Union Bank of India was established in1919 having its headquarters in Mumbai. It has been playing a very proactive role in the economic growth of India and it extends credit for the requirements of different sectors of economy.

Features of Car Loans from United Bank of India

Quantum of Loan –

For United Car Loan Scheme -
• In case of individuals, the quantum of loan is Rs. 30 lakhs maximum.
• In case of Non- Individual, the quantum of loan is no more than Rs. 40 lakhs.
For United Car Loan Scheme for Pensioners -
• For Pensioners, the amount of loan is maximum Rs. 4 lakhs. This sum is generated by distributing their net pension for 48 months and their loan amount has to be in multiples of 100.

Flexible Repayment Tenure -
Both the schemes allow people to pay the loan along with interest in a maximum of 84 Equated Monthly Installments (EMI). If someone decides to pay it early, then the bank does not charge them any fee.

Margin -
In case of a new car the loan margin is 15% on the road price of the car.

Concessions –
The Bank provides concessions in interest rates to their existing customers who have proved to be good borrowers.

Existing mortgagors who have been making regular payments for 2 years and credit card holders who have been in a good relationship with the bank for a minimum of 2 years, having a credit risk rating of UBICR - 3 get the benefit of this concession.

Corporates, institutions, companies and firms also get to enjoy this concession if they promise to repay the loan through a single cheque or direct credit to the loan a/c.

Documentation needed to apply for United Bank of India Car Loan

1. Residence proof
2. Photo ID and age proof
3. Signed application form with photograph
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

United Bank of India Car Loan Interest Rates

Interest Rate (Monthly reducing balance) (Up to 84 months - BR+0.50)(ie., 10.15%) Floating
I-Base – 9.65%
Processing Fees 0.50%,Minimum Rs.500 and Maximum Rs.10,000
Pre-Closure Charges Nil
Loan Tenure 1 year to 7 years