To be eligible to avail UCO Bank Car Loan for a new car or pre-used car, an applicant must have to meet a set eligibility criteria. The car loan amount eligibility criteria for UCO Bank Car Loan is based on different parameters such as age, employment type, income, car on road price and other credit dues/EMIs to be borne by the applicant. Also, to be eligible to get UCO Car Loan, a candidate must have UCO bank account of any type.
Requirements for UCO Bank car loan include the following:
Age Criteria: UCO Bank has set a minimum and maximum age bracket for individuals to avail UCO Car Loan.
- Minimum Age: The loan applicant should be minimum 21 years of age to avail car loan offered by UCO Bank
- Maximum Age: The maximum age is up to 70 years to avail car loan provided by UCO Bank
- Employment type: The following individuals are eligible for a UCO Bank Car Loan-
- 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
Income criteria: Income of an individual plays a crucial role in deciding car loan amount eligibility to avail UCO Bank Car Loan.
- Income Criteria for Salaried Group
- Minimum net income must be Rs.20000/- after all statutory deductions and existing loans liabilities + EMI of the proposed loan.
- Maximum limit for loan amount is 36 times of gross monthly income.
- Income Criteria for Non-salaried Borrower (Professionals & Self-employed Businessman)
- Minimum income must be Rs.5. 00 lac p.a in Metro centers and Rs.4.00 Lacs p.a in other centers as per ITR/ Assessment of ITR during the preceding year.
- Maximum limit for loan amount is 3 times of average gross annual income for the last 2 years.
- Income Criteria for Farmers & Agriculturists
- Minimum gross income of Rs.4.00 lacs p.a. during the previous financial year.
- Farmers with land holding in their name.
- Maximum limit for loan amount is 3 times of annual income of the previous financial year.
- Income Criteria for Business Concerns (Corporates & Non Corporates)
- Business concern must be in profit for last 2 years and the income should be sufficient enough to repay the loan.