Gaining the possession of the car is increasingly becoming the status symbol for most of the people in India. Without car, life seems incomplete, isn’t it? It’s a dream which we live each single day. But simply dreaming will not serve the purpose. You need to keep looking around at the suitable financing options and the right lender to buy the car.
The car financing space, which has gone past the level of ₹ 80,000 crores in India, has bundle of opportunities for budding car loan seekers. And one such opportunity is the car loan of UCO Bank, a public lender that run close to 5,000 service units, 49 zonal offices across India. The operation of Kolkata-headquartered bank is not limited to India as it has two overseas branches one each in Singapore and Hong Kong. UCO Bank achieved a rank of 294 among most trusted brands of India as per the Brand Trust Report.
UCO Bank offers loan for the purchase of passenger cars, Sports Utility Vehicles (SUVs), Multi-utility Vehicles (MUVs), etc. The USP of UCO Bank car loan is the lower interest rate of 9 per cent per annum and no prepayment penalty. Processing fee taken by the bank for car loan is 1% of the total loan amount subject to a minimum of ₹ 1,500.
Features
| Particulars | Details |
|---|---|
| Maximum Loan | 85% of the on-road price (Ex-showroom price+Road Tax+Registration+Insurance) |
| Maximum Loan for Salaried Professionals | 35 times of gross monthly income |
| Maximum Loan for Self-employed | 3 times of average gross annual income for the last 2 years |
| Maximum Repayment Period | 7 years |
UCO Bank Car Loan Interest Rate 2017
| Particulars | Details |
|---|---|
| Interest Rate | 9.00% per annum for new cars, 10.10%-10.60% per annum for used cars |
| Processing Fee | 1% of the total loan amount subject to a minimum of ₹ 1,500. |
| Prepayment Fee | NIL |
| Margin | 15% of road price of car |
Eligibility Criteria
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 21-70 years | 21-70 years |
| Minimum Income | Minimum net monthly income of ₹ 20,000 | Minimum business income of ₹ 4 lacs-5lacs per annum |
| Employment/Business Continuity | Not specified by the bank | Not specified by the bank |
Factors affecting your car loan eligibility
- Monthly Income
- Savings
- Age
- Car Value
- Car Model Type
- Credit History
- Employment Status for Salaried
- Longevity in the business for self-employed
- Category of your employer
- Accommodation
UCO Bank Car Loan Eligibility Calculator
If you are earning an income of ₹ 45,000 per month and your saving comes out to be ₹20,000, which accounts for nearly 45% of your monthly income. The UCO Bank will decide upon your loan amount eligibility after computing per lakh EMI
Amount=₹ 1 lakh
Interest Rate=9% per annum
Tenure=7 years
Per lakh EMI= ₹1,609
Loan Amount Eligibility=₹ 1,00,000x20,000/1,609= ₹ 12.43 lakhs
With this loan amount, you can buy Volkswagen Vento, Honda City, Maruti Suzuki Ciaz, Renault Duster, among a series of premium cars.
UCO Bank Car Loan EMI Calculator
The car loan EMI calculator works simply by using the principal loan amount, tenure and the rate of interest to ascertain the monthly installments one has to pay for their car loan.
Car loan EMI is calculated with the help of a formula shown below.
[ P x R X (1 + R) ^ N] / [ (1 + R) ^N – 1]
Where, P= Principal Loan Amount
R=Rate of Interest
N=Total Loan Tenure
Suppose you avail a car loan of ₹ 3,00,000 from UCO Bank at a prevailing interest rate of 9% per annum for 7 years. Then EMI, total interest and overall amount payable come out to be ₹ 4,827, ₹ 1,05,445 and ₹4,05,445, respectively.
