Union Bank of India Car Loan Interest Rate

Here is the list of the characteristics of the Union Bank of India car loan-

• The bank provides financing for the purchase of a new or used car.
• Applicants possessing a CIBIL score of 700 or higher are not required to provide a guarantee.
• A bank can provide financing for up to 85% of the on-road price of a new car.
• Get a car loan with a payback term of up to seven years (84 months).
• Car loans are available at competitive interest rates.
• Salaried applicants who have a salary account with Union Bank of India can earn a 5% margin discount.

Some factors that may influence your Union Bank loan interest rate include-

If you have made a substantial down payment, you may be eligible for a Union Bank home loan with a low-interest rate.

Your ability to repay your Union Bank home loan will be determined by the amount of money you make each month. The greater your monthly cash inflow, the lower your Union Bank home loan interest rate, and vice versa.

Your CIBIL score indicates your ability to repay loans. If your CIBIL score is 750 or more, you may be eligible for a Union Bank loan with a low-interest rate. If the CIBIL score is lower than 750, you may still be eligible to receive a house loan online from Union Bank, but at a higher interest rate.

If you take out a large loan, you may be required to return it at a higher house loan interest rate. If the amount of your Union Bank house loan is little, the opposite may be true.

The repayment duration of a bank car loan is determined by the type of vehicle to be acquired with loan funds. The maximum payback duration for new cars is seven years (84 monthly EMIs), whereas, for used cars, it is five years (60 monthly EMIs). The bank does not impose a minimum payback term for car loans. Customers can choose the loan tenure based on their discretion and repayment capabilities.

Any resident of the country or a non-resident Indian can apply for a Union Bank of India car loan (NRI). The vehicle must be purchased only for personal use.

For such people, the age criterion is:

• The minimum age is 18 years.
• The maximum age is 75 years.

An individual and qualifying family members can apply for the loan jointly. The following members are qualified for this purpose:

• Son
• Spouse
• Father
• Mother
• Daughter

The bank also permits businesses to apply for loans for the usage of their directors or employees. The bank does not establish an income condition for qualifying. However, a client with poor repayment capacity will be denied.

The paperwork required for Union Bank of India car loans includes basic KYC documents, vehicle-related documentation, and documents proving the applicant's income. To complete the application, these documents must be sent together with it.

• PAN Card
• Driving License
• Aadhaar Card
• Passport

• Aadhaar Card
• Driving License
• Latest Utility Bills
• Registered Rent Agreement/ Lease Agreement/ Sale Deed
• Passport
• PAN Card

All applicants must sign a completed and signed application form (in case of more than one applicant)

The applicant, as well as any co-applicants, must provide three recent passport photographs (if any)

• Invoice
• Proforma
• For an ancient vehicle, a valuation report from an accredited automobile engineer is required.

• Last year ITR
• For salaried class 
• For business class
• P/L, Balance sheet
• Last three years ITR
• Last six months' salary slip
• Form 16
• Letter from Employer

You can apply for a car loan through two modes-

• Offline Mode: In this method, you will have to visit the closest Union Bank of India with the required documents and a representative will help you through the process.
• Online Mode: In this method, you will have to visit the official website, and complete the application process in the car loan section.