Post on 14-Apr-2018
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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
1. Salaried Group
Regular Employee with minimum 6 months completed service.
2. Non-salaried Group
Farmers and Agriculturists.
3. Business Concerns (Corporates & Non Corporates)
4. Ex-staff and Pensioners
5. NRIs
Income Criteria
1. Salaried Group
Minimum monthly take-home pay would be Rs.10000/- after all statutory deductions and existing loans liabilities + EMI of the pr
Maximum loan limit 36 times of Gross Monthly Income.
2. 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.
3. 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.
4. 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
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
Quantum of loan
Established professionals & Self Employed, Businessmen
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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
For Pre-used Car:
Maximum loan amount Rs.3.50 lac
Repayment
New Car: Maximum 84 EMI
Pre-used Car: Maximum 36 EMI
New Car :- Base rate + 0.25%
Pre-Used cars :- Base rate + 4%
Processing Charge
1% of the loan amount maximum Rs.1500/-
Prepayment Charges : NIL
Click here for Interest Rates
http://www.ucobank.com/interest-rates/base-rate-bplr.htmhttp://www.ucobank.com/interest-rates/base-rate-bplr.htm7/29/2019 Car Loan Cal
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1080000
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SL NO DESCRIPTION CALCN
1 MARGIN REQUIREMENTS 15%
2 QUANTUM OF LOAN 85%
3 REPAYMENT 84
4 INTEREST RATE 10.25%
5 ON ROAD PRICE + extra 800,000
6 DOWN PAYMENT 120,000
7 LOAN AMOUNT 680,0008 EMI / month -11,377
ON ROAD PRICE 771,915.00
EXTRA 18,085.00
2.3428745393
FORD ECOSPORT
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CAR
months
650,000 2,090,000 813,137
97,500 313,500 121,971
552,500 1,776,500 691,166-9,244 -29,722 -11,564
601406
-776,469.17
873,969.17
223,969.17 -2,133 -179,185.19
MARUTI SWIFTZXI
BMW 1 Series116i (Petrol)
Renault Duster 1.6RxE (Petrol)
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750,000 550,000
112,500 82,500
637,500 467,500-10,666 -7,822
FORD CLASSIC 1.6Duratec Petrol
Titanium
Ford Figo 1.2Duratec Petrol
ZXI