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Campaign for efficient and quick settlement of unclaimed assets in the financial sector. FESTIVE BONANZA OFFER ENJOY 100% WAIVER OF PROCESSING & DOCUMENATION CHARGES ON HOME LOANS AND CAR LOANS
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STP Vehicle Loan

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.
  • • Minimum CIBIL Score of 700 is required. Suvidha Salary account holder having CIBIL score of -1,0 or credit history is not sufficient to score in the range of 300-900 are also eligible.
  • • Non - SMA-1/SMA-2 accounts at time of data updation;
  • • No history of NPA in past 12 months
  • • No history of restructured loan accounts.
  • • No history of written off accounts.
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 ,0 and -1 -UCO Float Rate (8.30%)- 0.20% p.a. i.e. presently 8.10% p.a.
*ROI for Electric vehicle shall be 0.10% less than non electric vehicle

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
1 Purpose For purchase new four wheeler for personal use.
2 Eligibility Criteria A. Salaried Class:
  1. • Confirmed employee (in a reputed private/public limited organization.
  2. • Confirmed ernployee or with 6 months of service(whichever is earlier) in the Central/State Government in-
    1. • Departments/Undertakings/Entities
    2. • Public Sector Undertakings
  3. •The account should be having salary credited regularly in each of the past 6 months.
  4. • 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.
  1. B. Non-Salaried Class:
  2. • Established professionals & Self Employed, Businessmen
  3. • Farmer and Agriculturists
  4. • 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.
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 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-
Income Slab Minimum Monthly Net Take Home Pay
(Net of proposed EMI and all existing liabilities)
GMI up to Rs. 50,000 40% of GMI (Subject to minimum of Rs. 20,000)
GMI above Rs. 50,000 30% of GMI (Subject to minimum of Rs. 20,000)
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 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.
8 Minimum & Maximum Loan Amount Minimum – Rs 1 Lakh
Maximum – Need based
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.
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
  ROI for Category A* ROI for Category B* ROI for Category C*
≥825 UCO Float Rate - Strategic Discount i.e. 8.30% - 0.60% = 7.70% p.a. at present
=824 UCO Float Rate + 0.20% - Strategic Discount i.e. 8.30% + 0.20% - 0.60% = 7.90% p.a. at present
≥750 and ≤799 UCO Float Rate + 0.30% - Strategic Discount i.e. 8.30% + 0.30% - 0.60% = 8.00% p.a. at present
≥700 and ≤749 UCO Float Rate+0.55% - Strategic Dis-count i.e. 8.30%+ 0.55%- 0.60% = 8.25% p.a. at pre-sent UCO Float Rate +0.05% i.e. 8.30% + 0.05% = 8.35% p.a. at present UCO Float Rate + 0.15% i.e. 8.30% + 0.15%+ 8.45% p.a. at present
0, -1 or <300 UCO Float Rate + 0.10% i.e. 8.30% + 0.10% = 8.40% p.a. at present UCO Float Rate +0.20% i.e. 8.30% + 0.20% = 8.50% p.a. at present UCO Float Rate + 0.30% i.e. 8.30% + 0.30% + 8.60% p.a. at present

*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
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
16 Documentation/ Processing Charges Documentation: ₹250 per lakh, capped at ₹25,000
Processing Fee: 0.50% of the sanctioned amount, capped at ₹5,000; GST additional
17 Pre payment charges NIL
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