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UCO Bank Car Loan

UCO Bank Car Loan Key Features – Jul 26 2021

Interest Rate 7.05% per annum
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,544
Minimum Net Monthly Income ₹ 20000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges Nil
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About UCO Bank Car Loan

UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned commercial bank of India. The Bank’s Regional presence includes 3,078 branches and 2564 ATMs. The Near Future will see growth in the number of ATMs and Branches.

UCO Bank provides Instant Car Loan at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of UCO Bank Car Loan

Loan Approval in 30 Minutes
Lowest Rate of Interest
Up to 100% on Road Loan
Minimum Documentation
Paperless Process
Flexible Repayment
Zero Foreclosure
24 x 7 Online Payment Facility
No Hidden Charges

UCO Bank Car Loan

UCO Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

UCO Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.05% per annum 14.80% p.a. to 16.80% p.a.
Processing fee 0.40% of the principal amount 1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges nil nil
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

UCO Bank Car Loan Documents Required

Documents required for a car loan are as followed:

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

How to Increase Your Eligibility for UCO Bank Car Loan

  • Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for a UCO Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for an UCO Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting UCO Bank Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

  • Income – If your income is on the higher side, there is a good chance that your eligibility for a UCO Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a UCO Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from UCO will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including UCO Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank – As stated earlier, UCO Bank offers instant car loans to their existing customers which allow UCO Bank customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

UCO Bank Car Loan Customer Care – Toll-Free Number

UCO Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial  1800 274 0123. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial  1800 274 0123.

UCO Bank Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

UCO Bank Car Loan Types

UCO Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take UCO Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

UCO Bank Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for UCO Bank Car Loan?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily Apply For Car Loan through Dialabank and enjoy the best offers.

Tips to Decide the Right Amount of EMI in Car Loan

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your UCO Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. UCO Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility – UCO Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – UCO Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. UCO Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in UCO Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. UCO Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate UCO Bank Car Loan EMI

Before you avail of a car loan from UCO Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly installments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

UCO Bank Car Loan for Top Selling Cars

Other Available Products from UCO Bank

UCO Bank Personal Loan UCO Bank Gold Loan UCO Bank Home Loan
UCO Bank Credit Card UCO Bank Two Wheeler Loan UCO Bank Education Loan

Compare UCO Bank Car Loan With Other Banks In India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 7.05% – 11.25% Rs. 1,512 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

FAQs for UCO Bank Car Loan

What is the UCO Bank Car Loan?

UCO Bank car loan is the loan sum provided to its customers by the bank for a new or used car.

How can I get a Car Loan from the UCO Bank?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

✅ How does UCO Bank Car Loan work?

When you will apply for a car loan, then you will get a call from our representative and then, there will a document verification process. Then, the loan amount will be credited to your account.

✅ What is the Car Loan Interest Rate in UCO Bank?

The car loan interest rate in the UCO Bank is 7.05% per annum.

✅ How to Check Car Loan status in UCO Bank?

You can track your car loan status online on the Car loan status website.

✅ How to Calculate Car Loan Interest in UCO Bank?

Use Dialabank’s EMI calculator to find out the interest as well as the EMI on your loan.

What is the maximum loan amount I can avail of on Car Loan from the UCO Bank?

The maximum loan amount you can avail of on a car loan is up to 85% of On Road Price.

What is the loan tenure of UCO Bank Car Loan?

The loan tenure of the UCO Bank Car Loan is a maximum of 7 years.

✅ Can I get a 100% Car Loan from the UCO Bank?

Yes, you can get a 100% Ex-showroom Price car loan from the UCO Bank.

How much Processing Fee is applicable to the UCO Bank Car Loan?

UCO Bank charges a processing fee of 0.40% of the principal amount.

✅ What are the EMI options available on the UCO Bank Car Loan?

UCO Bank Provides two EMI options Step-up EMI and Balloon EMI.

What are the charges for Prepayment in UCO Bank Car Loan?

You can prepay/foreclose your UCO Bank Car Loan with No foreclosure charges.

Can I get a top-up loan on my existing UCO Bank car loan?

You can get a top-up loan on your current car loan from UCO Bank for up to 150% of its value.

Do I need to provide a guarantor to avail a car loan from the UCO Bank?

Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfill the eligibility criteria for a car loan.

How to get the UCO Bank Car Loan Statement?

Get the statement in person by visiting your branch and requesting a detailed statement.

                                                       or

You can get the statement online. To do this, you should have UCO Bank internet banking activated.

How to Pay UCO Bank Car Loan Interest Online?

Simply logon to online UCO Bank payment to ‘see and pay’ your bills. You also get an electronic acknowledgment for every bill paid by you using e-PAY. You can also pay through Paytm.

What if I can’t pay the interest on UCO Bank Car Loan for 3 months?

UCO Bank imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.

How can I apply for EMI Moratorium on UCO Bank Car Loan?

You can apply for EMI Moratorium on UCO Bank Car Loans directly from the UCO Bank website’s Loan corner.

✅ What is the number for the UCO Bank Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most trusted UCO Bank Car Loan agents. Dialabank even ensures the best offers on your Car Loan.

✅ Can I close the UCO Bank car loan online?

UCO Bank car loans can be closed by visiting the nearest branch and clearing off the outstanding amount.

✅ What is the UCO Bank Car Loan Customer Care Number?

Call 9878981166 and clear any of your queries with us anytime.

✅ How can I get NOC from the UCO Bank for a Car loan?

You can get NOC directly from the branch for UCO Bank Car Loans.

✅ What is the UCO Bank Car Loan closure procedure?

✅ What is the UCO Bank Car Loan preclosure charges?

UCO Bank Car Loan preclosure charges are 2% of the principal outstanding.

✅ What is the UCO Bank Car Loan maximum tenure?

The UCO Bank Car Loan maximum tenure is 7 years.

✅ What is the UCO Bank Car Loan minimum tenure?

The UCO Bank Car Loan minimum tenure is 1 year.

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