United Bank of India Car Loan

United Bank of India Car Loan Key Features – Oct 19 2021

About United Bank of India Car Loan

United Bank of India is a state-owned financial services firm headquartered in Kolkata, West Bengal, India. Currently, the bank has a three-tier organizational setup consisting of its Head Office in Kolkata, 36 Regional Offices and 2054 branches all over India.

United Bank of India presents affordable Car Loan interest rates to the customer for purchasing their dream car, it can be new or second hand. You can easily avail of a car loan who have a good credit/CIBIL score.

Advantages of United Bank of India Car Loan

⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges

United Bank of India Car Loan Eligibility

United Bank of India Car Loan Interest Rate, Fees and Charges

United Bank of India Car Loan Documents Required

Documents required for a car loan are as followed:

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

2. Private Limited/Limited Companies

How to Increase Your Eligibility for United Bank of India Car Loan

• Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in the United Bank of India. This will be an indication of your higher repayment capacity for the United Bank of India Car Loan, which will build a sense of confidence in you.
• Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a United Bank of India car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for the United Bank of India Car Loan.
• Maintain a low debt-to-income ratio: A low debt-to-income ratio in the United Bank of India means you have a good balance between your earnings and your spending. This is because before the United Bank of India decides to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for the United Bank of India Car Loan.
• Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a United Bank of India car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a United Bank of India loan are higher.

Factors Affecting United Bank of India Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

• Income: If your income is on the higher side, there is a good chance that your eligibility for a United Bank of India car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a United Bank of India car loan, your yearly income should be at least Rs.3 lakh.
• Loan amount: Your Eligibility Criteria for Car Loan from United Bank of India will be higher if you apply for a lower loan amount as if the loan amount is lower, United Bank of India knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for the United Bank of India Car Loan.
• Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in the United Bank of India. It might give an impression to the bank that you do not possess the ability to pay Your United Bank of India loan.
• Credit score: This is an important factor that every bank, including the United Bank of India, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by the United Bank of India and most lenders.
• Relationship with the bank: As stated earlier, the United Bank of India offers instant car loans to their existing customers, which allow the United Bank of India’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

United Bank of India Car Loan Customer Care – Toll-Free Number

United Bank of India 24*7 customer care toll-free number all your general enquiries is 1800 345 0345.

United Bank of India Car Loan EMI Calculator

The candidate has the option to check the EMI’s before getting a Car Loan. You can easily examine through the link below:

Car Loan EMI Calculator

United Bank of India Car Loan Types

United Bank of India offers three types of car loans to its customers. You have the choice of picking the offer which suits you. United Bank of India presents the following types of Car Loans:

1. New Car Loan –  If you have a desire to buy a new car, this scheme is for you. You can avail of a car loan from the United Bank of India for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
2. Used Car Loan – If you wish to purchase a used car then you can pick this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
3. Loan Against Car – You can select this scheme if you require urgent funds where you can keep your cars as security with the bank.

United Bank of India Car Loan Pre Calculated EMI

How to Apply for a United Bank of India Car Loan?

1. Visit Dialabank and fill a simple form.
2. Our Relationship Manager will contact you and guide you throughout the processing for a car loan.
3. You can compare various offers from banks and pick the one which suits you.
4. So, you can easily Apply For a Car Loan with Dialabank and enjoy the best offers.

Tips to Decide the Right Amount of EMI in Car Loan

• Ascertain the amount you need to borrow: It is important that before approaching the United Bank of India for a loan, you inform them about the amount of loan you need to borrow. Limit your United Bank of India loan amount after accounting for your available funds.
• Review your current obligations: Before taking a United Bank of India loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the United Bank of India Loan after taking into account other obligations.
• Calculate your United Bank of India car loan eligibility: Your United Bank of India eligibility is an assessment of your repayment capacity based on your monthly income. United Bank of India provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
• Multiplier-based loan amount eligibility: United Bank of India also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your United Bank of India loan eligibility.
• FOIR based loan amount eligibility: United Bank of India will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. United Bank of India applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in the United Bank of India or other banks to calculate your fixed obligations.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in the United Bank of India is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. United Bank of India gives you two options:

• Reduce your loan tenure and keep EMI on your car loan unchanged
• Reduce the amount of EMI and keep your loan tenure the same

How to Calculate United Bank of India Car Loan EMI

Before you avail of a car loan from the United Bank of India, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

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FAQs for United Bank of India Car Loan

✅ What is the United Bank of India Car loan?

Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.

✅ How can I get a car loan from the United Bank of India?

You need to submit the required documents to check your eligibility criteria for a car loan along with your income proof to get a car loan from the United Bank of India.

✅ How to Check Car Loan status in the United Bank of India?

You can check your car loan status in United Bank of India by visiting the nearest branch or by checking the bank’s website

✅What is the maximum loan amount that I can avail of on a car loan from the United Bank of India?

N/A

✅ What is the loan tenure of the United Bank of India Car loan?

United Bank of India offers a car loan for a period of 1 year to 7 years.

✅ Can you prepay your United Bank of India Car Loan?

There is no prepay/foreclosure charges for getting a car loan from the United Bank of India.

✅ Does the United Bank of India Car Loan charge any Processing Fees?

The processing fee charged by the United Bank of India for a car loan is 0.40% of the principal amount

✅ Can I get a United Bank of India Car Loan if I have a low Credit score? 

There is a requirement of a good credit score of 700 or above for availing of a car loan from the United Bank of India.

✅ What can you keep as Security with the United Bank of India to get a Car Loan?

No need for any other security other than the car itself to get a car loan from the United Bank of India.

✅ What is the United Bank of India Car Loan closure procedure?

• Just go to the bank with the list of documents required for a Car Loan.
• Write a letter for pre-closure of the United Bank of India Car Loan account.
• Pay the pre-closure charges as per the United Bank of India Car Loan.

✅ What are the United Bank of India Car Loan preclosure charges?

United Bank of India Car Loan preclosure charges are up to 6%+ GST.

✅ What is the United Bank of India Car Loan maximum tenure?

The United Bank of India Car Loan maximum tenure is 7 years.

✅ What is the United Bank of India Car Loan minimum tenure?

The United Bank of India Car Loan minimum tenure is 1 year.