UCO Bank Car Loan Approval Process

UCO Bank Car Loan Approval Process

UCO Bank Car Loan Features

UCO Bank Car Loan Approval Process

UCO Bank was founded in 1943. It is a major government-owned bank. It is under the ownership of the Ministry of Finance, Government of India. It is headquartered in Kolkata and was formerly known as United Commercial Bank. At present, the bank has 3,078 branches and 2,564 ATMs. It also has two international branches in Singapore and Hong Kong. The motto of UCO Bank is “Honours your Trust”.

  1. Salaried employees, non-salaried persons, ex-staff and pensioners, NRIs, business concerns can all apply for a car loan.
  2. The minimum monthly income of the borrower should Rs 20,000 per month/ Rs 4,00,000 per year.
  3. The minimum age is 21 years & the maximum age is up to 70 years including the repayment period.
  4. The margin requirement for new cars is 15%.
  5. The maximum finance for a new car would be 85% of the on-road cost.
  6. The maximum EMI for a new car is 84 months and for used cars is 64 months.
  7. The processing fee is 1% of the loan amount maximum of Rs 1500/-.
  8. No prepayment penalty is charged.

UCO Bank Car Loan Eligibility

UCO Bank Car Loan Documents Required

UCO Bank Car Loan Approval Process

The UCO Bank Car Loan Approval Process is simple and instant –

  1. Visit the official website of UCO Bank.
  2. On the home screen, click on the “borrow” button.
  3. Then, choose “vehicle loan” and click on the “apply now” option.
  4. Fill the bank’s application form.
  5. The bank’s loan representative would get in touch with you.
  6. Submit your documents for verification purposes.
  7. If the eligibility criteria are met, the bank approves the loan.
  8. Then, the amount is deposited in the borrower’s account.

A borrower can also choose to apply for a car loan offline by going to the bank’s branch office.

FAQs on UCO Bank Car Loan Approval Process

 What documents are required for a car loan?

The borrower must submit identity proof, income proof, age proof, residential address proof. The borrower must also have a driving license.

 How can I check my car loan eligibility?

Almost all lenders provide information about their eligibility criteria on their website and the borrower can gain information about the same by visiting the lender’s branch office. Visit Dialabank for more information

 What is the maximum tenure of a car loan?

Generally, the maximum tenure of a car loan is 7 years; however, it can vary from lender to lender.