Hey!! Union Bank of India can fulfill your dreams of owing a vehicle by availing Union Miles.

You can avail this special scheme to purchase of new or old (up to 3 years) four-wheeler, and you can also avail this loan to purchase a new two-wheeler.


Eligibility Criteria

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

New 2-wheeler Rs. 10 Lakh



Repayment

Repayment period Maximum repayment tenure

New 4-wheeler 7 years

Old 4-wheelers (not older than 3 years) 5 years

New 2-wheeler 3 years



Security

-Hypothecation of vehicle purchased out of Bank's finance

-Bank's lien to be noted with the Raod Transport authorities


Guarantee

-Guarantee of the spouse is required.

-In case borrower is unmarried, 3rd party guarantee of sufficient means

-In case of NRIs guarantee of one/two local resident Indian of sufficient means is required

-In case of companies guarantee of one promoter/director is required.