UCO Car Loan
The majority of people in India are increasingly viewing owning a car as a status symbol. Life seems incomplete without an automobile, don’t you think? We essentially live this fantasy every day. Still, it won’t do any good to just daydream. To purchase the automobile, you must continue to search for the best lenders and financing choices.
There are several prospects for young car loan applicants in the auto finance sector, which in India has grown to over 80,000 crores. A good example of this is the automobile loan offered by UCO Bank, a government-sponsored lender with 49 zonal offices and close to 5,000 service units spread across India. A bank with its headquarters in Kolkata has two international offices, one each in Singapore and Hong Kong, therefore its business is not just restricted to India. The Brand Trust Report places UCO Bank at number 294 among India’s most trusted brands.
UCO Bank offers loans for the purchase of passenger automobiles, sports utility vehicles, multi-utility vehicles. The 8.05% annual interest rate and no prepayment penalty are the USPs of the UCO Bank auto loan. 1% of the entire loan amount, with a minimum of 1,500, is the processing fee that the bank charges for auto loans.
Table of Contents
Listed below is the maximum UCO Car loan availing limit for salaried as well as self employed :
|Maximum Loan||85% of the on-road price (Ex-showroom price+Road Tax+Registration+Insurance)|
|Salaried Professionals||35 times of gross monthly income|
|Self-employed||3 times of average gross annual income for the last 2 years|
|Maximum Repayment Period||7 years|
UCO Bank Car Loan Interest Rate is 8.05% per annum for new cars, 9.45%-10.60% per annum for used cars. Whereas the processing Fee consists of 1% of the total loan amount subject to a minimum of rupees 1,500 is charged. However, no Prepayment Fee is charged and when it comes to margin then it is 15% of road price of car.
Criteria for UCO Car loan application for people between age of 21 to 70 years
Salaried : Minimum net monthly income of Rs 20,000 per month is required.
Self Employed : Minimum business income of Rs. 4 lakh to 5 lacs per annum.
However, bank has no specified any fixed employment or business continuity for both salaried as well as self employed applicants.
Factors impacting your eligibility for a UCO Car Loan
- Monthly Income
- Car Value
- Car Model Type
- Credit History
- Employment Status for Salaried
- Longevity in the business for self-employed
- Category of your employer
UCO Car Loan EMI Calculator
Table showing EMIs, interest on car loan of Rs. 3,00,000 from UCO Bank for different periods
|Loan Amount||Loan Tenure||Interest Rate||EMI||Total Interest Outgo||Total Amount|
|Rs. 3,00,000||1||8.05% p.a||Rs. 26,103||Rs. 13,242||Rs. 3,13,242|
|Rs. 3,00,000||2||8.05% p.a||Rs. 13,575||Rs. 25,801||Rs.3,25,801|
|Rs. 3,00,000||3||8.05% p.a||Rs. 9,408||Rs. 39,682||Rs. 3,38,642|
|Rs. 3,00,000||4||8.05% p.a||Rs. 7,331||Rs. 51,884||Rs. 3,51,884|
|Rs. 3,00,000||5||8.05% p.a||Rs. 6,090||Rs. 65,406||Rs. 3,65,406|
|Rs. 3,00,000||6||8.05% p.a||Rs. 5,267||Rs. 79,246||Rs. 3,79,246|
|Rs. 3,00,000||7||8.05% p.a.||Rs. 4,683||Rs. 93,401||Rs. 3,93,401|
Documents Required for UCO Car Loan for both Salaried and Self employed applicant
1. Passport size Photo
2. For identify proof PAN card/ Passport/ Voter ID/ Driving License can be produced.
3. For Residence Proof one can again produce pasport/ voter ID, Electricity Bill/ Telephone Bill
4. Income Proof for salaried applicant a latest salary slip, Form 16 or ITR for past two years can be produced whereas for self employed last 2 years ITR, Profit & Loss Account Statement and Audited Balance Sheet for 2 Years, Sales Tax Certificate/Copy of Partnership/SSI Registered Certificate/Shop & Establishment Certificate can be produced.
