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  • Union Bank Car Loan EMI Calculator is Rated as "Blown Away!" by 28 Users

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    Union Bank Car Loan EMI Calculator

    Union Bank offers the "Union Miles" car loan scheme which can be availed by any individual who's seeking financial help in the form of a car loan. The car loan is available at reasonable interest rates. Union Bank offers finances up to 85% of the ex-showroom price of the vehicle which includes vehicle cost, car insurance, registration charges, and road tax. Car loans from union bank are offered at an affordable interest rate of 8.90%. Loan tenures range from 1 year to 7 years. Individuals who are over the age of 18 years and with sound credit history are eligible to avail a car loan from Union Bank.

    How to use BankBazaar Union Bank Car Loan EMI Calculator to understand your car loan repayment

    BankBazaar offers a simple and easy-to-use EMI Calculator which can be used to calculate the EMI that you will have to pay towards the repayment of a car loan that has been disbursed by Union Bank. EMI for various tenures can be calculated using the EMI Calculator. This is simple tool offers an in-depth analysis of an EMI which has to be paid. An amortization table is also provided to give the user a visually analysis of the EMI that needs to be repaid.

    Union Bank Car Loan EMI Calculator – How does it work?

    There are certain primary details which you will have to provide to ensure that you come up with an accurate result when calculating your EMI while using a Union Bank Car Loan EMI Calculator and these are listed below:

    • Loan Amount: An individual can drag the pointer on the scale on a Union Bank Car Loan EMI Calculator to select the car loan amount that they require.
    • Tenure: Once a customer has chosen the car loan amount required, the loan tenure will have to be chosen by dragging the pointer over the “Tenure” scale.
    • Interest Rate: Type in the interest rate offered by Union Bank into the EMI Calculator on the BankBazaar website.
    • Processing Fee: Enter the processing fees which are levied by Union Bank on the car loan.
    • Prepayment: Customers who avail a car loan from Union Bank will have to make a choice to either make a prepayment on the car loan or not. There are two options which a customer can choose from:
    • If a customer does not wish to make a prepayment towards their car loan, they can directly select the “Calculate”. Once this is done, the customer will be provided with a page that shows the breakup of the total amount which you will have to pay. The page provided will also have the amortization graph and car loan details.
    • If a customer does choose to make a prepayment, they would have to click “Yes” next to the prepayment tab. You will then have to provide the information asked for in the following tabs:
    • Prepayment frequency
    • Prepayment fee
    • Prepayment amount
    • How the prepayment applies

    After the customer has provided all the details required by the Union Bank Car Loan EMI Calculator, click on the “Calculate” button to start the calculation process. This will take a fraction of a second and the amount which is payable will be displayed on the screen.

    Example: Let us consider the interest rate that is offered by Union Bank on a car loan as 8.90% with a processing fee of 0.15%. Using the EMI Calculator available on the BankBazaar website, the table below shows the calculations made for varied tenures and for different loan amounts.

    Loan amount (Rs.) Interest rate* Processing fee EMI for 2 years (Rs.) EMI for 3 years (Rs.) EMI for 4 years (Rs.) EMI for 5 years (Rs.) EMI for 6 years (Rs.) EMI for 7 years (Rs.)
    10 lakh 8.90% 0.50% 45,800 31,916 25,004 20,880 18,150 16,216
    15 lakh 8.90% 0.50% 68,699 47,874 37,506 31,320 27,225 24,324
    20 lakh 8.90% 0.50% 91,599 63,832 50,008 41,760 36,300 32,432
    25 lakh 8.90% 0.50% 1,14,499 79,791 62,510 52,200 45,375 40,541
    30 lakh 8.90% 0.50% 1,37,399 95,749 75,012 62,640 54,450 48,649
    35 lakh 8.90% 0.50% 1,60,298 1,11,707 87,514 73,080 63,525 56,757
    40 lakh 8.90% 0.50% 1,83,198 1,27,665 1,00,016 83,520 72,599 64,865

    *Interest rates are subject to change following the GST rollout on July 1, 2017.

