A car loan is a personal loan that you can use to buy your dream car. More specifically, a buyer’s personal car loan lender lends the borrower the cash needed to buy a car. This is a personal loan unsecured loan, the loan is made based on the creditworthiness of the borrower, and is not secured by any collateral. An agreement between the borrower and lender agrees to repay the loan amount and interest to the lender, which is usually paid in full in monthly installments.
What is a UCB car loan?
Auto loans are simple interest loans where the borrower pays the amount they have lent, and the total amount, including interest, is paid back to the borrower in monthly installments as a percentage of the principal amount. A car loan allows a customer to borrow money to purchase a vehicle. Car loans are usually easy-interest loans that are usually paid back with interest to the lender over one to five years.
Features of the United Commercial Bank Car Loan
- Interest rate: 8.50%
- Loan amount: BDT 40 Lacs or 50% of the car value
- No hidden charges
- Equated Monthly Installment (EMI) facility
- Early settlement facility
- Tenure: Up to 5 Years
- Refinance facility for registered personal
Fee and Charges
Loan processing Fees for General Customers: UCBL Personal Loan
- 0.50% for Loan Amount up to 50 Lac, Maximum. Tk15000
- 0.30 % for Loan Amounts above Tk. 50 Lac, Maximum Tk. 20000
- Early Settlement fee: 0.50%
- Partial settlement fee: Maximum 30% of outstanding
- Stamp Charge: At actual
- Penal Charge Arrear: 2% per annum
- Personal Guarantor Replacement Fee: Nil
- CIB Fee: BDT 100
Read: Dutch Bangla Bank Personal Loan
Eligibility for the United Commercial Bank Car Loan
- Customer Segments:
- Salaried Personnel, Self-employed Professional, Business Person, Landlord/ Landlady
- Age: Minimum 21 Years
- Applicant must have a minimum income of:
- Salaried clients: BDT 25,000
- Doctors: BDT 35,000
- Self-employed clients: BDT 40,000
- Businessmen: BDT 45,000
Required common documents for the applicant
Common Documents for all:
- Completed KYC form and signed by the applicant
- Passport size color photograph
- National ID/ Smart Personal
- Bank Statement last six months
- Policy first-party comprehensive insurance
- Personal price quotation
- Visiting Personal
- Copy of utility bill
- e-TIN/ TIN certificate/ copy of Income Tax acknowledgment
- Personal Guarantee along with color photographs, NID, Visiting personal/Office ID/Business Personal of the personal guarantor(s).
- Other documents or information as deemed necessary
Self-employed and businessman
- Photocopy of the latest trade license
- Latest 12 months Personal or Business bank statement
- Partnership Deed (Registered/ Notarized)
- Copy of Memorandum and Articles of Association
- Copy of Certificate of Incorporation
- Latest 6(six) months Personal bank statement
- Professional Certificate
- Declared Income on personal letterhead
- Ownership Proof (i.e. Registered Deed/ Utility Bill/ Mutation Copy/ Duplicate Carbon Receipt/ Holding Tax etc.)
- Rental Agreement (Should be on Government Revenue Stamp Paper)
- Latest 6(six) months Personal bank statement.
For Salaried Individuals:
- LOI on official letterhead with proper Salary breakdown (signed by Manager Branch/Accounts/HR/Admin/Finance) or Pay slip stating Company Name
- Cash Voucher
- Office ID
- Latest 6(six) months original bank statement.
Frequently Asked Questions (FAQs) on United Commercial Bank Car Loan
Q: What is the purpose of the United Commercial Bank Car Loan?
A: The United Commercial Bank Car Loan serves various purposes including marriage expenses, travel costs, education expenses, vehicle CNG conversion, medical equipment purchases, and medical bills.
Q: What is the maximum loan tenure for the United Commercial Bank Car Loan?
A: The maximum loan tenure for the United Commercial Bank Car Loan is up to 5 years.
Q: What is the interest rate for UCB Personal Loan?
A: The interest rate for UCB Personal Loan is 9.00%.
Q: What is the minimum income required to be eligible for a Car Loan from United Commercial Bank?
A: The minimum income requirements for eligibility vary:
- For Salaried Individuals: BDT 25,000
- For Professionals: BDT 35,000
- For Landlord/Landlady: BDT 40,000
- For Business Individuals: BDT 45,000
Q: What is the maximum loan amount offered by United Commercial Bank for a Car Loan?
A: The maximum loan amount offered by United Commercial Bank for a Car Loan is BDT 40 lac.
Q: What is the minimum age to apply for a Car Loan from United Commercial Bank?
A: The minimum age to apply for a Car Loan from United Commercial Bank is 21 years.
Q: What is the processing fee for the car loan provided by United Commercial Bank?
A: The processing fee for the car loan provided by United Commercial Bank is a maximum of 0.50% as per the schedule of charges of UCBL.
Q: What is the Early Settlement Charge for a Car loan from United Commercial Bank?
A: The Early Settlement Charge for a Car loan from United Commercial Bank is 0.50% of the settled amount.
Q: What is the charge for partial prepayment of a Car Loan from United Commercial Bank?
A: The charge for partial prepayment of a Car Loan from United Commercial Bank is a minimum of 30% of the outstanding amount.
Q: How can I contact United Commercial Bank?
A: You can contact United Commercial Bank through their 24 Hours Call Center: 16419 (from within Bangladesh), 09610016419 (Overseas Only), or via email at customerservice.card@ucb.com.bd.
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