Union Bank of India Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Union Bank of India Car Loan Key Features

Union Bank of India Car Loan Interest Rate 7.35%* per annum
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 by maintaining suitable CIBIL Score and clearing the eligibility criteria.

Advantages of Union Bank of India Car Loan

Union Bank of India Car Loan

Union Bank of India Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 3 Lakhs
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 3 Lakhs
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least six months
  • Average Quarterly Balance – Minimum Rs.1 lakh for the last two quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last two quarters

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
Current Account Statement
Sales Tax or VAT 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:

Car Loan EMI Calculator

Union Bank of India Car Loan Types

Based on the customers need, Union Bank of India comes in 3 different types:

  1. New Car Loan –  For buying a new car and availing loan tenure for up to 7 years.
  2. Used Car Loan – For buying a used car and getting loan tenure up to 5 years.
  3. 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?

  1. Fill the information required on Dialabank’s Website.
  2. Get in touch with our Relationship Manager for further process.
  3. Analyze and compare different options available and select the best for you.
  4. 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?

7.35% 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 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 Union Bank of India 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 reason behind the same.

✅ 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 the process of 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.

 

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