UCO Bank Car Loan Interest Rate

UCO Bank, previously United Commercial Bank, was founded in 1943 in Kolkata and is one of India's oldest and largest commercial banks. Customers can get car loans from the bank through two distinct programs. Customers can utilize these car loans to purchase both new and used vehicles.

UCO bank offers vehicle loans at 9.05% for customers who want to buy a new car and interest rates ranging from 10.15% to 10.65% for those who want to buy a used car. The bank's interest rate is determined by elements such as loan amount, payback term, credit score, and so on.

UCO Bank Car Loan Interest Rate 2022

Here is the UCO Bank car loan interest 2022 to present the current interest rates that the bank offers over car loans-

UCO Car Loan Interest Rate (Car Loan)

Type

UCO Bank Car Loan Interest 

New Car

9.05%

Used Car

10.15% to 10.65%

UCO Bank Car Loan Interest Rates (Combo Scheme)

Type 

Interest Rate

New Car

8.8%

Used Car

9.9% to 10.40%

Who is Eligible for a Car Loan from the UCO Bank?

The following are the eligibility requirements for obtaining a car loan from UCO Bank-

  • According to the prior fiscal year's ITR, self-employed professionals should have a minimum income of Rs.5 lakh in metro areas and Rs.4 lakh in non-metro areas.
  • The applicant needs to be at least the age of 21 years. The highest age restriction, which includes the loan repayment period, is 70 years.
  • Farmers and agriculturalists should have earned at least Rs.4 lacs per year in the preceding fiscal year.
  • Corporates and non-corporates must have made a profit in the last two years, and the cash flow must be sufficient to repay the auto loan after paying any outstanding liabilities if any.
  • Professionals, self-employed individuals, businessmen, farmers, agriculturists, corporates, non-corporate business concerns, ex-banking staff of UCO, pensioners, and NRIs are all eligible to apply for a car loan from UCO Bank.
  • On a case-by-case basis, the income of a spouse, parents, or children may be considered to increase the loan amount.
  • Salaried candidates must have a minimum monthly income of Rs.20,000 after all deductions, including existing loan EMIs, statutory deductions, and the EMI value of the requested loan.

Documents Required for the Application Process

  • Photo ID and proof of age are required.
  • Application form signed and photocopied
  • Proof of residency
  • Bank statement from the previous six months

Documents Required for Salaried Applicants

  • Salary slips over the last three months
  • Income Tax Returns (Form 16)

Documentation for Applicants who are Self-employed

  • Last three years ITR with Income Calculation
  • CA during the last three years Balance Sheet and Profit & Loss Account that has been certified or audited

Major Factor that Affects the Interest Rate of UCO Bank Car Loan Interest Rate

  • Car Model
  • Market Movements
  • Income of the Applicant
  • Down Payment to the Car

Benefits of the UCO Bank Car Loan Schemes

Mentioned below are some of the major advantages of UCO Bank vehicle loans-

  • The bank offers loans to people of all economic levels. Salaried employees, entrepreneurs and businessmen, farmers and agriculturalists, pensioners, non-resident Indians (NRIs), and even business concerns are all eligible to apply for a car loan from UCO.
  • The bank will finance up to 85% of the "On Road" cost of the vehicle, with no maximum loan amount. This function places little strain on your wallet because UCO bears the lion's portion of the costs.
  • The fact that there is no penalty for prepayment of the loan provides you with even more reasons to apply for the car loan with UCO Bank. Check with the present offer at the time of application to determine that the waivers are still valid, as this offer is seasonal.
  • UCO Bank offers new automobile loans with up to 84 EMIs and used car loans with up to 60 EMIs. You are free to select a repayment period that best meets your needs.
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