Many citizens have devised new means of dealing with the ongoing COVID-19 outbreak. Because of the pandemic, it was vital to avoid congested areas and public transit, such as the metro, taxis, and local trains. To avoid crowds in public places, travelling safely has taken on a new connotation, which now includes owning a car or bike. As the demand for privately owned vehicles continues to grow, UCO Bank is providing vehicle loans with the lowest possible interest rates to assist our customers.
Travel safely and worry-free throughout the pandemic with a UCO bank auto loan. UCO bank makes it easy to buy a car, bike, or scooter by offering a low-interest vehicle loan.
This is an easy finance scheme for purchase of a new two wheeler.
Income Criteria
Salaried borrower
Minimum gross salary of Rs.8000/-p.m
Minimum take home income of 40% p.m. after taking into account the EMI of the proposed two-wheeler vehicle loans..
Non-salaried borrower
Minimum income of Rs. 1 lac p.a as per Income Tax Return/Assessment order in the preceding year OR minimum income of Rs. 1.50 lacs p.a for purchase of feature rich vehicles.
40% take home pay shall be ascertained.
Agricultural Borrower- Self-declaration of income to the satisfaction of Sanctioning Authority.
Age Criteria
Salaried Borrower : 21 to 55 years
Non-Salaried Borrower : 21 to 60 years
Amount of Loan
Maximum Loan Amount Rs.60,000/-(May be enhanced to Rs.1 lac for feature rich two-wheelers).
Processing Charge
1.00% of the loan amount with Minimum Rs.500/-
Margin
10% of the total on road cost
Repayment
Maximum 48 Equated Monthly Installments.
Rate of Interest
Uco Float Rate + 4.80
Accounts with full liquid collateral security 1.00% interest Rebate
Accounts with 50% liquid collateral security 0.50% interest Rebate
Prepayment Charges
No pre-payment charges.