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    Union Bank Car Loan EMI Calculator - Features and Benefits

    The Union Bank Car Loan EMI Calculator that’s available on the official website of BankBazaar helps minimise any time that’s unnecessarily wasted on calculating the EMI which has to be paid towards the repayment of a car loan:

    • The EMI Calculator is a very user-friendly tool that gives a detailed breakup of the loan that an individual has to repay to Union Bank
    • The tool also displays amortization table in a detailed manner along with EMI that the individual has to pay
    • It is absolutely free to use the Union Bank Car Loan EMI Calculator that is available on the official website of BankBazaar
    • The EMI Calculator can be used a number of times to help zone in on the right option that can cater to the needs and requirements of the customer
    • The tool can help in calculating the EMI that needs to be paid towards a car loan even after considering any prepayments which a choose to make
    • BankBazaar has a dedicated customer support team which ensures that all problems and queries of a customer are resolved as soon as possible

    Union Bank Car Loan EMI Calculator FAQs

    1. What are the main features of the Union Bank car loan?

      The Union Bank car loan is characterised by the following features:

      • An individual can avail close to 90% of the total cost of the vehicle
      • The bank offers car loans at affordable interest rates
      • There are a number of benefits that are offered along with a car loan that has been available from Union Bank
    2. What is the formula that is used to calculate the EMI on a car loan taken from Union Bank?

      EMI Is calculated using the following formula:

      EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],

      Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of instalments.

      This formula does not take into account the prepayments that you make towards the loan.

    3. Is it easier to calculate the EMI using the EMI Calculator or an excel sheet to get faster and more accurate results?

      No, calculating the EMI using the formula or an excel sheet would be time-consuming and error-prone. Moreover, it would be complicated to calculate the EMI when prepayments are made towards the debt. Hence, it is recommended to use the Bankbazaar Union Bank Car Loan EMI Calculator for the same.

    4. What is a car loan amortization table?

      A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.

    5. I know there is a prepayment penalty levied by my lending bank, but do not know the exact amount I will have to pay for the same. How can I get accurate results from the tool then?

      It is advisable to read through the loan documentation to understand the prepayment penalty levied by your lender. Alternatively, you can visit the bank branch or call up the bank’s customer service desk and request for the same. Once you get the details of the prepayment charges, you can use this information as input to the EMI Calculator tool and view the amortization schedule instantly.

