Union Bank of India with its headquarters in Bombay, now referred to as Mumbai, was created on 11 November 1919. In 1921, Mahatma Gandhi, the nation’s founder, opened the Bank’s Head Office in Mumbai. Many innovative products are developed with the technology platform, offering customers a range of choices to speed up transactions and make them more convenient.
Planning for Car Loan?
Want to calculate the car loan? Using this tool to determine how much you pay every month in EMI for purchasing the dream car. It’s used for the SUV, MUV, Used Vehicle, New Car, etc.
Also, Check – Home Loan Calculator – Interest Rates of Top Banks
New Car Loan:
|Loan Tenure||Up to 7 years|
|EMI||₹ 1,589 per lakh|
|Loan Amount||Up to 85% of the on-road price|
|Prepayment Charges||Own sources – Nil
Loan takeover – 2%
Used Car Loan:
|Loan Tenure||Up to 5 Years|
|EMI||₹ 2,056 per lakh|
|Loan Amount||Up to 50% of market value|
|Prepayment Charges||Own sources – Nil
Loan takeover – 2%
Steps to Apply for a Car Loan from Union Bank of India:
- Phase 1: Access the official website of the Union Bank of India.
- Phase 2: Go to category “Products.”
- Phase 3: Under the “Loans” section click on “Retail.”
- Phase 4: Select “Union Miles.” option
- Phase 5: You will be redirected to the car loan page upon clicking the “Online Application” option.
- Phase 6: Tap on “Apply Online”
- Phase 7: you will be redirected to a new page where either “New User” or “Existing User” will be chosen.
- Phase 8: When you click on the “New user” tab, you would have to fill in the specifics and form of loan you were searching on another page.
- Phase 9: Select “Apply” to finish the process.
- Phase 10: If you are a current customer, you will have a key for completing the application in the guide and mobile number.
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Union Bank Car Loan Calculator:
Union Bank of India’s Car Loan EMI is a fixed sum that you pay annually on your car loan before the term expires. It is a fixed rate. The Union Bank of India gives the lowest EMI of rs. 1,589 lakh of the loan at the lowest interest rate of 9.25% on car loans.
Currently, interest rates on banks’ car loans vary from 8.75 to 13.5%, so you might also compete with a better deal if the credit profile is good. This car loan calculator can allow you to calculate the amount of the Equated Monthly Payment (EMI) whether you intend to apply for a car loan. Only provide the amount of your car loan, the loan term, and your Car Loan Interest Rate. The Union Bank of India Car Loan EMI relies on such factors as:
- Interest rates are an important aspect impacting the EMI. Increased the interest rate would be higher for the EMI.
- Tenure of loan matters in the same manner that your monthly EMI is limited per lakh.
- The amount of the loan is also a major factor on your EMI
What is Union Bank Car Loan?
The most important thing, of course, is a necessity. Thinking, what’s it? This topic is about a CAR for comment. It is your family members’ transportation that brings a lot of fun and joy. Most buy cars rather than cash payments in instalments. It’s a new or used car, either. A car loan is secured, which means that the loan will be guaranteed by the car. Different banks and financial institutions offer car loans with varying rates of interest and characteristics.
Union Bank of India provides credit for different retail products. The bank now offers car loans and attractive customer interest rates for various brands and models.
Union Bank Car Loan Requirements
The following are the requirements to avail car loan from the UBI:
- The borrower should be an account holder in this bank with a minimum of six months before applying for a car loan.
- The applicant should be maintained a salary account with this bank
- The minimum gross salary per month is Rs.15000/-
- In general, the advisable Civil score (CIBIL) of the applicant should be 750 + (The higher the CIBIL mark, the better the loan can be obtained).
- Union Bank of India provides loans for different types of cars like SUV, MUV, New car, and used cars.
- Union Bank of India offers a loan amount of a maximum of Rs. 125 Lakh for new cars and Rs. 20 Lakh for used cars.
- Any earning member of the family can be a Co-applicant.
- The loan amount is sanctioned based on the total cost of the car minus margin amount. It will be 15% on new cars and 40% on used cars.
- The loan amount is sanctioned based on the repayment capacity of the borrower.
Union Bank Car Loan Scheme Eligibility
- Any individual of Indian residents are eligible to obtain the car loan
- Non-Residential Indians (NRI) should hold a valid Driving license to get the car loan.
