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Union Bank Car Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Union Bank of India Car Loan 9.20%, Fixed 0.50% of loan amount (maximum of Rs 15,000+ service taxes as applicable) maximum of Rs 125 lakhs 7 Years
Details
Documents Required

  • Proof of Identity: PAN Card, Passport, Employee Identity Card, Any other valid proof (any one of the following)
  • Proof of Address: Aadhaar Card, Utility Bills like electricity bill, water bill, telephone bill, any other valid proof (any one of the following)
  • Bank statement for the last 12 months
  • Duly filled in application form along with 3 passport sized photographs (recent one)
  • Proforma/ Invoice
  • Any other documents which may be required and differs from case to case

For Salaried Individuals

  • Proof of Income: Last one-year Income Tax Return, recent salary slips for the last 6 months, Form 16, letter from employer

For Business Class

  • Proof of Income: Profit and Loss account, Balance Sheet, last three years Income Tax Return
Benefits

  • Get maximum repayment tenure of 7 years to repay the loan
  • Attractive interest rates
  • Easy equated monthly instalments which are safe on investors pockets
  • No prepayment penalty in case of loan adjustment by the borrower from his/her own verifiable legitimate sources
Eligibility

  • Minimum age of the applicant should be 18 years
  • Maximum age of the applicant should not be over 70 years
  • Resident Indian Citizens and Non-Resident Indians holding valid license can avail car loan
  • Companies or firms can avail car loan for purchasing vehicles for its employees or directors
  • Individuals either singly or jointly with other family members which includes father, mother, spouse, son or daughter as co-applicant can secure a car loan
Other Details

  • The maximum amount of car loan is Rs 125 lakhs
  • Processing Charges stands at 0.50% of loan amount (maximum of Rs 15,000+ service taxes as applicable)

FAQs

Q: What is the car loan interest rate offered by Union Bank?

A: As per current interest rates, Union Bank car loan interest rates are in the range of 8.70%.

Q: Should I have an account with Union Bank for availing a car loan?

A: Although having an account with Union Bank is not necessary for availing a car loan, it is recommended so that the customer can benefit from value-added services that come with a Union Bank account.

Q: What are the options to repay the car loan provided by Union Bank of India?

A: A Union Bank car loan borrower can pay the Equated Monthly Installments (EMIs) in one of the following ways :

  • By giving a standing instruction to your Union Bank of India, savings account to directly remit the EMI amount to your loan account
  • Via internet banking facility available on your Union Bank of India savings account
  • ECS (Debit) facility
  • Post Dated Cheques (PDCs)

Q: Can I add my spouse's income while applying for a car loan from Union Bank of India?

A: Yes, you can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Q: How much time does Union Bank of India take to approve a loan application?

A: If you have submitted all the required documents correctly to the bank, the Union Bank of India takes 2 days time period to sanction or approve the car loan application.

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