About the Bank
UCO Bank (United Commercial Bank) is a commercial bank and a Government of India Undertaking incorporated in the year 1943 at Kolkata. According to the Brand Trust Report 2014, the Bank ranked 294th among India's most trusted brands. Along with banking services all over India, UCO Bank even offers loan and advances to the customers for meeting their financial requirements. One of the most acclaimed loan services offered by UCO bank is Car Loan scheme. UCO Bank offers car loan to the consumers for buying new as well as used car (not more than 5 years old).
UCO Bank Car Loans: Overview
UCO Bank has established trust amongst the individuals for offering premium banking and finance services. Car loan is one of the many financial services offered by UCO Bank. Car loan is a specially designed loan products that is coupled with new age features and benefits to help the customers meet their financial requirements for buying the car of their dreams and managing the loan without any hassles. UCO bank ensures that the car loan is easily available to wide category of salaried as well as non – salaried groups for cars of all make & models. Bank has set no cap on the maximum loan amount to be offered for buying a loan, even the UCO Bank car loan interest rate is highly competitive and you can get quick car loan disbursals. Owing to the above mentioned features, Car finance plans by UCO Bank are counted amongst the best car loans in India.
Features of the UCO Bank Car Loan:
Several highlighting features of UCO bank car loan make it much popular amidst the individuals looking to finance options for buying a car. Some of those features are:
- Car loan for both new and used cars: you can avail UCO Bank loan for a new car as well as pre-used cars. However, in case of pre used cars, they should not be more than 5 years old.
- Quantum of loan: For New Car Maximum finance offered by UCO bank is 85% of the on road price. This includes ex show room price, registration cost, one time road tax, Insurance (one time) with no ceiling on maximum loan amount. And in case of pre-owned car loan, maximum loan amount sanctioned by the UCO bank is Rs.3.50 lac.
- Additional Charges: A consumer has to pay 1% of the loan amount as processing fee for UCO bank car loan. However, there are no foreclosure charges charged by the bank.
- Repayment tenure: UCO Bank disburses car loans for a maximum of 84 months for a new car and 36 months for a used car.
To be eligible to avail UCO Bank Car Loan for a new car or pre-used car, an applicant must have to meet a set eligibility criteria. The car loan amount eligibility criteria for UCO Bank Car Loan is based on different parameters such as age, employment type, income, car on road price and other credit dues/EMIs to be borne by the applicant. Also, to be eligible to get UCO Car Loan, a candidate must have UCO bank account of any type.
Requirements for UCO Bank car loan include the following:
Age Criteria: UCO Bank has set a minimum and maximum age bracket for individuals to avail UCO Car Loan.
- Minimum Age: The loan applicant should be minimum 21 years of age to avail car loan offered by UCO Bank
- Maximum Age: The maximum age is up to 70 years to avail car loan provided by UCO Bank
- Employment type: The following individuals are eligible for a UCO Bank Car Loan-
- 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
Income criteria: Income of an individual plays a crucial role in deciding car loan amount eligibility to avail UCO Bank Car Loan.
- Income Criteria for Salaried Group
- Minimum net income must be Rs.20000/- after all statutory deductions and existing loans liabilities + EMI of the proposed loan.
- Maximum limit for loan amount is 36 times of gross monthly income.
- Income Criteria for Non-salaried Borrower (Professionals & Self-employed Businessman)
- Minimum income must be Rs.5. 00 lac p.a in Metro centers and Rs.4.00 Lacs p.a in other centers as per ITR/ Assessment of ITR during the preceding year.
- Maximum limit for loan amount is 3 times of average gross annual income for the last 2 years.
- Income Criteria for Farmers & Agriculturists
- Minimum gross income of Rs.4.00 lacs p.a. during the previous financial year.
- Farmers with land holding in their name.
- Maximum limit for loan amount is 3 times of annual income of the previous financial year.
- Income Criteria for Business Concerns (Corporates & Non Corporates)
- Business concern must be in profit for last 2 years and the income should be sufficient enough to repay the loan.
Car loan interest rates can either be fixed or floating in type. In case of fixed car loan interest rates, the rate stays the same for the entire loan tenure and in case of floating car loan interest rates, the rate can increase or decrease during the loan tenure.
