Union Bank Car Loan - Features & Application Process

Car Loan Schemes Provided by Union Bank of India

Union Miles Car Loan Scheme Explained

Key Highlights

1. Loans starting from Rs.20 lakh onward
2. Flexible repayment tenures of up to 7 years
3. Loans available for both resident and Non-Resident Indians (NRIs)
4. Loans for buying old cars also available
   

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 EMI Calculator

Union Bank Car Loan vs Other Banks: Interest Rate Comparison

*For calculation purpose, we have taken 7 years as the tenure and Rs.1 lakh as the amount.

How to Apply for Union Bank of India Car Loan

Step 1: Visit Union Bank of India's official website.

Step 2: Go to the "Products" section.

Step 3: Click on "Retail" under the "Loans" section.

Step 4: Click on "Union Miles".

Step 5: You will be redirected to the car loan page where you have to click on "Online Application".

Step 6: Click on "Apply Online"

Step 7: You will be redirected to another page where you have either select "New User" or "Existing User".

Step 8: If you click on "New User", you will be redirected to another page where you have to fill in the required details along with the type of loan you have been looking for.

Step 9: Post that, click on "Apply" to complete the process.

Step 10: If you are an existing user, you have to key in your reference and mobile number to complete the application.

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:

1. Loan Tenure: Lending institutions might offer low-interest rates for car loans with shorter loan tenures. Since the borrower has made a huge lump sum down payment, the procured loan amount will be lower, thereby shortening the loan tenure. Shorter loan tenures ensure that customers are able to save on monthly instalments through the tenure and they do not have to bear the huge burden of paying extra interest charges.

1. 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.
2. Down Payment: The down payment amount given by a customer also defines the interest rate that the bank will be offering for a car loan. The higher the down payment amount, the lower the interest rate and vice versa. Customers should always pay a good lump sum before they start their car loan. There are dual benefits attached to this, the first being that the interest rate is lowered and the second being that the monthly instalment amount also comes down considerably.

Union Bank Car Loan Document Checklist

For salaried

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

For self-employed

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

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