Union Bank Car Loan - Features & Application Process

Car Loan Schemes Provided by Union Bank of India

Union Vehicle Loan 

• Loans are provided for the for a new or old car. 

• If you are purchasing a new car, there is no maximum limit to the loan that is provided. 

• If you are purchasing an old car, the maximum loan amount that is provided is Rs.20 lakh. 

• The maximum repayment tenure is up to 84 months for a new car loan and up to 60 months for an old car loan. 

Union Green Miles 

• Loans are provided for the purchase of a new electric vehicle. 

• There is no upper limit to the amount of loan that will be provided. 

• The maximum repayment tenure is up to 84 months. 

How to Use the Union Bank Car Loan EMI Calculator?

Your car loan EMI (Equated Monthly Instalment) depends on multiple factors, including the loan amount, interest rate, loan tenure, and processing fee. To calculate your monthly instalment amount, you can use BankBazaar Union Bank of India Car Loan EMI Calculator. The entire computation process is simple and hassle-free with a quick turnaround time.   

Union Bank Car Loan vs Other Banks: Interest Rate Comparison

How to Apply for Union Bank of India Car Loan?

• Visit Union Bank of India's official website. 
• Go to the "Products" section. 
• Click on "Retail" under the "Loans" section. 
• Click on "Union Miles". 
• You will be redirected to the car loan page where you have to click on "Online Application". 
• Click on "Apply Online" 
• You will be redirected to another page where you have either select "New User" or "Existing User".
• New users: Fill in your details and select your loan type. Then click "Apply."
• Existing users: Enter your reference number and mobile number to finish.

Factors Affecting Union Bank of India Car Loan Interest Rates

Some of the factors that affect Union Bank of India car loan interest rates are mentioned below:

• Loan Tenure: A shorter loan term usually gets a lower rate. When you pay a large amount upfront, you borrow less. This cuts the tenure. A short tenure also means you pay less interest overall.

• Income to Debt Ratio: The income to debt ratio translates to the number of debts that a borrower has, to the income earned on an annual basis. Banks consider this to be a major criterion when they sanction a car loan. If the income to debt ratio is good for an applicant, then the lender will give better interest rates.
  

• Down Payment: A bigger down payment means you borrow less. This can lower your interest rate. It also reduces your monthly EMI. Try to pay as much upfront as you can. It saves money in two ways less interest and smaller payments.

Union Bank Car Loan Document Checklist

For salaried

• Identity proof
• Address proof
• Invoice
• Valuation report from an automobile engineer (applicable for old vehicles)
• Last 6 months' salary slips
• Form 16
• Last 1 year's Income Tax Returns

For self-employed

• Identity proof
• Address proof
• Invoice
• Valuation report from an automobile engineer (applicable for old vehicles)
• Last 3 years' Income Tax Returns
• Profit and loss account statements along with balance sheet

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