    Car Loan Reviews

    • Union Bank of India Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had a very good car loan experience with Union Bank of India, i have taken loan for Rs 3 lakhs with the rate of interest of 8.5% which is less when compared to other banks. The process was very smooth and the loan amount was approved within 4 days. My loan amount was approved based on the on road price. Customer service was good and their response was also good. The best part i found is there is no processing charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2017
    • Union Bank of India Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan is with UBI for 7 years back and The loan amount was 8 lakhs . The EMI period was 5 years and the rate of interest was 11.5% which is average. I am completely satisfied with the loan process here because It was easy and the executive was very helpful. It took just 2-3 days for the whole process and sanctioned the loan with committed time also.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 25, 2017
    • Union Bank of India Car Loan
      "Process is good & swift"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from Union Bank of India. The interest rate was around 6% and the processing charges is also normal. The process to get the loan was quick and there were no hassles in the documentation. The after loan services are also good.
      Was this review helpful? 0
      , dhanbad
      Reviewed on Oct 14, 2017
    • Union Bank of India Car Loan
      "Extremely good"
      0.5 5.0/5 "Blown Away!"
      Union bank of India housing loan was simply great, they had helped me out by providing the loan with very minimal conditions.(i.e) terms and conditions were not that much. For instance in my case cheque was issue instantly and that impressed me a lot. It is not a joint loan it is a sole account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 21, 2017
    • Union Bank of India Car Loan
      "More reliable bank sector in india"
      0.5 5.0/5 "Blown Away!"
      When I applied for the car loan from my same bank, where I hold my account they gave me good service. My car loan got got sanctioned within two days from Union Bank of India. First day I had submitted my documents and next day, they disbursed the amount. Union bank gave me attractive interest, I got all the benefits from them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 04, 2017
    • Union Bank of India Car Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      Union bank of India did a great job for me for the car loan. I got the loan through within two days and the bank transferred the funds to the dealer in the next three days. The rate of interest was of 9% and the processing charges was normal. Overall a satisfactory experience.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 06, 2017
    • Union Bank of India Car Loan
      "Very good in services & deal on ROI"
      0.5 5.0/5 "Blown Away!"
      Union Bank of India has given me a good deal on the rate of interest and processing charges. The interest rate was of 9% and the charges are minimal. The services was also good with a smooth documentation process. I got the car loan on time and as required.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 02, 2017
    • Union Bank of India Car Loan
      "Good in rate of interest"
      0.5 3.5/5 "Pretty good"
      Union bank of India is the lowest in terms of interest rate than any other banks. It is too good. Actually I applied for a car loan with them and it is in process. So far I am getting proper service from the bank. Customer service is also quite approachable.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 10, 2017
    • Union Bank of India Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I haven't taken the car loan with the Union Bank of India. The rate of interest is around 9.15% and which was pretty good for me unfortunately I had to drop the plan of availing loan the process was so fast my loan was sanctioned with short spam of time. I would say that the services was outstanding.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 04, 2017
    • Union Bank of India Car Loan
      "It is good and its recommendable"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken during the year 2005 and it was successfully completed during the year 2009. UBI asked for normal set of documents they did not ask for additional documents. Documents required were FORM 16, salary slip and pan card. I did not face any issues with them till date.
      Was this review helpful? 0
      , barmer
      Reviewed on Oct 19, 2016
    • Union Bank of India Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan process was great with union bank of India which was recommended by my friend. Within seven days of time they completed the formalities and disbursed the loan. Interest rate charged was 0.75% less comparing with other banks for the new car.
      Was this review helpful? 0
      , amritsar
      Reviewed on Jul 05, 2016
    • Union Bank of India Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      An excellent experience with Union Bank of India for my Car loan. The process was completed within three days. The documentation was not much. The rate of interest was of 9.36%. And it was a zero processing fee. The services and response was excellent through the process.
      Was this review helpful? 0
      , faridabad
      Reviewed on Apr 23, 2016
    • Union Bank of India Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have taken the car loan with the Union Bank of India and the interest rate was around 9.5%. The loan amount got disbursed to my account within a day of time. The processing charges were nil with them and the documentation process were nominal with them.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Mar 29, 2016
    • Union Bank of India Car Loan
      "Affordable rate of interest"
      0.5 4.0/5 "Great!"
      The car loan from Union bank was the correct choice by far as the rate of interest offered is 10% which I think is affordable and does not pinch your pocket. They are customer friendly and the entire processing and documentation was easy enough.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Mar 14, 2016
    • Union Bank of India Car Loan
      "Easy loans!"
      0.5 5.0/5 "Blown Away!"
      I got my car loan processed from Union Bank of India within 5 days of making a request. They offered me the car loan with best interest rate and they charged me a reasonable processing fee against the loan. Most importantly, the executive used to resolve the queries on spot.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 08, 2016
    • Union Bank of India Car Loan
      "Got good loan amount "
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from UNION BANK OF INDIA before nine months. I have taken this loan from them because I hold an salary account there. I got 85% funding for my vehicle with the lesser interest rates. Documentation processing was very good and they are doing a good job to the customers.
      Was this review helpful? 0
      , jammu
      Reviewed on Nov 19, 2015
    • Union Bank of India Car Loan
      "Great Experience"
      0.5 4.5/5 "Excellent!"
      It was great experience with Union bank of India as within one day the approval was done with minimum documentation and within two days the loan was disbursed. They charge only 10.5% interest rate for the car loan and with 1% processing fee . I never excepted such kind of service from the government bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 27, 2015
    • Union Bank of India Car Loan
      "Comfortable...."
      0.5 4.0/5 "Great!"
      I have taken a car loan form Union bank of India. Term and conditions are good and simple. Only thing is quiet difficult to get a car loan form them. They have collected very simple documents. They processed within a week. I am satisfied with them.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 26, 2015
    • Union Bank of India Car Loan
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      Union bank of India has the good staffs and overall the bank is good. I took a car loan with them which was disbursed within 4 days with the interest rate of 10% and processing fee charged is Rs.2000 . They completed the work very fast by collecting the easy documents.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Oct 01, 2015
    • Union Bank of India Car Loan
      "Best Bank..."
      0.5 4.5/5 "Excellent!"
      I did not expect this kind of response from union bank of India, it was good. They have given the best rate of interest for my car loan compared to axis bank. Since I am an existing customer they collected less documents. Within 2 days they provided me the loan.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 12, 2015
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