UCO Bank Car Loan Eligibility

UCO Bank Car Loan Eligibility Criteria

Though almost any Indian resident can get a car loan, applicants are required to meet certain criteria for UCO Bank car loan.

The following Indian citizens are eligible for UCO Bank car loan -

• People with salaried Income: People who are employed and have put in a minimum of 6 months in the current place of employment are eligible for UCO Bank car loan. They should have a minimum income of Rs. 20,000 per month net of tax and all other deductions including EMI for previous loans.1. People with salaried Income: People who are employed and have put in a minimum of 6 months in the current place of employment are eligible for UCO Bank car loan. They should have a minimum income of Rs. 20,000 per month net of tax and all other deductions including EMI for previous loans.

• People without a salaried income: Individuals who are not employed but work independently (self-employed) are also eligible for car loan. Such individuals must be able to show a minimum annual income of Rs. 5 Lakhs in metros and Rs. 4 Lakhs in other cities.

• Business Entities: Businesses earning a profit for the last 2 years qualify for UCO Bank car loan eligibility. These businesses should be able to produce the necessary accounting to show profit earned.

• Agriculturists: Any individual or firm engaged in agricultural activities is also eligible for UCO Bank car loan. The gross income for the past 1 year should be Rs. 4 lacs or more. Documents to prove the income earned must be produced.

UCO Bank Car Loan Eligibility Requirements

UCO Bank Car Loan Combo Scheme

UCO Bank offers a combo scheme for the purchase of brand-new cars or vintage cars less than 5 years old.

UCO Bank Car Loan Combo Scheme Interest Rates

For New Cars: MCLR of 1 year + 0.15%, presently 8.90% per annum.

For Pre-owned Cars: MCLR of 1 year + 1.25%, if purchased from a certified car dealer 9.95% per annum.

MCLR of one year + 1.75% for all others presently 10.45% per annum.

UCO Bank Car Loan Combo Scheme Features

The terms and conditions of the UCO Bank car loan will be applicable to the UCO Bank car loan combo scheme too except for the following -

• Borrowers whose home loan accounts have been duly settled without aid from other banks can access this facility
• Home loan borrowers who have been paying EMI regularly for 2 years after moratorium period and are regular during the entire tenure of the loan are eligible for car loan combo scheme
• The car loan combo scheme is not accessible to borrowers whose home loan accounts have been rescheduled during the tenure of the loan.

UCO Bank Car Loan Eligibility Calculator

The UCO Bank car loan eligibility calculator - available on the bank website - facilitates assessing eligibility as well as computing interest payable and EMI based on the tenure selected and the amount of loan requested.

UCO Bank Car Loan Eligibility- FAQs

1. What car loan scheme is for used cars?

UCO Bank car loan schemes are applicable for both new cars and used cars. Pre-owned cars should not be more than 5 years old.

2. How much does UCO Bank charge for the car loan processing fee?

UCO Bank charges a processing fee of up to 1% loan amount subject to a maximum of Rs. 1500/- .

3. Are Pensioners eligible for a car loan with UCO Bank?

Yes, pensioners are eligible for UCO Bank car loan alongside other salaried individuals.

4. What is the Maximum EMI repayment for new cars?

The maximum number of EMI for used cars is 60 while it is 84 for new cars.

5. For the income criteria, what is the minimum and maximum age?

The applicant should be between the age limit of 21 to 75 subject to the maximum number of EMI for both used as well as new cars.