Union Bank of India Car Loan Key Features – Jan 2021
| Union Bank of India Car Loan Interest Rate | 7.35% |
| Min Loan Amount | ₹ 100,000 |
| Max Loan Amount (Loan to Value) |
Loan up to 85% of On Road Price or 100% of Ex-showroom Price |
| Loan Tenure | One year to 7 years |
| Lowest EMI / Lac | ₹ 1,614 |
| Minimum Net Monthly Income | ₹ 18,000 |
| Minimum ITR for Self Employed | ₹ 300,000 |
| Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
| Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs). |
| Processing Fee | 0.40% of the principal amount |
| Foreclosure Charges | Up to 2% |
| Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
About Union Bank of India Car Loan
Union Bank of India is one of the largest banks of India directly owned by the Government.
CEO of Union Bank of India is Rajkiran Rai G, holding the position from 2017.
Union Bank of India was founded in 1919 and is headquartered in Mumbai.
Union Bank of India provides a car loan for applicants willing to buy a car but facing issues in allocating funds. You can avail Union Bank of India car loan at average Interest Rates but maintain suitable CIBIL Score and clearing the eligibility criteria.
Advantages of Union Bank of India Car Loan
Union Bank of India Car Loan Eligibility
| Salaried Individual |
|
| Self-Employed Individuals |
|
| Self-Employed Non-Individuals (Company/Partnership) |
|
| Priority Customers |
|
Union Bank of India Car Loan Interest Rate, Fees and Charges
| Charges | New Car Loan | Used Car Loan |
| Interest Rate | 7.35% p.a. to 11.30% p.a. | 14.80% p.a. to 16.80% p.a. |
| Processing fee | 0.40% of the principal amount | 0.50% + GST |
| Issuance of Duplicate Repayment Schedule Charges | Rs.500 and onwards | Rs.500 and onwards |
| Foreclosure Charges | Around 2% | Around 2% |
| Penal Interest | N/a | N/a |
| Part Payment charges | 1% – -3% | 1% – 3% |
| Cheque/Instrument Swap Charge | Rs.500 and onwards | Rs.500 and onwards |
| Documentation Charge | Rs.500 and onwards | Rs.500 and onwards |
| Issuance of Duplicate No Dues Certificate Charges | Rs.500 and onwards | Rs.500 and onwards |
| Registration Certification Collection Charge | Rs.250 and onwards | Rs.250 and onwards |
| Cheque Bounce/Instrument Return Charges | Rs.500 and onwards | Rs.500 and onwards |
| Issuance of Duplicate Statement Charges | Rs.500 and onwards | Rs.500 and onwards |
| Loan Cancellation/Re-booking Charges | Starting from Rs.1500 | Starting from Rs.2000 |
| Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
Union Bank of India Car Loan Documents Required
Salaried Individual
| Category | Documents Required |
| Identity Proof
(Any 1) |
Aadhaar Card Passport PAN Voter ID Driving Licence |
| Address Proof
(Any 1) |
Driving Licence Aadhaar Card Voter ID |
| Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving Licence 10th Marksheet |
| Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
| Income Proof | Latest Form 16 and Salary Slips |
| Bank Statement | Bank statement of the last two months |
| Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Appointment Letter Letter of Relieving |
Self-Employed Individuals
| Category | Documents Required |
| Identity Proof (Any 1) | Passport Driving Licence PAN Voter ID |
| Address Proof (Any 1) | Driving Licence Aadhaar Card Passport Electricity Bill Voter ID |
| Date of Birth Proof (Any 1) | Birth Certificate Passport PAN |
| Signature Proof (Any 1) | Passport Bankers Verification PAN |
| Income Proof | Latest Form 16 and Salary Slips |
| Bank Statement | Bank statement of the last two months |
| Employment Continuity Proof | Shop & Establishment Act Certificate
SSI or MSME Registration Certificate |
| Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Aadhaar Card Passport PAN Driving Licence Voter ID |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous three years |
| Bank Statement | Bank statement of the last two months |
| Business Continuity Proof | Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Additional documents | Authority Letter |
2. Private Limited/Limited Companies
| Category | Documents Required |
| Identity Proof | Copy of Latest MOA Copy of Latest AOA Copy of Incorporation |
| Address Proof (Any 1) |
Current Account Statement
Telephone Bill SSI or MSME Registration Certificate Sales Tax or VAT Certificate Shop & Establishment Act Certificate Registered Lease Document with other utility bills |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous three years |
| Bank Statement | Bank statement of the last two months |
| Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate |
| Additional documents |
List of Directors and Shareholding Partners
Board Resolution Certificate of Commencement of Business for Ltd. Co. |
Union Bank of India Car Loan EMI Calculator
Individuals can calculate their EMIs before applying for Union Bank of India Car Loan by the mentioned calculator:
Union Bank of India Car Loan Types
Based on the customers need, Union Bank of India comes in 3 different types:
- New Car Loan – For buying a new car and availing loan tenure for up to 7 years.