Table showing EMIs, interest on car loan of ₹ 3,00,000 from UCO Bank for different periods
| Loan Amount | Loan Tenure | Interest Rate | EMI | Total Interest Outgo | Total Amount (EMI+Interest) |
|---|---|---|---|---|---|
| ₹ 3,00,000 | 1 | 9% p.a. | ₹ 26,235 | ₹ 14,825 | ₹ 3,14,825 |
| ₹ 3,00,000 | 2 | 9% p.a. | ₹ 13,705 | ₹ 28,930 | ₹3,28,930 |
| ₹ 3,00,000 | 3 | 9% p.a. | ₹ 9,540 | ₹43,437 | ₹ 3,43,437 |
| ₹ 3,00,000 | 4 | 9% p.a. | ₹ 7,466 | ₹ 58,345 | ₹ 3,58,345 |
| ₹ 3,00,000 | 5 | 9% p.a. | ₹ 6,228 | ₹ 73,650 | ₹ 3,73,650 |
| ₹ 3,00,000 | 6 | 9% p.a. | ₹ 5,408 | ₹ 89,352 | ₹ 3,89,352 |
| ₹ 3,00,000 | 7 | 9% p.a. | ₹ 4,827 | ₹ 1,05,445 | ₹ 4,05,445 |
Amortization Table
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 32,231 | ₹ 25,693 | ₹ 2,67,769 |
| 2 | ₹ 35,255 | ₹ 22,669 | ₹ 2,32,514 |
| 3 | ₹ 38,564 | ₹ 19,360 | ₹ 1,93,950 |
| 4 | ₹ 42,180 | ₹ 15,744 | ₹ 1,51,770 |
| 5 | ₹ 46,137 | ₹ 11,787 | ₹ 1,05,633 |
| 6 | ₹ 50,464 | ₹ 7,460 | ₹ 55,169 |
| 7 | ₹ 55,205 | ₹ 2,726 | ₹ 0 |
Essential Documents
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport Copy/PAN Card/Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs |
| Income Proof | Form 16 for last 2 years, Latest Salary Slip, 6-month bank statement | IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Signature Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
UCO Bank Car Loan Application Form
You can easily apply for car loan at UCO Bank by filling in the details asked in the application form, which you can get at the branch or the website of of the lender. Moment the application form is submitted, UCO Bank will send a representative to visit your residence and official addresses mentioned in the documents. The representative will scrutinize the authenticity of income details shown by you in addition to the addresses. If everything goes fine, then you can get the loan to buy your dream car within a week of application submission.
UCO Bank Car Loan Application Status
With the entry of application reference number, you can view the status of your car loan application online at UCO Bank. Else, you can visit the branch, where you have submitted your application, to know the status.
UCO Bank Branches in Select Cities
Delhi
| Branch | Address | Phone Number | IFSC Code |
|---|---|---|---|
| Connaught Circus | UCO Bank, New Asiatic Building, Connaught Circus, New Delhi-110001 | 1123322189 | UCBA0000009 |
| Karol Bagh | UCO Bank, 12 By 20 Arya Samaj Road, Karol Bagh, New Delhi -110005 | 1125722420 | UCBA0000044 |
| Subzi Mandi | UCO Bank, 51000, G.T.Road, Near Clock Tower, Subzi Mandi, Delhi-110007 | 1123914731 | UCBA0000057 |
| Kamla Nagar | UCO Bank, 119 By E Kamla Nagar, DELHI-110007 | 1123842802 | UCBA0000063 |
| Chawri Bazar | UCO Bank, 3601, Chawri Bazar, DELHI- 110006 | 1123910019 | UCBA0000070 |
| Asaf Ali Road | UCO Bank, Jeevan Udyog Building, Asaf Ali Road, New Delhi- 110001 | 1123272073 | UCBA0000115 |
| South Patel Nagar | UCO Bank, 27 South Patel Nagar, New Delhi -110008 | 1125781605 | UCBA0000117 |