5. Lastly a bank account statement for past 6 months is also required.
6. For signature verification proof one can attach Driving License/Passport copy/PAN Card.
Car Loan Application Form for UCO Bank
By providing the information requested on the application form, which is available at the branch or on the lender’s website, you may quickly apply for a car loan at UCO Bank. UCO Bank will send a representative to your home and any listed official addresses as soon as the application is filed. Along with the locations you provide, the representative will check the accuracy of the income information. Within a week of submitting your application, if all goes well, you should receive the financing necessary to purchase your ideal vehicle.
You may check the progress of your application for a car loan online at UCO Bank by entering the application reference number. If everything else fails, you can inquire about the status in person at the branch where you filed your application.
Uco Bank Car Loan Video
UCO Bank Branches in Select Cities
|Branch||Address||Phone Number||IFSC Code|
|Connaught Circus||UCO Bank, New Asiatic Building, Connaught Circus, New Delhi-110001||1123322189||UCBA0000009|
|Karol Bagh||UCO Bank, 12 By 20 Arya Samaj Road, Karol Bagh, New Delhi -110005||1125722420||UCBA0000044|
|Subzi Mandi||UCO Bank, 51000, G.T.Road, Near Clock Tower, Subzi Mandi, Delhi-110007||1123914731||UCBA0000057|
|Kamla Nagar||UCO Bank, 119 By E Kamla Nagar, DELHI-110007||1123842802||UCBA0000063|
|Chawri Bazar||UCO Bank, 3601, Chawri Bazar, DELHI- 110006||1123910019||UCBA0000070|
|Asaf Ali Road||UCO Bank, Jeevan Udyog Building, Asaf Ali Road, New Delhi- 110001||1123272073||UCBA0000115|
|South Patel Nagar||UCO Bank, 27 South Patel Nagar, New Delhi -110008||1125781605||UCBA0000117|
|Parliament Street||UCO Bank, 5, Parliament Street, New Delhi – 110001||1123718551||UCBA0000120|
|Defence Colony||UCO Bank, A – 7 Shopping Cum Office Complex, Defence Colony, New Delhi- 110024||1124692260||UCBA0000153|
|Kirti Nagar||UCO Bank, B-6, Tagore Market, Najafgarh Road, Kirti Nagar, New Delhi- 110015||1125934386||UCBA0000201|
|Branch||Address||Phone Number||IFSC Code|
|India Exchange Place||India Exchange Place Branch (Post Box 2148), 2, Kolkata- 700001||3322303383||UCBA0000002|
|Burra Bazar||UCO Bank, 1 Sambhu Mullick Lane, Kolkata-700007||3322387879||UCBA0000014|
|Cornwallis Street||UCO Bank, 63, College Street, Kolkata-700073||3322413400||UCBA0000023|
|Bhowanipore||UCO Bank, 10, Priyo Nath Mullick Road, Kolkata – 700025||3324751579||UCBA0000031|
|New Market||3 and 4, Lindesey Street, New Market, Kolkata-700016||3322499484||UCBA0000069|
|Ballygunge||UCO Bank, 15 By 1A Gariahat Road, Kolkata-700019||3324407314||UCBA0000095|
|Dharamtala Street||UCO Bank, 45 Lenin Sarani, Kolkata-700013||3322441066||UCBA0000149|
|Dumdum||UCO Bank, 458 A and B Jessore Road, NGR Bazar, Dumdum, Kolkata-700028||3325296967||UCBA0000163|
|Jadavpur||UCO Bank, 23, Raja S C Mullick Road, Kolkata-700032||3324125445||UCBA0000164|
|Park Circus||UCO Bank, P – 64 DR. Sundri Mohan Avenue, Park Circus, Kolkata-700014||3322447021||UCBA0000178|
|Branch||Address||Phone Number||IFSC Code|
|D.N. Road||DN Road Mumbai Branch (Post Box 833), UCO Bank Buildings, D.N. Road, Mumbai- 400023||222870256||UCBA0000003|
|Kalbadevi||Gokul Building, 66/A, DR. Atmaram Merchans Road, Bhuleshwar, Kalbadevi, Mumbai- 400002||2222068047||UCBA0000004|