- Used Car Loan – For buying a used car and getting loan tenure up to 5 years.
- Loan Against Car – For needs of funds by keeping your car as collateral.
Union Bank of India Car Loan Pre Calculated EMI
How to Apply for Union Bank of India Car Loan?
- Fill the information required on Dialabank’s Website.
- Get in touch with our Relationship Manager for further process.
- Analyze and compare different options available and select the best for you.
- Applying through Dialabank can help you in availing more benefits on your loan.
Union Bank of India Car Loan for Top Selling Cars
Other Available Products from Union Bank of India
| Union Bank of India Gold Loan | Union Bank of India TWL | Union Bank of India LAP |
| Union Bank of India Personal Loan | Union Bank of India Education Loan | Union Bank of India Loan |
FAQs for Union Bank of India Car Loan
✅ What is Union Bank of India Car Loan?
It is a secured type of loan provided to applicants for buying new/used cars.
✅ How can I get Car Loan from Union Bank of India?
Car Loan from Union Bank of India is easy to avail through Dialabank.
✅ How does Union Bank of India Car Loan work?
Union Bank of India provides funds to the applicant for buying the vehicle and charge interest against it.
✅ What is the Car Loan Interest Rate in Union Bank of India?
7.50% is the primary interest rate charged by the Union Bank of India.
✅ How to Check Car Loan status in Union Bank of India?
Check your car Loan Status online by using Union Bank of India official website.
✅ How to Calculate Car Loan Interest in Union Bank of India?
Use Dialabank EMI calculator to calculate your interest and EMI.
✅ What is the maximum loan amount I can avail on Car Loan from Union Bank of India?
You can get up to 100% of the ex-showroom price. There’s no specific price cap.
✅ What is the loan tenure of Union Bank of India Car Loan?
Loan Tenure of India’s Union Bank is up to 7 years for the new cars and five years for the used ones.
✅ Can I get 100% Car Loan from Union Bank of India?
Yes, you can get 100% Car Loan from Union Bank of India.
✅ How much Processing Fee is applicable on Union Bank of India Car Loan?
0.40% of the principal amount is charged as the processing fee on Union Bank of India Car Loan.
✅ What are the EMI options available on Union bank of India car loan?
Balloon EMI and Step-up EMI are the two options available with Union Bank of India Car Loan.
✅ What are the charges for Prepayment in Union Bank of India Car Loan?
Union Bank of India can charge up to 2% as the prepayment charges.
✅ Can I get a top-up loan on my existing Union Bank of India car loan?
Top-up on Existing Loan with Union Bank of India depends on some specific criteria. Contact the nearest branch to know in detail.
✅ Do I need to provide a guarantor to avail a car loan from Union Bank of India?
No, Guarantor is not required to avail a car loan.
✅ How to get Union Bank of India Car Loan Statement?
Get your car Loan statement directly through the ATM or Branch of Union Bank of India. You can get it quickly from the bank’s website too.
✅ How to Pay Union Bank of India Car Loan Interest Online?
Pay interest online using net banking on the Union Bank of India payment gateway.
✅ What if I can’t pay the interest on Union Bank of India Car Loan for three months?
Bank has the right to take your vehicle back and impose hefty fines on you if you fail to pay interest for three months without any prior information.
✅ How can I apply for EMI Moratorium on Union Bank of India Car Loan?
You can apply for EMI Moratorium on Union bank of India by writing an application to branch manager directly stating the same reason.
