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UCO Car Loan Schemes |
This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 5 years and economic life of a vehicle should be taken as 8 (eight) years from the date of manufacture of the vehicle.
Eligibility
Salaried Persons
The applicant must be a permanent employee having completed 2 years of service and remaining period of service of more than 5 years. The minimum monthly take-home pay must be Rs. 7,500/- + EMI.
Professional & Businessmen
Minimum income should be Rs. 1.20 Lac per annum as per Income Tax Return / Assessment. LIC Policy equal to the amount of loan should be assigned in favour of the Bank.
Quantum of loan
The amount of loan would be 85% of the cost of vehicle or Rs. 7.50 lacs whichever is lower in case of purchase of new car. For purchase of old car, the maximum quantum would be 60% (if age of car is more than 4 years old) and 70% (if the age of car is upto 4 years old) of the cost of the vehicle or Rs.3.50 lacs maximum. For second hand vehicle “certificate of fitness” and valuation certificate is required.
1% service charge is applicable subject to a ceiling of Rs.1000/- only.
Repayment
The loan amount together with interest will have to be repaid within a maximum of 60 months. In case where at source deduction is not possible, repayment should be made by post dated cheques in 60 installments. In case of second hand/perused vehicle the loan with interest should be repaid within the residual economic life of the vehicle but not exceeding 36 installments.
0.5% charge is levied on pre-paid amount if loan limit is above Rs. 2 Lac.
Click here for Interest Rates
For more details please contact your nearest UCO Bank branch.
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