STP Vehicle Loan
| S. No. | Parameter | Guidelines for Pre Qualified Vehicle Loan |
|---|---|---|
| 1 | Purpose | For purchase of new Two wheeler/Car for personal use. |
| 2 | Eligibility Criteria | Selected UCO bank savings account customers fulfilling certain pre-defined criteria. |
| 3 | Income Criteria | Salaried Group: Minimum monthly take-home pay would be Rs.20,000/- at all centres after all statutory deductions and existing loans liabilities + EMI of the proposed loan. Non-salaried borrower: Minimum Income criteria for Professionals & Self-employed Businessman would be Rs.5.00 lac p.a. in Metro Centres and Rs.4.00 Lacs p.a. in other centres as per ITR/ Assessment of ITR during the preceding year. |
| 4 | Nature of Facility | Term Loan |
| 6 | Loan Eligibility | The lowest of the following factors: 1. 90% of on road price of vehicle*. 2. Loan amount as per FOIR norms, where net take home Loan Eligibility after all deductions including EMI minimum 40% of the net monthly income. 3. Maximum loan amount as per scheme. 4. Requested loan amount. Obligations: As fetched from CIBIL. *On-Road Price = Ex Show Room Price + Cost of Registration+ One Time Road Tax + Insurance (One Time). |
| 7 | Minimum & Maximum Loan Amount | Minimum: Rs.100000/- Maximum: Rs.20 lakh (Rs.10 lakh for New to Credit customers i.e. with CIBIL score of -1,0 applicable for suvidha salary account holder only) |
| 9 | Credit Score Requirement | Credit Score Check will be conducted at the time of application of the loan.
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| 10 | Margin | 10% of On-Road price of the vehicle. |
| 11 | Cooling off/Look-up period | 3 days from the date of sanction/disbursement. |
| 12 | Rate of Interest | CIBIL 775 and above - UCO Float Rate (8.30%) – 0.60% p.a. i.e. presently 7.70% p.a. CIBIL 750 to 774- UCO Float Rate (8.30%) – 0.50% p.a. i.e. presently 7.80% p.a. CIBIL 700 to 749 - UCO Float Rate (8.30%)- 0.40% p.a. i.e. presently 7.90% p.a. CIBIL 0,-1 - UCO Float Rate (8.30%) – 0.30% p.a. i.e. presently 8.00% p.a Click here for latest interest rate |
| 13 | Repayment | Minimum - 6 months; Maximum - 84 months Moratorium - Nil Repayment to start from the month of disbursement of the loan |
| 14 | Security | Hypothecation of Vehicle |
| 15 | CIBIL Charges | Actual i.e. Rs.150/- + GST at present, to be recovered upfront from operative account. |
| 16 | Documentation/ Processing Charges | Nil |
| 17 | Pre payment charges | NIL |
Salient Features Of STP Car Loan for Eligible Customers
| S. No. | Parameter | Guidelines for STP Car Loan | ||||||||||||||||||||||||
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| 1 | Purpose | For purchase new four wheeler for personal use. | ||||||||||||||||||||||||
| 2 | Eligibility Criteria | A. Salaried Class:
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| 3 | Income Criteria | Salaried Group: Minimum monthly take-home pay would be Rs.20,000/- at all centres after all statutory deductions and existing loans liabilities + EMI of the proposed loan. Non-salaried borrower: Minimum Income criteria for Professionals & Self-employed Businessman would be Rs.5.00 lac p.a. in Metro Centres and Rs.4.00 Lacs p.a. in other centres as per ITR/ Assessment of ITR during the preceding year. |
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| 4 | Age Criteria | Age between 21-70 including repayment period. | ||||||||||||||||||||||||
| 5 | Nature of Facility | Term Loan | ||||||||||||||||||||||||
| 6 | Loan Eligibility | The lowest of the following factors: 1. 90% of on road price of vehicle*. 2. Loan amount as per FOIR norms, where net take home Loan Eligibility after all deductions including EMI is as under-
4. . Requested loan amount. Obligations: As fetched from CIBIL. *On-Road Price = Ex Show Room Price + Cost of Registration + One Time Road Tax + Insurance (One Time). |
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| 7 | Clubbing of income | Income of Spouse, Father, Mother, Son(s), Daughter(s),Brother (Own), Sister (Own) can be clubbed to compute/enhance loan eligibility subject to- • Only where the income ot such Co-applicant is available for servicing of the loan throughout the tenure of the loan. |
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| 8 | Minimum & Maximum Loan Amount | Minimum – Rs 1 Lakh Maximum – Need based |
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| 9 | Credit Score Requirement | A live CIC check is conducted during the journey at the time of application of the loan with the following filters: 1. Minimum CIBIL Score ot 700 is required. 2. New to Credit i.e. -1 or 0 or credit history is not sufficient to score in the range of 300-900, will also be eligible tor loan. 4. History with live accounts slipped into NPA in the last 7 years to be made ineligible. 3. History with live accounts which have slipped to SMA-1/ SMA-2//NPA in the past 24 months to be made ineligible. 5. History with restructured/written off [except COVID/Natural calamities restructuring) are to be excluded/made ineligible. |
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| 10 | Margin | 10% of On-Road price of the vehicle. | ||||||||||||||||||||||||
| 11 | Cooling off/Look-up period | 3 days from the date of sanction/disbursement. | ||||||||||||||||||||||||
| 12 | Rate of Interest |
*Category A: Permanent employee of Central Govt./State Govt./PSU/Autonomus Bodies (Controlled by Govt.)/ Govt. Institutes/Govt. Aided Institutes/Employee of Nifty 500 company/Employee of Fortune 500 company maintaining Salary Account with our Bank *Category B:Permanent employee of Central Govt./State Govt./PSU/Autonomus Bodies (Controlled by Govt.)/ Govt. Institutes/Govt. Aided Institutes/Employee of Nifty 500 company/Employee of Fortune 500 not company maintaining Salary Account with our Bank |
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| 13 | Repayment | Minimum - 6 months; Maximum - 84 months Moratorium - Nil Repayment to start from the month of disbursement of the loan |
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| 14 | Security | Hypothecation of Vehicle. | ||||||||||||||||||||||||
| 15 | CIBIL Charges | Actual i.e. Rs.150/- + GST | ||||||||||||||||||||||||
| 16 | Documentation/ Processing Charges | Nil | ||||||||||||||||||||||||
| 17 | Pre payment charges | NIL | ||||||||||||||||||||||||