A car is a dream that we ride on, a travel partner for every road trip and much more than just being a vehicle. We all have a passion for cars and wait for the day when we can take our favorite car home. But, you must also have experienced that the thing which takes our heart away is most of the time out of the budget and same is the case with a car.
However, a car loan is always there to turn the situation in our favor. UCO Bank is one of the best lenders when it comes to affordable car loans. To apply for this desirable car loan that is a combination of a lower interest rate and a higher loan amount, check below the details.
UCO Bank Car Loan Interest Rate 2017
The car loan interest rate at UCO Bank is one of the lowest interest rates on car loans in India. The bank gives 9.00% per annum for new cars and 10.10%-10.60% per annum for used cars.
Car Loan Eligibility at UCO Bank
UCO Bank accepts the car loan application on the basis of the eligibility criterion set by it. The bank facilitates car loans to a salaried as well as self-employed individuals who match the below criteria:
For Salaried:
- The age of the applicant must be between 21-70 years
- The minimum net monthly income of the applicant should be at least ₹20,000
For Self-employed:
- The age of the applicant must be between 21-70 years
- The minimum annual business income of the applicant should be at least ₹4 lakhs
Documentation Required
The documents checklist you must have at the time of applying for a car loan at UCO Bank is as follows:
For Salaried:
- Age Proof- Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
- Identity Proof- PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs
- Income Proof- Form 16 for last 2 years, Latest Salary Slip, 6-month bank statement
- Address Proof- Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
- Signature Proof- Driving License/Passport copy/PAN Card
For Self-employed:
- Age Proof- Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
- Identity Proof- PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs
- Income Proof- IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership
- Address Proof- Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
- Signature Proof- Driving License/Passport copy/PAN Card
UCO Bank Car Loan EMI Calculator
A car loan EMI calculator is the tool that is used to calculate the monthly installments of the payments that the borrower would have to pay. This calculator takes into account the interest rate, the loan amount and the loan tenure. With the help of this tool, a borrower can check the payment details and hence prepare himself accordingly to make smoother payments.
UCO Bank Loan Application Form
You can easily apply for UCO Bank car loan by filling in the details asked in the application form, which you can get at the branch or the website of the lender. Moment the application form is submitted, UCO Bank will send a representative to visit your residence and official addresses mentioned in the documents. The representative will scrutinize the authenticity of income details shown by you in addition to the addresses. If everything goes fine, then you can get the loan to buy your dream car within a week of application submission.
Factors affecting your car loan eligibility
- Monthly Income
- Savings
- Age
- Car Value
- Car Model Type
- Credit History
- Employment Status for Salaried
- Longevity in the business for self-employed
- Category of your employer
- Accommodation
UCO Bank Car Loan Eligibility Calculator
If you are earning an income of ₹45,000 per month and your saving comes out to be ₹20,000, which accounts for nearly 45% of your monthly income. The UCO Bank will decide upon your loan amount eligibility after computing per lakh EMI.
Amount=₹1 lakh
Interest Rate=9% per annum
Tenure=7 years
Per lakh EMI= ₹1,609
Loan Amount Eligibility=₹1,00,000x20,000/1,609= ₹12.43 lakhs
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