UCO Bank Car loans

Contact Information(Head Office)

Head Office, International Wing
10, B T M Sarani,
Kolkata - 700 001
West Bengal
India.
Tel No: 91 33 2234 1756
Fax: 91 33 2225 4182
Website: http://www.ucobank.com

UCO CAR

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 having 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 to 70% of cost of vehicle or Rs. 3.50 Lac maximum.

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.

Rate of interest:

Duration	Interest rates
Up to 3 years	9% (Variable)
more than 3 years	9.5% (Variable)