UCO bank car loan interest rates (floating type) are very competitive as compared to car loan products by other leading Indian Banks. The UCO car loan interest rates are subject to change with change in the base rate of the bank.
The effective UCO Bank Car Loan interest rate for a new car is MCLR of 1 year +0.40% and for a used car is MCLR of 1 year + 4.15%
UCO Bank offers car loan at comparatively lesser rate to ex-employees and individuals belonging to certain sector.
An interested UCO bank car loan borrower is expected to get list of documents while applying for the Car loan. The list of documents to apply for UCO Car loan includes:
- Duly filled and signed UCO Car Loan application form
- Proof of signature (Passport, bank passbook)
- Proof of residence (Ration card, Life Insurance policy, Voters ID card, Passport, Telephone Bill, Electricity bill, or any other proof of address)
- Proof of age (birth certificate, school 10th certificate)
- Proof of identity (Passport, PAN Card, Voters ID card, Driving License)
- Proof of regular source of income
- Last 6 months bank statements
- Proof of IT return
UCO Bank privileged customers can enjoy minimal documentation and get pre-approved car loans.
Check your eligibility for UCO Bank car loan at PaisaBazaar and get an idea prior to loan application about the criteria you need to satisfy for a car loan. Apply for a UCO Bank car loan only when you fulfill the complete loan eligibility criteria so that your loan application is not turned down.
How to check eligibility for UCO Bank Car loan at Paisa Bazaar?
To check whether you are eligible for an UCO Bank car loan or not at PaisaBazaar, you need to click on UCO Bank Car Loan eligibility calculator to get the online eligibility calculator tool. It is simple, easy & quick to use this eligibility calculator tool. To use the tool, you would need to answer certain basic and easy questions, such as the type of car you are looking for; city you are currently residing in, make of the car, which you want to buy, time for buying the car, loam amount you intend to borrow, duration of loan you wish to take for, your employment status, etc. Once you fill all the required details to calculate UCO Bank Car loan eligibility, you would need to submit the results and view the possible outcomes.
Why should you use UCO Bank Car Loan eligibility calculator at Paisa Bazaar?
- It saves time: With Paisa Bazaar’s Car Loan eligibility calculator, you can save a lot of time as you would not have to visit UCO bank branch personally and have wait for discussion with representatives at UCO Bank. You can instantly check your eligibility within minutes and make decision accordingly.
- It saves efforts: Since this UCO Bank Car Loan eligibility calculator by Paisa Bazaar is automatic, you do not have to try and test your eligibility for every other car loan scheme. This calculator suggests all the other alternative loan products that you can consider while availing car loan.
- It helps compare: Comparison helps in cracking good deals on car loans. You can easily compare different car loan offers by UCO Bank as well as compare them from different car loan plans offered by other banks to get the most suited car loan plan.
With its various online calculation tools, Paisabazaar.com has simplified the process of applying for new car loan or used car loan. Interested Car loan borrowers can look for exclusive car loan deals at Paisa Bazaar. Also, for the ease of car loan borrowers, PaisaBazaar has simplified the process of applying for the UCO plans for car Loan. Borrowers can check their eligibility for UCO Bank Car Loan, Calculate EMI on UCO bank car loan, and hunt for best car loan plans in India, compare car loan plans and even apply for UCO Bank car loan online only at Paisa Bazaar.
With its online EMI calculator, Paisabazaar ensures that loan applicants calculate EMI for UCO Bank car loans and manage their car loan repayment. Customers can make good use of the online EMI Calculator to check EMI on UCO Bank used car loan or UCO Bank new car loan. Also, the Car Loan EMI calculator by Paisa Bazaar can be used to try different permutations & combinations of car loan interest rate or tenure for a car loan to find the scheme that is best suited for the borrower (depending upon personal & budget requirements). Apply for a car loan online at PaisaBazaar.com and take benefit of a simplified loan application process.
1. What are the car types for which UCO Bank Car Loan can be availed?
Ans. You can avail car loans offered by UCO Bank for all makes of cars.
2. Who all are eligible for a UCO Bank Car Loans?
Ans. People eligible for a UCO Bank Car Loan are Salaried and non-salaried group including professionals, self-employed, businessmen, farmers and agriculturists, pensioners and business concerns.