| Parliament Street | UCO Bank, 5, Parliament Street, New Delhi – 110001 | 1123718551 | UCBA0000120 |
| Defence Colony | UCO Bank, A – 7 Shopping Cum Office Complex, Defence Colony, New Delhi- 110024 | 1124692260 | UCBA0000153 |
| Kirti Nagar | UCO Bank, B-6, Tagore Market, Najafgarh Road, Kirti Nagar, New Delhi- 110015 | 1125934386 | UCBA0000201 |
Kolkata
| Branch | Address | Phone Number | IFSC Code |
|---|---|---|---|
| India Exchange Place | India Exchange Place Branch (Post Box 2148), 2, Kolkata- 700001 | 3322303383 | UCBA0000002 |
| Burra Bazar | UCO Bank, 1 Sambhu Mullick Lane, Kolkata-700007 | 3322387879 | UCBA0000014 |
| Cornwallis Street | UCO Bank, 63, College Street, Kolkata-700073 | 3322413400 | UCBA0000023 |
| Bhowanipore | UCO Bank, 10, Priyo Nath Mullick Road, Kolkata – 700025 | 3324751579 | UCBA0000031 |
| New Market | 3 and 4, Lindesey Street, New Market, Kolkata-700016 | 3322499484 | UCBA0000069 |
| Ballygunge | UCO Bank, 15 By 1A Gariahat Road, Kolkata-700019 | 3324407314 | UCBA0000095 |
| Dharamtala Street | UCO Bank, 45 Lenin Sarani, Kolkata-700013 | 3322441066 | UCBA0000149 |
| Dumdum | UCO Bank, 458 A and B Jessore Road, NGR Bazar, Dumdum, Kolkata-700028 | 3325296967 | UCBA0000163 |
| Jadavpur | UCO Bank, 23, Raja S C Mullick Road, Kolkata-700032 | 3324125445 | UCBA0000164 |
| Park Circus | UCO Bank, P – 64 DR. Sundri Mohan Avenue, Park Circus, Kolkata-700014 | 3322447021 | UCBA0000178 |
Mumbai
| Branch | Address | Phone Number | IFSC Code |
|---|---|---|---|
| D.N. Road | DN Road Mumbai Branch (Post Box 833), UCO Bank Buildings, D.N. Road, Mumbai- 400023 | 222870256 | UCBA0000003 |
| Kalbadevi | Gokul Building, 66/A, DR. Atmaram Merchans Road, Bhuleshwar, Kalbadevi, Mumbai- 400002 | 2222068047 | UCBA0000004 |
| Ghatkopar | Above Parekh Market, Mahatma Gandhi Road, Ghatkopar, Mumbai-400077 | 2225149606 | UCBA0000006 |
| Santa Cruz (West) | UCO Bank, Karavala Lodge, Station Road, Santa Cruz West, Mumbai-400054 | 2226494752 | UCBA0000061 |
| Churchgate Reclamation | UCO Bank, Industry House, 159 Churchgate Reclamation, Mumbai- 400020 | 2222025181 | UCBA0000096 |
| Abdul Rehman Street | UCO Bank, 354, Abdul Rehman Street, Mumbai-400003 | 2223445890 | UCBA0000107 |
| Colaba | UCO Bank, 62 Pipewala Building, Shahid Bhagat Singh Road, Mumbai-400005 | 2222020562 | UCBA0000214 |
| Khar | UCO Bank, 508 Linking Road, Khar Bandra, Mumbai- 400050 | 2226426845 | UCBA0000216 |
| Matunga | UCO Bank, Lakshmi House NO.1, 84, T H Kataria Marg, Matunga, Mumbai-400080 | 2224375029 | UCBA0000237 |
| Worli | UCO Bank, Century Bhawan, DR Anne Besant Road, Worli, Mumbai-400025 | 2224383096 | UCBA0000265 |
UCO Bank Car Loan Customer Care Centre
You can get your queries resolved at a toll free number- 1800 103 0123 of UCO Bank's customer care centre. You can ask to clear any doubts that you have regarding your car loan on the helpline number. The customer care executives can help you in knowing the status of your car loan application.