UCO VL
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| Particulars | Details | ||||||||||||||||||||||||
| Purpose | For purchase of new Car for personal use. | ||||||||||||||||||||||||
| Eligibility Criteria | Pre Qualified Vehicle Loan(PQVL): Selected UCO bank savings account customers fulfilling certain pre-defined criteria. STP Car Loan A. Salaried Class: • Confirmed employee (in a reputed private/public limited organization. • Confirmed ernployee or with 6 months of service(whichever is earlier) in the Central/State Government in- • Departments/Undertakings/Entities • Public Sector Undertakings • The account should be having salary credited regularly in each of the past 6 months. • Minimum Net annual income >Rs.5 Lakh p.a. in Metro Centre and >Rs.4 Lakh p.a. in other centres as per ITR/Assessment of ITR during last three year. B. Non-Salaried Class: • Established professionals & Self Employed, Businessmen • Farmer and Agriculturists • Minimum Net annual income >Rs.5 Lakh p.a. in MetroCentre and >Rs.4 Lakh p.a. in other centres as per ITR/Assessment of ITR during last three year. |
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| Nature of facility | Term Loan | ||||||||||||||||||||||||
| Minimum & Maximum Loan Amount | PQVL: Minimum: Rs.100000/- Maximum: Rs.20 lakh (Rs.10 lakh for New to Credit customers i.e. with CIBIL score of -1,0) STP Car Loan: Minimum – Rs 100000/- Maximum – Need based |
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| Credit Score Requirement | Credit Score Check will be conducted at the time of application of the loan. • Minimum CIBIL Score of 700 is required. CIBIL score of -1,0). or credit history is not sufficient to score in the range of 300-900 are also eligible • History with live accounts which have slipped to SMA-1/ SMA-2//NPA in the past 24 months to be made ineligible. • History with live accounts slipped into NPA in the last 7 years to be made ineligible. • History with restructured/written off [except COVID/Natural calamities restructuring) are to be excluded/made ineligible. |
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| Margin | Min margin 10% | ||||||||||||||||||||||||
| Repayment Tenor & Moratorium Period | Minimum - 6 months Maximum - 84 months Moratorium Period - Nil |
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| Security | No collateral security is required. | ||||||||||||||||||||||||
| Rate of Interest (Floating) | PQVL: CIBIL 775 and above - UCO Float Rate (8.80%) –0.60% p.a. i.e. presently 8.20% p.a. CIBIL 750 to 774- UCO Float Rate (8.80%) – 0.50% - p.a. i.e. presently 8.30% p.a. CIBIL 700 to 749 - UCO Float Rate (8.80%)- 0.40% - p.a. i.e. presently 8.40% p.a. CIBIL 0,-1 - UCO Float Rate (8.80%) – 0.30% p.a. i.e. presently 8.50% p.a STP Car Loan
*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 Click Here to view current rate of interest |
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| Documentation | Manual/NeSL For PQVL, currently only manual documentation is available |
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| Cibil Charges | Actual i.e. Rs.150/- + GST | ||||||||||||||||||||||||
| Documentation and Processing | PQVL: Nil STP Car Loan: Documentation: ₹250 per lakh, capped at ₹25,000 Processing Fee: 0.50% of the sanctioned amount, capped at ₹5,000; GST additional |
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| Point of Contact | For any query please contact Base Branch • Customer Care: 18001030123 • For Technical issues • Landline: 03344559409 • Email:- digital.lending@ucobank.co.in |
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| Quick Links | RBI Sachet Portal https://sachet.rbi.org.in |
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| Nodal Grievance Redressal Officer for FinTech/ Digital lending | Chief Manager, OSD & Transaction Monitoring Vertical, 1st Floor, 2 India Exchange Place, Kolkata 700001, Ph.:033 44557120. | ||||||||||||||||||||||||
| Website link of Nodal grievance redressal officer | https://ucobank.com/nodal-grievance-redressal-officer-for-fintech/-digital-lending | ||||||||||||||||||||||||
| Link for online complaint lodgement | https://spgrs.ucoonline.in | ||||||||||||||||||||||||
Terms and Condition
- 1. Existing Savings/Suvidha Salary accounts customers maintaining Savings Account/Salary account with our Bank from 12 months/NTB customers are eligible.
- 2. Age of the customer must range from 21 Years to 60 Years for PQVL and from 21-70 for STP Car loan.
- 3.ITR should be filed from last 2 years for PQVL and 3 years for STP Car loan
- 4.Status of the account must be Active.
- 5.No account of the customer should be SMA-1 /SMA-2 at the time of data updation.
- 6.No history of NPA account in post 12 months.
- 7.No history of restructured loan accounts except tor restructuring due to COVID-19 pandemic.
- 8.No history of written oft accounts.
- 9.Minimum CiBIL Score of 700 is required. CIBIL score of -1,0). or credit history is not sufficient to score in the range of 300-900 are also eligible.
- 10.Repayment will be done through Auto recovery from SB account.
- 11. Loan proceeds should not be used for any speculative purposes
- 12. In case of delay in payment of EMI by one month or more penal interest @2% p.a.will be charged on the amount of default of the period. i.e. w.e.f due date.
*Please Note:- Read all the terms and condition carefully before applying, In case of wrong submission of required data, application will be rejected.