Union Bank of India Car Loan- Eligibility & EMI Calculator
Last Updated : April 25, 2016, 11:46 a.m.
Want to fulfill the dream of car, but not getting the exact information on the interest rate, processing fee, prepayment charges of lenders. Don’t worry as you will be the provided the same in ample to help you choose the lender that will offer the pocket-friendly loan. In our edition of car loan lenders, we have today picked Union Bank of India, a major public sector bank. The bank finances car loan through a scheme known as Union Miles. Let’s see the scheme in detail.
Union Bank of India Car Loan Interest Rates-2016
New Cars-9.05% p.a. (Floating)
Used Cars-11.55% p.a. (Floating)
Features, fees and charges
- Maximum loan amount- Rs 1.25 cr
- Repayment period-7 years
- Margin money at 15% of road price (Ex-showroom price+road tax+registration charges+insurance)
- Interest rate- 9.05% per annum
- Processing fee- 0.5% of the loan amount to a limit of Rs 15,000 plus service tax as applicable
- No prepayment charges if you adjust the loan from your own verifiable legitimate sources
- A penalty of 2% will be levied on the average balance of the past 12 months if the loan is transferred to any other Bank /FI or adjusted by you in lump sum from any third source/party
- Other charges as applicable by the bank
- Guarantee of spouse needed
- 3rdparty guarantee will be required if you are unmarried
Now check the eligibility criteria and documentation of Union Bank of India for availing the car loan.
Eligibility Criteria
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 23-60 years | 27-65 years |
| Minimum Income | Minimum net salary of Rs 1.5 lacs per annum, net monthly take home salary should be at least 2 times of the total monthly installment | Minimum gross business Income of Rs 1.5 lacs per annum |
| Employment/Business Continuity | Minimum 2 years of work experience | Been in the business for at least 3 years |
| Address | Been at the current residence for up to 1-3 years | Been at the current residence for up to 1-3 years |
| Post Paid or Landline Connection | Needed | Needed |
Documentation
| Proofs | Salaried Professionals | Self-employed |
|---|---|---|
| Identity Proof | Passport/PAN Card/Employee Identity Card/Any Other Valid Proof | Passport/PAN Card/Employee Identity Card/Any Other Valid Proof |
| Income Proof | Last 1 year ITR, Form 16/Letter From Employer, Salary Slips for Last 6 months | ITR for last 3 years, P&L, Balance Sheet |
| Address Proof | Electricity Bill/Telephone Bill/Ration Card/Any Other Valid Proof | Electricity Bill/Telephone Bill/Ration Card/Any Other Valid Proof |
| Proforma Invoice | Yes | Yes |
| 3 Photographs | Yes | Yes |
Union Bank of India Car Loan EMI Calculator
It is important to get a sight of the EMI amount on the loan amount to be availed by you. Being aware of the said amount will create a platform for an easy and seamless repayment of the car loan. Which will help your case in this regard? It is the car loan EMI calculator of the bank that will let you know the EMI in addition to overall interest outgo, and the total payment involving both interest and principal over the loan term. Suppose you are planning to avail a car loan of Rs. 5,00,000 from Union Bank of India for a period of 7 years and want to check the EMI and other variables over the loan term. You can take a look at the table below and set yourself for a bumpy-free car journey.
Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at Union Bank of India
| Loan Amount ( In Rs.) | Tenure (In years) | Interest Rate (p.a) | EMI ( In Rs.) | Total Interest ( In Rs.) | Total Amount (Principal +Interest) ( In Rs.) |
|---|---|---|---|---|---|
| 5,00,000 | 3 | 10.10% | 16,157 | 81,655 | 5,81,655 |
| 5,00,000 | 4 | 10.10% | 12,705 | 1,09,855 | 6,09,855 |
| 5,00,000 | 5 | 10.10% | 10,648 | 1,38,888 | 6,38,888 |
| 5,00,000 | 6 | 10.10% | 9,288 | 1,68,747 | 6,68,747 |
| 5,00,000 | 7 | 10.10% | 8,326 | 1,99,422 | 6,99,422 |
Union Bank of India Car Loan Application Form
You can access the car loan application form either online or by visiting the branch of Union Bank of India. The form has sections for salaried and self-employed. You need to fill personal and professional details, which will be then checked thoroughly by the bank post the submission of the application form. The bank will send an executive to your office and residence to check the authenticity of your application. Make sure you are present while the visit is on. If things go fine in the investigation, you will be provided a suitable loan amount to buy a car. However, if any discrepancy is found, the loan disbursal could get delayed by few more days than normal.
(Updated on : 7th September, 2016)