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UCO Bank Car Loans |
| Carloanshub » International Banks offering Car Loans » UCO Bank Car Loans |
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UCO Bank is a well known name as far as international banks offering car loans is concerned. Owning a car is no longer an impossible affair for the middle income group. Easy finance schemes for purchasing new as well old cars are offered by UCO Bank, only you need to decide on your best suitability. Go through the following lines, in order to get an overview of the aspects associated with the UCO Bank Car Loans.
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The prime criterion for availing UCO Bank Car Loans, is that, the vehicle should not be more than 5 years, calculated from the date of manufacture. Eligibility criteria of UCO Bank Car Loans differ for salaried and self employed individuals. For businessmen and professionals, the minimum annual income of the applicant should be Rs. 1.20 lakh, as per the assessment of Income Tax. LIC Policy. This income is equal to the loan amount, which should also be assigned in favor of UCO Bank. If an individula is earning a salary, then he/she must be a permanent employee. He/she should not only complete 2 years in service but also should be in service for another 5 years. It should also be noticed here that the take home salary should be minimum of Rs. 7500 plus the EMI amount.
Loan amount as far as the UCO Bank Car Loans is concerned is decided on the cost of the car and this bank offers 85% of the total cost as loan amount. Valuation certificate along with 'certificate of fitness' are required for availing loans in case of used car. Repayment options of UCO Bank Car Loans offer maximum period of 60 months, by which, the interest as well as the principal amount should be repayed. If you wish, you can also avail post dated cheque option for repayment.
Like other international banks, specific documents are required by UCO Bank, for processing the loan and deciding on the loan amount. Age proof, address proof, Income Tax Certificate, is some of the prime documents, which are needed for loan processing. The minimum age of the applicant need to be 21 years, the maximum age being variable for salaried and self employed individuals.
So, decide the car model, prepare the necessary documentation and apply for UCO Bank Car Loans, to be the proud possessor of a brand new car, thus fulfilling the long cherished dream of yours.
Get to know about other International Banks offering Car Loans, by simply browsing carloanshub.com
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