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Auto Loan

Auto Loan

Fulfill your dreams of owning a vehicle by UGB's Auto Loan scheme. Avail the facility to purchase new or old Personal Car and Two Wheeler.

Eligibility

  • Indian citizen aged between 21 yr to 65 years.
  • Regular employee of state govt./central govt./public sector undertaking/private sector or reputed establishment, who completed one year service.
  • Professional or self-employed customer having ITR of minimum 2 years.
  • Any person engaged in Agricultural and Agriculture Allied Activities.
  • Salaried Personals of multi-national companies.

Income Eligibility

For Salaried Employee

  • Net annual income after all deductions, should be 2,50,000/-.
  • For Professional and self Employed
  • Minimum net annual income should be 2,50,000/- by last two years

For Agriculture Borrowers

  • Minimum net annual income should be 2,50,000/- by last two years.

EMI/NMI Ratio

S No.

Net Annual Income

EMI/NMI Ratio

1.

Up to Rs. 5 Lakhs

Should not exceed 50%

2.

Above Rs. 5 Lakhs and up to Rs. 10 Lakhs

Should not exceed 60%

3.

Above Rs. 10 Lakhs

Should not exceed 75%

 

Loan Amount

  • For Salaried employee 48 times of net monthly income.
  • For Professional and self employed 04 times of net annual income.
  • For Agriculturist 4 times of net annual income.

Rate of Interest-10.75% (May vary time to time as per bank guidelines)

Processing Fees

  • Processing fee will be recovered on the loan amount upfront as 0.50% of the loan amount subject to minimum of Rs. 1,000/- and maximum of Rs. 10,000/-.

Repayment-Repayment period is 3-7 years.

Essentials Documents

Documents to be obtained For Salaried Individuals:

  • Statement of Bank account of the borrower for last 6 months
  • Proof of Identity :- ( any one of the following)-Password copy/PAN Card/Voters ID card/Driving License etc.
  • 2 passport size photographs of borrower
  • Income Proof: - latest salary slip with form 16.
  • Address Proof :- (any one of the following) - Ration card/Driving License/Voters ID Card/Passport Copy/Telephone Bill/Electricity Bill/Life Insurance policy/PAN Card.
  • I.T. Returns/Forms 16 for the last 2 years.
  • Quotation of vehicle proposed to be purchased.

For Self Employed Professionals, Proprietary/Partnership firms& Businessmen

  • Statement of Bank account of the borrower for last 6 months
  • Proof of Identity :- (any one of the following)- Passport copy/PAN Card/Voters ID Card/Driving License etc.
  • 2 Passport size photographs of borrower.
  • Income Proof: - Latest ITR for 2 years.
  • Address Proof:- (any one of the following)- Ration card/Driving License/Voters ID Card/Passport Copy/Telephone Bill/Electricity Bill/Life Insurance policy/PAN Card.
  • I.T. returns/Forms for the last 2 years.
  • Audited Balance sheet, P&L statement for 2 years and Shop & establishment act certificate/sales tax certificate/SSI registered certificate/copy of partnership.
  • Quotation of vehicle proposed to be purchased.

For Agriculturists:

  • Statement of Bank account of the borrower for last 6 months
  • Proof of Identity: - (any one of the following) - Passport copy/PAN Card/Voters ID Card/Driving License etc.
  • 2 Passport size photographs of borrower.
  • Address Proof:- (any one of the following)- Ration card/Driving License/Voters ID Card/Passport Copy/Telephone Bill/Electricity Bill/Life Insurance policy/PAN Card.
  • Direct agricultural activity (crop cultivation) - Khasara (showing cropping pattern) Patta / Khatauni (showing land holding) with photograph. All land should be on free hold basis and ownership proof to be in the name of applicant.
  • Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)-documentary proof of running of the activities.
  • Quotation of vehicle proposed to be purchased.

For more details please contact to nearest Branch Manager