Get Car Loan @ 10.45% with Zero Processing Charges till Dec 31 2014 - UCO Bank - Neyveli

This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 5 years.

Target Group

Salaried Group
Regular Employee with minimum 6 months completed service.
Non-salaried Group
Established professionals & Self Employed, Businessmen
Farmers and Agriculturists.
Business Concerns (Corporates & Non Corporates)

Ex-staff and Pensioners

NRIs

Income Criteria

Salaried Group
Minimum monthly take-home pay would be Rs.10000/- after all statutory deductions and existing loans liabilities + EMI of the proposed loan.
Maximum loan limit 36 times of Gross Monthly Income.
Non-salaried Borrower
Minimum income should be Rs.2.40 lacs per annum during the preceding year.
Maximum loan limit three times of average gross annual income for the last 2 years.
Farmers & Agriculturists
Minimum Gross Income of Rs. 2.40 lacs p.a. during the previous financial year.
Farmers having land holding in their own name.
Maximum loan limit: Three times of Annual Income of the previous financial year.
Clubbing of income of spouse, major children for ascertainment of loan limit is considered on merits.
Likewise clubbing of income of regular earning parents is allowed for loan to major children.

Business Concerns (Corporates & Non Corporates)
Business concern must be in profit for last 2 years and cash flow during the currency of loan must be sufficient enough to repay the proposed loan after satisfying all existing liabilities if any.
Age

Minimum age 21 years & No maximum age stipulation
Margin Requirements

15% for new vehicle
30% for used vehicle upto 4 years old & 40% for used vehicle of more than 4 years old but upto 5 years old
Insurance

UCO Rin Jeevan Suraksha to cover the outstanding loan in case of accidental or natural death of borrower
Quantum of loan

For New Car:
Maximum finance would be 85% of the on Road price i.e. Ex Show Room Price + Cost of Registration +Insurance + One time Road Tax with no ceiling on maximum loan amount.
For Pre-used Car:
Maximum loan amount Rs.3.50 lac
Repayment

New Car: Maximum 84 EMI
Pre-used Car: Maximum 36 EMI
Interest Rates
New Car :- 10.20% + 0.25%
Pre-Used cars :- 10.20% + 4%
Processing Charge

0% till 31 Dec 2014(Actually 1% of the loan amount maximum Rs.1500

Prepayment Charges : NIL