- The Minimum age limit is 18 years, and the maximum is 70 years.
- The loan tenure is 84 months for new cars and 60 months for used cars.
- Hypothecation is mandatory on security grounds.
Union Bank of India Car Loan Rate of Interests 2021
Last Updated 13th Jul 2020
- Union Bank of India offers Floating rate loan as follows:
- New car: Interest rate starts from 8.60%
- Used car: Interest rate starts from 11.60%
- Loan Tenure:
- New car: Up to 7 Years
- Used cars: Up to 5 Years
- Lowest EMI:
- New car: Rs.1,589/-
- Used cars: Rs. 2.056/-
- Loan Amount:
- New car: Up to 85% of on-road price
- Used cars: Up to 50% of the on-road value
- Pre Payment Charges:
- New car and Used cars: Nil from own sources, 2% on loan take over’s
Note: The interest rate starts @9.10% depending on a down payment, net income, and other factors.
Union Bank Car Loan EMI Calculator
Last Updated: 01-07-2020
|Loan Amount||2 Years||4 Years||7 Years|
|Rs. 3 Lakh||Rs. 13,719/-||Rs. 7480/-||Rs. 4,842/-|
|Rs. 6 Lakh||Rs. 27,438/-||Rs. 14,960/-||Rs. 9,684/-|
|Rs. 12 Lakh||Rs. 54,877/-||Rs. 29,919/-||Rs. 19,368/-|
What is the Union Bank Car Loan Processing Fee?
United Bank of India’s car loan processing fee is 0.59% of the car’s cost with a minimum of Rs. 500/- and maximum of Rs. 10,000/-.
What Documents are Needed for Union Bank Car Loan?
The following documents need to be uploaded:
- Proof of Identity: Pass Port, PAN Card, Employee Identity Card, or any other valid proof.
- Proof of Address Electricity Bill, Telephone Bill, Aadhaar Card, any other valid documents.
- Pan card
- Last 12 months Bank’s statement
- Proof of Income:
- For salaried class: Recent one-year ITR, Form-16/ letter from Employer, and the previous six months’ salary slip
- For business people: Latest three years ITR, P & L Balance sheet
- For Agriculturists: Income certificate from concerned revenue officer (Tahsildar), Proof of land.
- Three Passport size photographs.
- Proof of out-goes loan repayment statement, LIC Policies, proof of any other outgo.
- Additional document required for NRI: Copy of Visa stamped on the passport, Latest work permit, or Employment contract.
- Any other document required as per the application form.
How to Get a Union Bank Car Loan Statement?
Status of car loan balance can be verified by giving a missed call to 09223008586 from the customer registered phone number.
Union Bank Car Loan for Pensioners
- Family pensioners are not eligible for car loans.
- EPF pensioners qualify for a car loan.
- Union Bank of India giving special respect to senior citizens of the society by providing Car loans, Housing Loan and Personal loan for EPF pensioners.
Car Loan Scheme for Pensioners Details as Follows:
Purpose: Purchase of New Car or Used Car
- Pensioners of State and Central Government, Central & State Government Undertakings, public sectors, Defence services, Educational institutions (Universities, Institutions, schools, and collages).
- Pensioners from UBI employees are eligible for:
- Drawing monthly net pension of minimum Rs. 20,000/-.
- He/She can avail of a loan with his spouse or working Son/Daughter.
- Where the spouse is still in employment, their income may be considered for computing total net income and monthly installments.
- VRS/Retired employee of UBI also eligible for the loan
Loan Amount: Maximum of Rs. 10,00,000/-
- 15% of the cost of the new car (on-road price)
- 25% of the valuation of old car certified by the Valour
Processing Charges: 0.59% of the loan amount sanction subject to Minimum of Rs.600/- and Maximum of Rs. 11,800/-
- New car – up to 72 Months
- Used car – up to 48 Months
Rate of interest:
- New car – MCLR-Y+0.30% i.e. 8.60%
- Used car – MCLR-Y+1.05% i.e. 9.35%
Every year, car credit grows at a rate of 18% to 20%. According to recent industry reports, annual automobile sales increase by 9-10%. Because an increase in middle-class purchasing power in the country is one of the biggest reasons, it is also speculated that banks can scale up to 22% growth under current trends.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.