Union Bank Car Loan 2022
Union Bank Car Loan :
This article will provide you with information on the Union Bank of India car loan. If you want to buy a car but don’t have enough money, you can apply for a Union Bank of India car loan. Before you apply for a car loan, you should understand what a car loan is.
A car loan can be used to purchase a new or used car. Customers can get car loans from Union Bank at low-interest rates.
This article will explain in detail what a Union Bank car loan is, what the interest rate is, who is eligible, what documents are required, and how to apply for one so that you can read it all the way through.
In this post, we will discuss
1 Union Bank Car Loan
2 Union Bank Car Loan 2022 Interest Rate
3 Union Bank Car Loan Varieties
3.1 Union Miles
3.2 Union Green Miles
4 Eligibility for a Union Bank Car Loan
5 Required documents of Union Bank Car Loan
6 How do I apply for a Union Bank Car Loan?
6.1 Apply for a Union Bank Car Loan Online
6.2 HOW SHOULD I APPLY OFFLINE?
7 Union Bank Auto Loan Calculator
8 Union Bank Car Loan Customer Service Phone Number
8.1 Conclusion
8.2 Union Bank Car Loan Inquiries
Union Bank Car loan
A car loan is classified as a secured loan. The car itself serves as collateral or security in this case. A car loan can be obtained by anyone. Before granting a car loan, the bank checks the customer’s CIBIL score. Union Bank car loans are available both online and in person.
If you are an existing customer of the bank and meet all of the conditions of the Union Bank of India car loan, you can benefit from the bank’s low car loan interest rate. Union Bank car loan interest rates currently start at 7.70% p.a. There is no maximum loan limit for purchasing a new vehicle, but you can get a loan of up to Rs 20 lakh. to purchase a car.
We take out a bike loan to buy a bike in the same way that we take out a car loan to buy a car. You can also buy a car with a personal loan, but the interest rate on a personal loan may be higher than the interest rate on a car loan.
Loan nameUnion Bank Car Loan 2022LenderUnion BankLoan AmountNo limitsLoan Tenureup to 84 monthsRate of InterestStarting from 7.70% p.a.Application ModeOnline / OfflineOfficial Websitehttps://www.unionbankofindia.co.in/
Union Bank Car Loan Interest Rate in 2022
The interest rate on this loan currently starts at 7.70% per year. If your CIBIL score is excellent and you meet all of the bank’s requirements, you may be eligible for a low-interest loan. Before applying for a car loan, it is critical that you understand the interest rate.
You can compare various car loan interest rates and apply for the best car loan. The interest rate on a car loan influences the loan’s EMI.
Types of car loans in Union Bank
- Union Miles
- Union Green Miles
Union Miles
• You can use this loan to purchase a new or used car.
• This loan is open to anyone who is a resident of India or a non-resident Indian.
• There is no maximum loan amount for this Union Bank of India car loan.
• The maximum loan amount for purchasing a used car that is less than three years old is Rs 20 lakh.
• Margin: 10% for new cars and 40% for used cars.
• The maximum loan term is 84 months.
• No moratorium is permitted in this loan scheme.
• There is no penalty for paying off the loan early.
• Those with a CIBIL score of 700 or higher are exempt from providing a guarantee.
• In the case of corporations, a guarantee from the promoter/director is required.
• In the case of a partnership firm, all partners must sign a guarantee.
• Security: Hypothecation of a vehicle obtained through bank financing.
• The bank’s lien should be recorded with the Road Transport Officers.
Union Green Miles:
• You can use this Union Bank Car Loan scheme to purchase an electric vehicle.
• With this loan, you can borrow as much as you want; there is no maximum loan amount.
• Profit margin: 10%
• This loan has a maximum term of 84 months.
• The higher your CIBIL score, the better the interest rates you can get.
• There will be no fee for loan prepayment.
• The State or Central Government subsidy will be deducted from the eligible loan amount.
• Customers with a CIBIL score of 700 or higher are not guaranteed.
