UCO Bank Car Loan

UCO Bank Car Loan Key Features – Apr 19 2024

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 loans 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 Eligibility

UCO Bank Car Loan Interest Rate, Fees and Charges

UCO Bank Car Loan Documents Required

Documents required for a car loan are as followed:

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

2. Private Limited/Limited Companies

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 spending. 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 a 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 for all your general inquiries is 1800 103 0123.

UCO Bank Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing of 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 require 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

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 a 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 UCO Bank for a loan, you inform them about the amount of loan you need to borrow. Limit your UCO Bank loan amount after accounting for your available funds.
• Review your current obligations: Before taking a UCO Bank loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the UCO Bank Loan after taking into account other obligations.
• Calculate your UCO Bank car loan eligibility: Your UCO Bank 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 Your UCO Bank loan eligibility.
• 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. UCO Bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in UCO Bank or other banks to calculate your fixed obligations.

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.

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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 be 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

7.35% 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?

✅ 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 myself of 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 fulfil 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 log on 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?

• Just go to the bank with the list of documents required for a Car Loan.
• Write a letter for pre-closure of the UCO Bank Car Loan account.
• Pay the pre-closure charges as per UCO Bank Car Loan.

✅ What are 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.