While the bank is known for its competitive range of products, it has to its kitty a diverse client group buying its services, both domestic and international.
UCO Car enables you to either buy a new car or a second hand car which is not more than five years old. In the process, the average life any car is taken to be a period of eight cars from the date of manufacture. The terms and conditions in buying a car loan depends on your eligibility criteria though. In case you are a salaried person, you must be a permanent employee of your organization, having a minimum experience of two years and the guarantee of working for the next five years. At the same time, you must have a monthly take home income of Rs.7500/. In case you are a professional or a business person, there are two criteria for eligibility for buying a car loan. One, you must have a minimum annual income of Rs.1.20 lac as declared in the Income Tax Returns (ITR). And two, you must also buy a life insurance policy of the same amount as the amount of car loan. There are different loan amounts in UCO Car, depending on whether you want to buy a new car or an used vehicle. In case of new car, you can acquire a loan of up to 85 per cent of the total cost of vehicle or up to Rs.7.50 lacs, whichever is a lower amount. In case buying an used car, the loan amount is sixty per cent if car age is more than four years and seventy percent if car age is below 4 years, or a loan amount of Rs.3.50 lacs. A certificate of fitness is needed in case you are buying an old car.
Where repayment of loan is concerned, UCO Car stipulates a period of 60 months. In case of an old car, the repayment should be made either within the number of years left in the car and in not more than 36 installments. The bank levies a service charge of 1 percent, with a limit of Rs.1000/. For further information on the interest rates charged on the car loans, log on to the official website of the UCO bank. At the same time, the bank offers the services of e-banking or internet banking to those availing the loan schemes, through which you can plan from ahead your deposit returns, thus offering you 24x7 access to the banking services.
Know more about other banks providing car loans at Banks offering Auto loans.
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