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A car loan is given to a person to purchase an automobile. Car loans are offered by banks and NBFCs to help people who cannot purchase a vehicle of their own for one reason or another.
UCO Bank provides competitive rates of interest and is one among the most reputable and trusted banks for car loans.
About UCO Bank Car Loan Eligibility
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 -
30% assessment fee for authorized surveyor from Insurance
Rs. 5 Lakhs if purchased from a third party
Presently 9.10% per annum
MCLR of one year + 2.00% for all others presently 10.70% per annum
Maximum age of 75 years.
Maximum age of 75 years
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 -
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.
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.
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