How much margin money do I have to pay to avail the loan?
Following are the requirements for margin needs to be paid to avail the loan –
How much amount I can borrow for UCO Car loan availed for purchasing a used or pre-owned car?
UCO bank finance car loan of up to Rs. 15 Lacs if the used or pre-owned car is being purchased from reputed certified car dealers. And, maximum up to Rs. 5 Lacs if purchased from others.
What is the interest rate slab applicable on UCO Car Loan availed for purchasing a used car?
A floating interest rate of 10.05% as MCLR plus 1.50% will be levied if car is being purchased from certified car dealer. And an interest rate of 10.55% as MCLR plus 2% will be charged for loan if car is being purchased from others than reputed certified car dealers.
How much processing charges do I have to pay for UCO Car Loan availed for purchasing a used car?
The processing charge of 1% of the proposed loan amount needs to be paid in upfront, subject to maximum Rs. 1500.
What security or collateral do I have to provide in order to avail the loan?
The hypothecation of the used car is necessary to be held with the bank as security.
Can I make a repayment of the loan ahead of schedule? If yes, what are the prepayment charges do I have to pay?
Yes, repayment of the loan is allowed ahead of schedule by UCO Bank either in part or in full closure. However, no charges will be levied for prepayment of the loan.