3. Are there any processing charges with the car loan?
Ans. The Bank charges 1% of the loan amount (maximum Rs.1500/-) as a processing charge. But, presently the processing charges have been waived up to 31-03-2016.
4. What documents I need to furnish as a security for car loan?
Ans. Only hypothecation of the car needs to be submitted as a security for a car loan.
5. How to apply for a UCO Bank Car Loan?
Ans. You can apply for a UCO Bank Car Loan either online or visit the nearest branch of UCO Bank or Retail Loan Hub of the city.
6. Does UCO Bank offer Car Loan for pre-used cars?
Ans. Yes, UCO Bank offers loan for both used and pre-owned cars. To get UCO Car loan for pre-owned Car, applicants can avail UCO Pre-Owned Car Loan which is a term loans for purchase of pre-owned car.
7. How can I improve the chances of getting my UCO Bank Car loan application approved?
Ans. To enhance your chances of getting your UCO Bank car loan application improved, you need to clear all your balance dues to increase your CIBIL score. Along with that, you can also opt for choosing longer loan tenure of UCO bank car loan.
8. Do I need a guarantor to apply for UCO Bank car loan?
Ans. No! To get your car loan approved by UCO Bank, you do not need any guarantor in your support.
9. I am working in an MNC from past 3 years. Can I apply for UCO Bank Car loan?
Ans: Yes, being a salaried employee from past three years, you can apply for car loan from UCO bank. Since, UCO Bank offers loan to salaried employees, along with, businessmen, self-employed professionals, agriculturists, business firms and pensioners, you are eligible to get UCO Bank car loan.
10. Can I make joint application to avail UCO Bank Car loan?
Ans: Yes, you can apply for UCO Bank car loan jointly with your guardian, spouse, or any co-applicant. Also, to enhance your eligibility to get UCO Bank car loan, you can include income of the co-applicant to improve your income criteria.
11. Which additional documents do I need to provide for borrowing loan amount from UCO Bank for pre used car?
Ans. To avail UCO Bank Car loan for pre used car, an applicant is required to submit certain additional documents to the bank representative. The list of those additional documents includes:
- Price quotation from an authorized dealer of the car that a borrower intend to buy
- Agreement of sale between seller and purchaser
- Details of the pre used car which is to be purchased
- Copy of registration certificate of the vehicle
- Copy of receipts of up to date deposit of taxes including road tax
12. Can I avoid mentioning certain assets that I possess while applying for car loan application of UCO Bank?
Ans. No, if bank finds out that you have not mentioned the complete details that might become a reason of car loan rejection. Also, mentioning all your assets in the UCO car loan application form would enhance you eligibility of getting car loan approved. You have to mention all the details about bank deposits, PF & PPF, NSCs, liquid assets, immovable assets in form of property, mutual fund units, shares or gold ornaments.
13. What process do I have to follow to apply for UCO Bank car loan?
Ans: To apply for UCO Bank car loan you have to go through three stage process. The process includes:
- Applying for Loan– The first step is to apply for loan. The borrower has to apply for car loan and submits loan application form either online or at the nearest UCO branch office. The applicant would also have to carry all the required documents needed to apply for car loan by UCO Bank.
- Loan Processing – The next step is of processing of loan amount. In this, bank representative goes through the documents and decides the loan amount to be approved for a particular application.
- Car Loan Disbursal – The third and the last stage when UCO bank disburses car loan. The bank disburses the approved amount of car loan and credits it to the account of car dealer. And in case of used car, it transfers the amount to the seller’s account.
