What is the income documentation that vehicle loan clients must submit to UCO Bank?

The following income documentation must be presented by salaried applicants: Employment Verification Certificate / Form 16 / Last three months' pay slips / Income Tax Returns Statement and Assessment Order. Self-employed applicants must provide the following income documentation: Financial statements / Statement of accounts / Trade license

Are UCO Bank vehicle loans available to retirees?

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

What is the maximum amount I can receive?

The loan amount for new vehicles is not limited. The maximum credit would, however, be limited to 85% of the on-road price. There are three criteria for pre-owned vehicles, which are as follows- 70% off the price of a secondhand vehicle up to four years old. 60% of the cost of a used vehicle that is more than four years old but not more than five years old. The maximum amount is Rs. 3.50 lakhs.

Can I pay off the loan ahead of time? What are the fees for prepayment?

Yes, you can repay the loan early in part or in full without incurring any prepayment penalties.

In my loan account, how is interest computed or charged?

Interest is computed on a daily diminishing balance basis, which means it is charged only on the outstanding loan amount, which decreases whenever you pay off your EMIs or make any prepayments. This lets you pay off the debt considerably faster and with greater ease.

Should I submit any collateral or security in order to obtain a car loan?

To obtain a car loan, you do not need to submit any collateral or security. The automobile serves as security.

Is a car loan from UCO Bank only available for new cars?

UCO Bank offers automotive financing for both new and used vehicles.

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 2024

Here is the UCO Bank car loan interest 2023 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	8.05%
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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