Hello, here I am providing you the details of the car loan facility available in the Union Bank of India as under:

ELIGIBILITY
A person has to meet the following criteria to avail the loan:
Resident Indian citizen and Non-Resident Indians (NRIs) holding valid license.
Minimum age - 18 years and maximum age - 70 years.
Individual, either singly or jointly with other family members viz. father, mother, son, spouse or daughter as co-applicants.
Companies / Firms for purchase of vehicle for usage by their Directors / employees

QUANTUM OF LOAN
Maximum quantum of loan
New 4-wheeler Rs. 125 Lakh
Old 4-wheelers (not older than 3 years) Rs. 20 Lakh

MARGIN, I.E. YOUR SHARE
15 % of on-road price (Vehicle Cost + Registration Charges + Insurance + Road Tax)
40 % of old vehicle's valuation cost

REPAYMENT
Repayment period Maximum repayment tenure
New 4-wheeler 7 years
Old 4-wheelers (not older than 3 years) 5 years

Processing charges:
Processing charges @ 0.50% of the loan amount, subject to maximum of Rs. 15,000 plus service tax as applicable

SECURITY
Hypothecation of vehicle purchased out of Bank's finance
Bank's lien to be noted with the Raod Transport authorities

Interest rate:
10.00% Fixed
0.50% (max. ₹15,000) + S.T.