going to purchase a new car, then the rate of interest you have to incur is 9.00% per annum and for the pre-used cars(not more than 5 years old), the rate of interest revolves around 10.10% per annum.-10.60% per annum.

2. UCO Car Loan Combo Scheme (Car Loan for UCO Home Loan Borrowers)

For the new car buyers, the applicable rate of interest is 8.75% per annum and for the pre-used cars(not exceeding 5 years) range from 10.10% per annum.-10.60% per annum.

UCO Bank Car Loan Documents Required

The borrowers need to provide the following documents while availing car loan from UCO Bank :

• Proof of Identity: Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible)

• Proof of Address: Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.

• Proof of Income: Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR

• Bank Statement: Last 6 months

UCO Bank Car Loan Application Form

The following are the details which are required by the applicant to mention in their application form:

1. Name of the applicant and the co-applicant's name

2. Father's name/ Husband's name

3. Date of Birth

4. Gender

5. Address of the applicant and co-applicant, phone number, number of years in current address

6. Permanent address

7. Relationship with any member of the UCO Bank staff

8. Educational qualifications

9. Specify the number of family members in the applicant's family and co-applicant's family.

10. Mention any of the document which will be produced by the applicant and co-applicant

• PAN Card/GIR No.
• Voter Card No.
• Driving License No.
• Ration Card No.
• Passport No.
• Office Identity Card no.

11. Specify the relationship between the applicant and the co-applicant.

12. Provide the other information details about the applicant and the co-applicant.

• Age of Banking Relationship with UCO Bank
• Say Yes or No if the applicant or co-applicant is a guarantor of someone else.
• Mention the Savings Bank/ Current Bank account no. with UCO Bank

13. Give the occupation details such as name of the organization, name of the employer/business organization, address of the employer/business organization and address. Also, the number of present years in occupation.

14. Give the Income particulars or any deductions or outstanding loan balance(if any).

15. Give the details of Loan Particulars for the purchase of a new car and second-handed car:

• Margin Offered
• Proposed Repayment Period for Term Loan(in Months)
• Proposed Equated Monthly Instalment (EMI)
• Proposed Mode of Payment(deduction at source such as salary and terminal benefits by the Employer/Post-Dated Cheques)

16.  Give the particulars of Car proposed to be purchased (whether new car and second-handed car)

• Manufacturer and Model
• Name of the Dealer/Seller
• Type/Class of Vehicle
• Year of Manufacture
• Cost of new vehicle(show-room price)
• Cost of Accessories
• Cost of Insurance(One year)
• Cost of Registration/Road Tax(One Year)
• Car Insurance Policy (for second-handed car)
• Original cost of Pre-used vehicle(for second-handed car)
• Present value of the pre-used vehicle(for second-handed car)
• Cost of pre-used vehicle (for second-handed car)
• Other information such as monthly maintenance cost of the vehicle which includes monthly fixed costs e.g. Insurance(pro-rata), Road-Tax(pro-rata), garage rent etc.)