UCO Bank Used Car Loan

Eligibility for UCO Bank Car Scheme

The Bank has provided the details of the eligibility for the UCO Car Loan Scheme like the eligible persons, their minimum income requirement and the maximum amount that can be availed by them as a car loan under this scheme.

The eligible persons for UCO Car Scheme are,

• Salaried persons (having a minimum 6 months of service)
• Established professionals, Self-employed, Businessmen
• Farmers and agriculturists
• Corporates and Non-corporates
• Ex-Staff Members and Pensioners
• NRIs

The age requirement of the above eligible individuals is

• Minimum 21 years
• Maximum 70 years (including repayment period)

The bank has also set a minimum income requirement for certain eligible persons, the details of the same are tabled below

UCO Bank permits joint application for loan. Clubbing of the income of the co-applicants is permitted in order to calculate the minimum eligible income requirement as per the guidelines of the Bank. Co-applicants in this case can be either or both the parents of the applicant, spouse or major children.

Documents for UCO Bank Car Scheme

The documentation process of UCO Bank for car loans is very simplified and requires a few basic KYC documents along with certain vehicle specific documents. The details of the same are provided here.

• Identity proof (Aadhaar Card/ PAN Card/ Driver’
• Address proof (Aadhaar Card/ Electricity Bill/ Water Bill/ Voter’s ID, etc.)
• Income Proof ( Form 16/ ITR)
• Bank statements (last 3 months at least)
• Recent Photographs

Certain vehicle related documents that will also have to be submitted by the applicant are,

• Proforma Invoice of the Vehicle
• RC copy of the Vehicle
• Insurance Copy of the Vehicle

Customers can contact the Bank to get further details of any additional documents that they may have to submit which may be needed by the bank depending on case to case basis.

Features and Benefits of UCO Bank Car Scheme (Used cars)

UCO Bank used car loans are considered to be among the preferred options in this category as they are very affordable and have a very adequate repayment schedule.

The salient features and benefits of the UCO Car Scheme that make it an attractive option are mentioned below.

Tenure – 

As mentioned above, the tenure of UCO Car Scheme for used car loans is very comfortable and in sync with what is offered by many other lenders in the market. The tenure of the Bank for used car loans is 5 years or 60 months.

Margin – 

The margin requirement of the Bank for used car loans depends on the valuation of the car whether done from a certified pre-owned car dealer or otherwise. The margin requirements in each case are tabled below.

Quantum of loan disbursed – 

The amount that can be dispersed by the bank for used car loans depends from where such used car or pre-owned car is purchased. This criterion of the bank is tabled below.

UCO bank has further laid down certain restrictions in this regard on the eligible applicants depending on their income. The details of the same are mentioned below.

Insurance – 

UCO Bank requires the vehicle to be insured under Comprehensive Insurance with requisite Bank Clause. Such Insurance is preferred to be done through the Bank’s channel partners.

Rate of interest – 

The rate of interest of UCO bank is among the most competitive and affordable rates in the market. UCO Bank offers used car loans at a floating rate of interest. Among other factors like the credit score of the applicant, relationship with the Bank, loan tenure, amount sought as loan, etc., the major deciding factor is the source of purchasing the used/ pre-owned car. The rate of interest in each case is detailed hereunder.

Processing charge – 

UCO Bank charges a nominal amount as processing charge under the UCO Car Scheme which is same for new cars as well as old cars. The processing charge is charged as a percentage of the loan amount sanctioned by the Bank subject to a maximum amount of Rs. 1,500. The processing charge of the Bank is 1% of the Loan amount.

Pre-payment charges – 

UCO bank does not charge any prepayment charges under the UCO Car Scheme. Prepayment of loan at any point during the tenure of the loan or through any source of funds is not subject to any charges from the Bank.

These were some of the salient features of the UCO Bank Car Scheme for used car loans. The Bank also has another used car loan scheme specifically for existing home loan borrowers of the Bank. This scheme is known as UCO Bank Combo Car Scheme.

UCO Combo Car Scheme

The major benefit of this scheme to the existing home loan borrowers is the concession in the rate of interest on used car loans. The concessional rates as well as certain applicable terms and conditions are mentioned below.

Concessional rates of interest under UCO Combo Car Scheme – 

UCO Bank gives the benefit of concessional rate of interest to the existing home loan borrowers of the Bank as part of its loyalty program or a goodwill gesture. The concessional rates are also subject to the source of the vehicle i.e. from where the used car is purchased.

Special Terms and Conditions – 

UCO Bank has laid certain specific conditions regarding the applicability of this combo scheme.

Eligible Applicants

• Home loan borrowers that have closed their loan accounts after regular payment.
• Home loan borrowers that have paid regular EMIs for the past minimum 2 years after a moratorium period as well as have been during the entire tenure of the loan.

Non-Eligible Applicants

• The UCO Combo Car Scheme does not apply to the home loan borrowers whose loan account has been restructured or rescheduled during the tenure of the loan.
• Other exclusion by the Bank is for those home loan borrowers whose loan accounts have been closed on account of a take-over by other banks.

UCO Bank Customer Care

The customer care service is a major facility that the Bank can provide from the customer’s point of view. From the Bank’s point of view it is the easiest and the fastest way for the Bank to connect with its customers. The customer care service of UCO Bank is available 24x7 for any assistance required by the customers regarding any products or services of the Bank. The details of the same are,

• Toll-free number - 1800 274 0123
• Email Id - customercare[dot]calcutta[at]ucobank[dot]co[dot]in (customer feedback / suggestion)

    hopgr[dot]calcutta[at]ucobank[dot]co[dot]in (customer grievances)

Postal address (Corporate Head Office) – UCO Bank Head Office,
    10, B T M Sarani, Kolkata - 700 001
    West Bengal
    India.

FAQs - UCO Bank Used Car Loans