The submarine was powered by two Germaniawerft F46 supercharged four-stroke, six-cylinder diesel engines producing a total of 2,800 to 3,200 metric horsepower (2,060 to 2,350 kW; 2,760 to 3,160 shp) for use while surfaced, two AEG GU 460/8-276 double-acting electric motors producing a total of 750 shaft horsepower (760 PS; 560 kW) for use while submerged.

[2] When submerged, the boat could operate for 75 nautical miles (139 km; 86 mi) at 4 knots (7.4 km/h; 4.6 mph); when surfaced, she could travel 14,700 nautical miles (27,200 km; 16,900 mi) at 10 knots (19 km/h; 12 mph).

U-1062 was fitted with five 53.3 cm (21 in) torpedo tubes (four fitted at the bow and one at the stern), fourteen torpedoes, one 8.8 cm (3.46 in) SK C/35 naval gun, 220 rounds, and various anti-aircraft guns.

She left Penang on 15 July to return to Germany, but was intercepted on 30 September by a hunter-killer group based around the escort carrier USS Mission Bay in the central Atlantic, WSW of the Cape Verde Islands.

U-1062 was sunk with all hands at 11°36′N 34°44′W / 11.600°N 34.733°W / 11.600; -34.733 by depth charges from the destroyer escort USS Fessenden.