Realize your dream of owning a new or used vehicle with a flexible and affordable Vehicle Loan from Universal Co-Operative Urban Bank Ltd. Our vehicle hypothecation loan is designed to provide you with the financial assistance you need with minimal hassle and attractive interest rates.
Key Features & Benefits
► Attractive Interest Rates: We offer competitive interest rates to make your loan repayment affordable.
► Flexible Loan Tenure: Choose a repayment period that suits your financial situation, typically up to 5-7 years.
► Quick & Easy Processing: Our streamlined application and documentation process ensures a fast sanction and disbursement of your loan.
► Hypothecation of Vehicle: The vehicle being purchased serves as the security for the loan, simplifying the process.
► Loan for New & Used Vehicles: The loan is available for both new and good-condition used vehicles (within a specified age limit).
► Minimal Documentation: We require a simple set of documents to verify your eligibility and process your loan.
Purpose of the Loan-
This loan is intended for the purchase of:
Eligibility
The loan is available to:
► Salaried Individuals: Employees of reputed organizations with a minimum one-year of confirmed service.
► Professionals/Self-Employed Individuals: Those with a regular and verifiable source of income.
► Businessmen: Individuals with a established business and a track record of income.
Quantum of Loan & Margin
1. New Vehicles: The bank may finance a significant percentage of the vehicle's on-road price, with the borrower paying a small margin amount.
2. Used Vehicles: The loan amount will be based on the resale value of the vehicle, as determined by the bank's assessment.
Required Documents
► Application Form: Duly filled and signed loan application form.
► Identity Proof: Aadhar Card, Voter ID, PAN Card, Passport.
► Address Proof: Aadhar Card, Electricity Bill, Passport.
► Income Proof:
► Bank Statements: Account statement/passbook photocopy for the last six months.
► Photographs: Passport-sized photographs.
► Vehicle Quotation: A proforma invoice or quotation from an authorized vehicle dealer.
► Guarantors: Two guarantors may be required, along with their photographs, identity/address proofs, and income/net worth proofs.
Security
The loan is secured by the hypothecation of the vehicle to be financed. The bank's lien will be recorded on the vehicle's Registration Certificate (RC).
Processing & Other Charges
How to Apply
To learn more and apply for a Vehicle Hypothecation Loan, please visit your nearest branch of Universal Co-Operative Urban Bank Ltd. or contact our loan officers. Our team will be happy to assist you with the application process and provide you with all the necessary details.