14. To apply for UCO Bank car loan, what all documents do a salaried professional need to provide?
Ans. A salaried applicant needs to submit list of certain documents while applying for a UCO Bank, list of those documents include:
- Latest salary slip
- Statement of bank accounts
- Last 2 years IT Return statements
- Form 16
15. Which documents can I provide as my residence proof along with my UCO Bank Car loan application?
Ans. As an evidence of residence, a borrower can submit any of the listed documents for UCO car loan:
- Recent electricity bill receipts
- Recent telephone bill receipts
- Recent water bill receipts
- Copy of first and last page of Ration card
- Copy of Valid Voter ID card
- Copy of Aadhaar Card
- Copy of Valid Driving license
- Copy of PAN Card
- Copy of first & last page of valid passport
16. How can I calculate EMI for UCO Bank Car Loan online?
Ans. To calculate EMI or equated monthly installment on UCO Bank Car loan, borrowers can use UCO car loan online EMI calculator available at PaisaBazaar.com. This online EMI calculator for car loan is easy & simple to use plus completely free of cost. Alternatively, to calculate monthly car loan payments for the borrowed UCO Bank car loan, borrowers can also use car loan EMI calculator at the UCO Bank’s website.
17. How can I use UCO Bank Car Loan EMI Calculator at PaisaBazaar.com?
Ans. To calculate Car loan EMI for UCO Bank car loan, you can easily use EMI calculator at Paisa Bazaar, which is quick to use and free of cost. To reach at the calculator page, you need to click on Tools > EMI Calculator > Car Loan.
Once there, slide the slider to enter the figure you want to enter for car loan amount you need, rate of interest at which UCO bank offers car loan, and the loan tenure for which you intend to borrow loan.
Once you enter all the required details, the EMI calculator at Paisa Bazaar would automatically calculate the equated monthly installment (EMI) figure and display the Car loan EMI result in the right side column.
18. Where can I check my UCO Bank car loan application status online?
Ans. To check your UCO Bank Car Loan details, you can visit bank’s website and enter your loan details to get the status.
19. From where can I download the UCO Bank car loan application form?
Ans: To download the UCO Bank car loan application form you can visit bank’s portal or may personally visit your nearest UCO bank branch office.
20. Will mine or my spouse’s credit score impact on the eligibility criteria for UCO Bank car loans?
Ans. Yes, UCO Bank considers CIBIL score of the car loan applicant (s) before approving the loan amount. Therefore it is crucial to ensure that repayment history is clear and not pending for dues. And yes, if your spouse is also co-applicant bank would consider his/her CIBIL Score too.
21. What are the loan margin requirements for a new car loan borrower?
Ans: New car loan borrowers have to bring in 15% as the loan margin.
22. Does the car loan applicant have to meet any criteria for age requirements?
Ans. Yes, UCO Bank car loan applicants have to be at least 21 years in age. However, there are no bars on maximum age limit to apply for UCO Bank auto loan.
23. Are there any ways to enhance chances of getting my UCO Car loan application improved?
Ans. There are various ways with which you can improve your application for approval. If you know that you would need to apply for car loan in near future, or if you have already applied for UCO car loan, then you must immediately check that you have good CIBIL score. You must repay any debts or credit card dues to ensure this won’t create hurdle in the approval process. Also, you can choose longer loan tenure of UCO car loan to enhance your repayment ability.
24. Do I need to provide different documents for UCO Bank used car loan approval?
Ans. Yes, an applicant has to submit documents for UCO Bank car loan for second-hand cars, which include:
- Sale agreement between purchaser and seller
- Recent price quotation of the car (you intend to buy) from an authorized dealer
- Copy of receipts of up to date deposit of taxes including road tax
- Details of the vehicles to be purchased
- Copy of registration certificate of the vehicle
25. Is it important to specify my total assets in the UCO car loan application form?
Ans. Ideally you must mention all your assets like bank deposits, PF & PPF, NSCs, liquid assets, immovable assets in form of property, mutual fund units, shares or gold ornaments in the car loan application form. By providing complete details, you enhance your chances of getting your car loan approved easily.
26. I work with an MNC company and get monthly salary. I need to buy a new car, for which I need help of the bank to finance new car. To apply for UCO car loan, which income documents should I provide as income evidence?
Ans. Since you are a salaried professional, you can submit any two of the below mentioned income proof documents:
- Bank account statements
- IT Return statements for the last 2 years
- Latest salary slip
- Form 16
27. For evidence of residence, which all documents can I use as evidence while availing car loan from UCO Bank?
Ans. A car loan borrower can provide any of the following documents as residence proof while availing UCO Car loan:
- Recent utility bill receipts - electricity bill, telephone bill, water bill
- Ration card
- Aadhaar Card
- Valid Election card
- Valid Driving license
- PAN Card