Eligibility for a Union Bank Car Loan
The bank primarily provides two types of car loans, with loan eligibility varying:
Union Miles Loan Eligibility:
• This loan is available to both Indian residents and Non-Resident Indians (NRIs).
• Applicants must be at least 18 years old and no older than 75 years old.
• This car loan can be obtained by an individual or jointly with a family member for the purchase of a vehicle for the use of directors/employees of companies/firms.
Union Green Miles loan Eligibility:
• Both Indian residents and Non-Resident Indians (NRIs) are eligible for the Union Green Miles loan.
• Applicants must be at least 18 years old and no older than 75 years old.
• Customers who have a regular income even after reaching the age of 60 can repay the loan.
• This loan can be applied for as an individual or in collaboration with other eligible individuals.
• Companies / Firms can also use this loan to buy a vehicle for their Directors / Partners / Owners / Employees.
• The following family members are permitted to apply as applicants/co-applicants:
• wife
• father
• mother
• son
• unmarried daughter
Required documents of Union Bank Car Loan
Before applying for a Union Bank Car Loan, gather all of your necessary documents so that when the bank requests them, you can show them all of them right away. For more information on the document, please contact your local Union Bank branch.
The application documents are listed below.
For Salaried People:
• identification proof
• address proof
• invoice
• Appraisal report from an automobile engineer (applicable for older vehicles)
• Salary slip from the previous 6 months
• Form 16
• Income tax return from the previous year
For the Self-Employed:
• identity proof
• address proof
• invoice
• appraisal report from an automobile engineer (applicable for older vehicles)
• last three years’ income tax return
• profit and loss account statement with balance sheet
How do I apply for a Union Bank Car Loan?
If you meet all of the terms of this loan, you can apply for it both online and offline. To apply, please follow the steps outlined below:
Union Bank Automobile Loan
• To apply online, you must first visit the bank’s official website, unionbankofindia.co.in.
• After visiting the website, select the Vehicle Loan option under Loans.
• After clicking on this link, you will be presented with both car loan options.
Select the car loan programme you want to use.
• You will be presented with all relevant car loan information.
• To apply, select the Apply Now option.
• A car loan application form will be displayed in front of you.
• Fill in the required information and press the submit button. Following the submission of the form, bank officials will contact you and the loan process will be initiated.
How can I apply offline?
• To apply offline, first go to your nearest Union Bank branch.
• Visit a bank branch and speak with a bank official who will provide you with information about the car loan.
• Your documents will then be verified.
• You must complete a form, attach documents, and submit it to the bank, as well as perform some important tasks.
• If your loan is approved, the funds will be deposited into your bank account.
Calculator for Union Bank Car Loans
Before applying for a car loan, you should calculate the EMI to get an idea of how much you will have to pay when it comes time to repay the loan. By visiting the bank’s official website, you can calculate your loan EMI using the Car Loan EMI Calculator.
You should compare the EMIs of various car loans to find the cheapest car loan. A car loan’s EMI is affected by factors such as loan amount, interest rate, loan tenure, and so on.
Union Bank Car loan Customer Care Number
All India Toll Free Number: 1800222244 / 18002082244
Conclusion
We have provided detailed information about the Union Bank of India car loan in this article. This loan is available to anyone who wants to buy the car of their dreams. If you have any problems applying for a Union Bank car loan or if you need any other information about this loan, you can get it by calling the bank’s customer service number.
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Questions About Union Bank Car Loans:
Question: What is the interest rate on a Union Bank of India car loan?
Answer: The interest rate on this loan begins at 7.70% per year.
Question: How much can I borrow from Union Bank for a car loan?
Answer: You can borrow as much as you want. However, you can obtain a maximum loan of Rs 20 lakh to purchase a used car.
Question: How long will this loan last?
Answer: The maximum period of 84 months.
Question: How do I apply for a car loan from Union Bank?
Answer: This article contains detailed instructions on how to apply.
