Information about Car Loan :UCO CAR
There are many Lenders who offers car loan and Banks also Provide this facility to their customer.UCO bank also offers car loan known as UCO CAR,Here we compile the information about this loan for your guidance.
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 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.
Amount 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% (if age of car is more than 4 years old) and 70% (if the age of car is upto 4 years old) of the cost of the vehicle or Rs.3.50 lacs maximum. For second hand vehicle “certificate of fitness” and valuation certificate is required.
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.
For more details Log on to
http://www.ucobank.com