UCO Bank is a leading public sector bank in India, with a rich history spanning over 75 years. It offers many different kinds of financial products and services. One of the services it offers is car loans.
The UCO bank eligibility calculator is a tool that will tell you if you qualify for a car loan or not. If you do qualify, you can get a car loan from UCO Bank.
Drive your car with UCO Bank car loans. Just ensure that you meet the eligibility requirements by checking the table below.
| Parameters | Description |
|---|---|
| Minimum age | 21 years |
| Maximum age | 70 years (inclusive of repayment tenure) |
| Work experience | Salaried individuals must have at least six months of continuous work experience. Self-employed individuals must have a work history of at least two years. |
| Minimum income | Rs 20,000 per month (for salaried) Rs 4,00,000-5,00,000 (for business owners) |
| Margin requirement | 15% of the cars on-road value 20% - 30% of valuation for pre-used cars |
UCO Bank car loan eligibility is determined by various factors such as income, credit score, employment status, age, and the value of the car being purchased. Here is a brief list:
High Upfront Payment: Making a larger down payment can significantly improve your chances of loan approval by reducing the risk for the lender.
Type of Car: The car's make and model you intend to purchase can also affect your eligibility for a bank car loan. Lenders may prefer borrowers looking to buy a new car as it has a higher resale value and is less risky.
Loan Repayment History: Having a history of timely loan repayments can increase your chances of loan approval. Conversely, missed or late payments can negatively impact your eligibility.
When applying for a car loan, it's important to help lenders accurately verify the information you provide on your application.
To streamline this process, we recommend furnishing the following documents:
Identity proof: Aadhaar card/ PAN card/ Passport/ Voter ID
Address proof: Aadhaar card/ Electricity Bills/ Driving License/ Passport
Income proof: Salary Certificate/ Income tax returns/ Bank statements
Passport-size photographs
Other documents: Proforma invoice, a quotation from the dealer, and insurance details.
Yes, you can apply for a car loan with a co-applicant, who can be your spouse or parents with good credit.
Yes, you can adjust the loan amount and tenure to see how it affects your eligibility.
Yes, anyone who is interested in applying for a car loan from UCO Bank can use this calculator.
Yes, you need to provide some personal information such as income, age, and work experience to use the calculator.
The calculator provides an estimate of your eligibility based on the information you provide, but the actual loan eligibility may vary based on several other factors.