Union Bank of India offers quick and easy vehicle loan also known as Union Miles. You can avail the scheme to purchase new or old(up to 3 years ) four-wheeler and new two-wheeler. Before this, a person has to meet following eligibility criteria as mention below:
- He must be a citizen of India. Non resident Indians holding a valid license can also avail.
- Minimum age is 18 years and maximum is 70 years.
- Individual can avail the loan the loan either singly or jointly with other family members like father, mother, son or daughter as co-applicant.
- Legal entity/person can also avail for the use of their employee(s)/director(s).
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|
Margin in aforementioned loan is 15% of on road price. For old vehicle, margin is 15% of its valuation price. Maximum repayment tenure for new four-wheeler is 7 years and for old one it is 5 years. Likewise, maximum repayment tenure for two-wheeler is 3 years.
Union Miles Rate of Interest:
|Type of Vehicle||CIBIL Score||Effective Rate of Interst|
|700 & above||8.60%|
Old 4-wheelers (not older than 3 years)
|700 & above||11.60%|
|700 & above||11.10%|
Vehicle purchased is to be hypothecated to bank as security. Guarantee of spouse is required and if person is unmarried then guarantee of person having sufficient means is required. Kindly find below the list of documents required:
- Proof of Identity
- Proof of address
- valuation report in case of old vehicle from approved automobile engineer.
- 3 photographs
- Proof of income- For salaried class, it is last one year ITR, Form 16 and last six month salary slip. For business class it is last three year ITR, P&L statement, balance sheet.
To know more about Union Bank of India Vehicle Loan, Kindly go through the FAQs here
You can directly apply for vehicle loan here
Want to take Union Bank home loan, kindly visit here