Union Bank of India was put on with its headquarters in the city of Bombay. Mahatma Gandhi inaugurated the Bank in the Hq building of Mumbai. Union Bank was enjoying a role in the financial growth of India and it expands credit score for different businesses of the demands of market. Those departments as well as trading agriculture, and infrastructure are all businesses where credit has been set up with the lender additionally to find from a portfolio of resources and to spur economic growth. Simply by availing of owing a motor car Union Miles you can meet your fantasies. You have the ability to avail this specific scheme to get of old or new (around 3 years) four wheeler, and it is also possible to get that this loan to obtain a brand fresh two-wheeler.
Documentation needed to apply for an Union Bank Car Loan
1. Signed application form with photograph
2. Photo ID and age proof
3. Residence proof
4. Last 6 months bank statement
5. Documentation for salaried applicants:
Last 3 months salary – slips
Form 16 or Income Tax Returns
6. Documentation for self-employed applicants:
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Union Bank Car Loan Interest Rates
Union Bank Car Loan Details
1 year to 7 years
0.50% of the loan amount, subject to a maximum of Rs.15,000 plus GST. If the applicant or the co-applicant is an SB account holder in silver, gold or platinum category, or has availed any credit facility with the Union Bank, the processing fee is 0.25% of the loan amount, subject to a maximum of Rs.7,500 plus GST. Processing fee on Union Miles has been waived till 31 March 2018.
Features of Union Bank Car Loan
Margin of Financing
Car loan margin or part of your car is 15% of the new car's on-road price and 40% of the car's valuation cost. Union Miles finances up to 85% of the car's X-showroom price (Vehicle Cost + Registration Charge + Insurance + Road Tax), which is only 15% burden for the customer. For used cars, the margin is less than 40% of the vehicle's cost.
Flat rate of interest
The current rate of interest for -
New 4-wheelers - 1-year MCLR + 0.50% = 8.70% p.a.
Old 4-wheelers (not older than 3 years) - 1-year MCLR + 3.50% = 11.70% p.a.
Low age qualification
Generally, with most banks, the minimum age of an applicant should atleast be 21. With Union Bank, any Indian citizen above the age of 18 can apply for a car loan under the Union Miles scheme. The applicant should hold a valid drivers license.
High Quantum of loan
Up to Rs.125 lakh loan is covered for new cars and Rs.20 lakh for used cars not more than 3 years old.
Decent repayment period
With new repayment period of 7 years for new cars and 5 years for people used, you get enough time to repay the loan EMI is easy. If you are under limited financial resources, choosing a longer repayment period helps in keeping the home budget.
Car loan security
Hypothication of the vehicle purchased outside the lien of Union Bank and Bank's lien to be noted with the road transport authorities.
Car loan guarantee
For Union Bank Car Loans, the guarantee of the spouse is required. If you are single, then there is a third-party guarantee with substantial income. For non-resident Indians, a guarantee of 1 or 2 local residents of a substantial income is necessary. For companies, guarantee of 1 promoter or director is necessary.
Zero prepayment and processing fee
At present, Union Bank does not charge processing fees to handle your application and paperwork. This is a limited plan offer which is valid for a certain period. Also, if you decide to close your account, then no pre-payment penalty is imposed on the outstanding amount by the bank. You will save money with such kind of words. Additional charges on Union Mile have been waived until March 31, 2018.
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