✅ What is the number for Union Bank of India Car Loan agent?
Best car Loan agent of Union Bank of India is Dialabank. Dialabank’s contact number: 9878981166.
✅ Can I close Union Bank of India Car Loan online?
Union Bank of India requires you to reach the nearest branch to completely close the loan, whereas you can surely start closing your loan online.
✅ What is Union Bank of India Car Loan Customer Care Number?
9878981166 is the number you need for all your queries related to Union Bank of India Car loan.
✅ How can I get NOC from Union bank of India for a car loan?
By Paying all the outstanding dues against your loan, you can reach the bank and take your NOC of the Car Loan.
✅ What is the Union Bank of India Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the Union Bank of India Car Loan account.
- Pay the pre-closure charges as per Union Bank of India Car Loan.
✅ What is the Union Bank of India Car Loan preclosure charges?
Union Bank of India Car Loan preclosure charges are 2% of the principal outstanding.
✅ What is the Union Bank of India Car Loan maximum tenure?
The Union Bank of India Car Loan maximum tenure is 7 years.
✅ What is the Union Bank of India Car Loan minimum tenure?
The Union Bank of India Car Loan minimum tenure is 1 year.
Table of Contents
- 1 Union Bank of India Car Loan Key Features – Jan 2021
- 2 About Union Bank of India Car Loan
- 3 Advantages of Union Bank of India Car Loan
- 4 Union Bank of India Car Loan Eligibility
- 5 Union Bank of India Car Loan Interest Rate, Fees and Charges
- 6 Union Bank of India Car Loan Documents Required
- 7 Union Bank of India Car Loan EMI Calculator
- 8 Union Bank of India Car Loan Types
- 9 Union Bank of India Car Loan Pre Calculated EMI
- 10 How to Apply for Union Bank of India Car Loan?
- 11 Union Bank of India Car Loan for Top Selling Cars
- 12 Other Available Products from Union Bank of India
- 13 FAQs for Union Bank of India Car Loan
- 13.1 ✅ What is Union Bank of India Car Loan?
- 13.2 ✅ How can I get Car Loan from Union Bank of India?
- 13.3 ✅ How does Union Bank of India Car Loan work?
- 13.4 ✅ What is the Car Loan Interest Rate in Union Bank of India?
- 13.5 ✅ How to Check Car Loan status in Union Bank of India?
- 13.6 ✅ How to Calculate Car Loan Interest in Union Bank of India?
- 13.7 ✅ What is the maximum loan amount I can avail on Car Loan from Union Bank of India?
- 13.8 ✅ What is the loan tenure of Union Bank of India Car Loan?
- 13.9 ✅ Can I get 100% Car Loan from Union Bank of India?
- 13.10 ✅ How much Processing Fee is applicable on Union Bank of India Car Loan?
- 13.11 ✅ What are the EMI options available on Union bank of India car loan?
- 13.12 ✅ What are the charges for Prepayment in Union Bank of India Car Loan?
- 13.13 ✅ Can I get a top-up loan on my existing Union Bank of India car loan?
- 13.14 ✅ Do I need to provide a guarantor to avail a car loan from Union Bank of India?
- 13.15 ✅ How to get Union Bank of India Car Loan Statement?
- 13.16 ✅ How to Pay Union Bank of India Car Loan Interest Online?
- 13.17 ✅ What if I can’t pay the interest on Union Bank of India Car Loan for three months?
- 13.18 ✅ How can I apply for EMI Moratorium on Union Bank of India Car Loan?
- 13.19 ✅ What is the number for Union Bank of India Car Loan agent?
- 13.20 ✅ Can I close Union Bank of India Car Loan online?
- 13.21 ✅ What is Union Bank of India Car Loan Customer Care Number?
- 13.22 ✅ How can I get NOC from Union bank of India for a car loan?
- 13.23 ✅ What is the Union Bank of India Car Loan closure procedure?
- 13.24 ✅ What is the Union Bank of India Car Loan preclosure charges?
- 13.25 ✅ What is the Union Bank of India Car Loan maximum tenure?
- 13.26 ✅ What is the Union Bank of India Car Loan minimum tenure?