|Ghatkopar||Above Parekh Market, Mahatma Gandhi Road, Ghatkopar, Mumbai-400077||2225149606||UCBA0000006|
|Santa Cruz (West)||UCO Bank, Karavala Lodge, Station Road, Santa Cruz West, Mumbai-400054||2226494752||UCBA0000061|
|Churchgate Reclamation||UCO Bank, Industry House, 159 Churchgate Reclamation, Mumbai- 400020||2222025181||UCBA0000096|
|Abdul Rehman Street||UCO Bank, 354, Abdul Rehman Street, Mumbai-400003||2223445890||UCBA0000107|
|Colaba||UCO Bank, 62 Pipewala Building, Shahid Bhagat Singh Road, Mumbai-400005||2222020562||UCBA0000214|
|Khar||UCO Bank, 508 Linking Road, Khar Bandra, Mumbai- 400050||2226426845||UCBA0000216|
|Matunga||UCO Bank, Lakshmi House NO.1, 84, T H Kataria Marg, Matunga, Mumbai-400080||2224375029||UCBA0000237|
|Worli||UCO Bank, Century Bhawan, DR Anne Besant Road, Worli, Mumbai-400025||2224383096||UCBA0000265|
Customer Care Center for UCO Bank Car Loans
Toll-free number 1800 103 0123 of UCO Bank’s customer service department is where you may obtain answers to your questions. The hotline number is where you may ask any questions you may have about your auto loan. You can get assistance from the customer service representatives in determining the status of your application for a car loan.
Who can avail CAR Loan?
The loan is available to salaried or non-salaried groups such as professionals, self-employed, businessmen, farmers, agriculturists, pensioners, and business concerns.
What makes of cars does your Bank finance?
All makes of cars are financed by us.
Whether Car Loan scheme is meant for new cars only?
The UCO Car Loan scheme is designed for both new and used vehicles.
What is the maximum amount that I am eligible for?
For New Vehicles: No Ceiling on Maximum Loan Amount, however maximum finance will be limited to 85% of the on-road price.
For Pre-Used Vehicles: Least of the following three:
70% of the cost of the used vehicle up to 4 years old 60% of the cost of the used vehicle more than 4 years old but not exceeding 5 years old
Rs. 3.50 lacs maximum
What Security do I have to furnish for availing the Car Loan?
Can I club income of my family members for calculating the eligible loan amount?
Yes, You can consider clubbing the income of your spouse and major children.
What is the repayment schedule?
A new car loan can be repaid in 84 months, while an old car loan can be repaid in 36 months.
What is EMI?
EMI stands for Equated Monthly Installments, which includes both principal and interest payments. With our EMI calculator, you can estimate your monthly payments based on the loan amount, interest rate, and repayment period.
What is the interest rate that I will be charged?
For the most recent interest rates, please refer to our website. The Bank offers floating interest rates linked to the Bank’s base rate.
How is interest calculated/ charged in my loan account?
When you make prepayments or pay off your EMIs, the interest burden is greatly reduced since it is calculated on a daily reducing balance basis.
What are the processing fees charged by the Bank?
A maximum of Rs. 1500/- can be deducted from the loan amount.
Can I repay the loan ahead of schedule? What are the prepayment charges?
Prepayment charges are not applied if you repay the loan ahead of schedule, either in part or in full.
Who has to be approached to apply for a car loan facility?
Visit the nearest UCO Bank branch or Retail Loan Hub in the city or apply online at www.ucobank.com.