Union bank of india provides vehicle loan with low interest rates.
Purpose of Union Bank of India Vehicle loan:
Loan can be availed by individuals for personal use:
Purchase of New 4-Wheeler
Purchase of Old 4-Wheeler, not older than 3 years
Purchase of a New 2-Wheeler
Loan can also be availed by Companies / Firms for professional use i.e. purchase of vehicle for usage by their Directors / employees.

VEHICLE LOAN ELIGIBILITY:
Resident Indian citizen and Non-Resident Indians (NRIs).
Minimum age - 18 years and maximum age - 75 years.
Individual, either singly or jointly with family members.
Companies / Firms for purchase of vehicle for usage by their Directors/employees.

QUANTUM OF LOAN:
Minimum – No ceiling
Maximum - as under:
New 4-wheeler - No ceiling
Old 4-wheelers (not older than 3 years) - Rs.20 Lakh
New 2-wheeler - Rs.10 Lakh

VEHICLE LOAN MARGIN:
 
Vehicle Type
Minimum Margin
Salaried
Other than salaried

Maintaining salary account with us
Not maintaining salary account with us

New 4-Wheeler
10%
20%
40%

New 2-Wheeler
10%
25%
40%

Old 4-Wheeler
10%
25%
40%


Repayment:
New 4 Wheeler - 84 months
New 2 Wheeler - 36 months
Old 4 Wheeler - 60 months

Moratorium:
No moratorium permitted under the scheme.

Prepayment penalty:
There is NO prepayment penalty if loan adjusted from own verifiable source.

Rate of interest :
Please click here to know our latest interest rates


GUARANTEE:
No guarantee required for individual borrowers with CIBIL score of 700 and above.
Guarantee of a local resident Indian having means equivalent to loan amount, is to be provided by the NRI applicant.
In case of companies guarantee of the promoter/director is required.
In case of partnership firm, guarantee of all the partners is required.


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