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City Union Bank is an Indian bank. The Kumbakonam Bank Limited, as it was at first called, was incorporated as a limited company on 31 October 1904. The bank initially preferred the role of a regional bank in the Thanjavur District Tamil Nadu. The main purpose of the loan is helping the deposit holders to get financial help against their deposit at the time of need, and the advance is for immediate family or business expenses. To know more, follow some simple steps given below to get attractive deals.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
income required
Minimum income required
1.5 lakh/annum
Loan capped @
90% of the ex-showroom price
EMIs of other loans lower
your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 5 years
| Interest Rate (Monthly reducing balance) | 14.50% |
| Processing Fees | 1.25%; Minimum Rs.700 |
| Loan Tenure | 5 years |
Owning a car of your choice is a dream that every individual carries life-long. But getting the right car with the right kind of financing, takes effort and considerable research from the individual’s end. Car owners generally look for affordable interest rates when they choose a car loan. Along with other aspects of a car loan the extra charges levied should also be taken into account by prospective borrowers.
As one of the best car loans in the market, City Union Bank offers a car loan product with competitive pricing and complete transparency. Car owners can also get a comprehensive car insurance policy along with their CUB car loans. City Union Bank offers complete flexibility of repayments with variable tenures.
The Yoha Vahana car loan scheme from City Union Bank is a comprehensive financing solution for your new car, giving you maximum returns when you plan to invest on a four-wheeler. Low processing charges and flexible repayments make a City Union Bank car loan, one of the most sought-out debt product in India.
Quantum of Loan
City Union Bank sanctions car loans up to a maximum of Rs.5, 00,000/- for professionals and self-employed businessmen with an annual income of above 1.5 lakhs.
Loan Margin
The loan margin required for a City Union Bank car loan is 10%.
Security
The hypothecation of the vehicle is required while availing a City Union Bank car loan.
Third Party Guarantee
A co-obligant can be given when an application is made to City Union Bank. The third party can be the spouse considered for the eligibility or any other individual.
Repayment
Customers have to make repayments in the form of monthly installments within a maximum tenure of 60 months. CUB does not allow any moratorium period to be included.
Insurance
An all-inclusive car insurance policy can be got for a CUB car loan, with the borrower bearing the cost of the insurance policy.
Processing fees
City Union Bank charges 1% of the total loan amount as processing fees for car loans, with no extra charges.
Disbursal of the loan
City Union Bank disburses the car loan directly to the car dealer or supplier.
City Union Bank Car Loan Interest Rates
City Union Bank offers car loans at a competitive interest of 15%, fixed for the entire loan tenure.
When you decide to buy a new car, you are generally very decisive about the car model and make. What actually puts you in a dilemma is how you are going to finance the car and if you do choose a car loan how much will that actually cost you. It is very important that you plan your finances and understand how much you would actually be paying towards a car loan. Helping you in this decision making process are intelligent tools called car loan EMI calculators. This tool will show you the actual cost of a City Union Bank car loan with a break-up of interest rates and monthly installments. As inputs, certain details like processing fees, loan amount, loan tenure and interest rates need to be entered. The car loan EMI calculator projects a repayment forecast, helping you manage your money better.
No, City Union Bank does not provide car loans for second hand cars.
Yes, Hypothecation of the vehicle has to be mandatorily done while applying for a CUB car loan.
Yes, customers can easily apply for a City Union Bank car loan using the online form. They need to fill-in certain personal details when they file an application.
No, the CUB Yoha Vahana scheme does not provide loans for two-wheelers. City Union Bank offers the CUB Easy Ride loan scheme exclusively for two-wheelers.
No, City Union Bank does not provide any kind of moratorium period for car loans availed by customers.
Yes, City Union Bank does provide the option of checking car loan application status on its web portal using net banking services.
The City Union Bank car loan application form is available at any CUB branch or can be downloaded from the bank’s website.
Yes, joint applications can be made along with the spouse for car loans. The net income of the spouse will be included to determine the income eligibility criteria for both the applicants.
The processing fees charged by City Union Bank for car loans is 1% of the loan amount or a minimum of Rs. 600.
Yes, City Union Bank will sanction car loans only after considering the CIBIL score and credit history of the applicant.
The main documents that have to be submitted are salary slips and IT return statements.
Yes, online applications can be done by customers on the CUB website. While submitting the car loan application online, the following details have to be entered by customers - name, age, address, mobile number, email address, name of the scheme and the branch where the application is being made. A branch official will contact the applicant as per the preferable time entered to process the loan further.
The maximum loan amount permitted to be availed by City Union Bank car loan borrowers is Rs. 5 lakhs, provided the applicant shows an annual income of more that Rs. 1.50 lakhs.
Yes, a loan margin of 10% is required to be brought in by auto loan borrowers.
No, the CUB Yoha Vahana loan scheme can be used only to finance four-wheelers purchased by borrowers.
Salaried individuals, business firms and other professionals are eligible to procure a City Union Bank car loan.
Yes, existing City Union Bank customers who have already availed credit products from the bank are also eligible to avail a car loan.
Salaried employees and business firms have to furnish an income of Rs. 15,000 per month and other professionals should show an annual income of more than Rs. 1.5 lakhs.
The maximum car loan tenure that can be chosen is up to 60 months, with repayments being done as monthly installments.
No, City Union Bank car loans do not come with a moratorium or holiday period.
The interest rate charged for a City Union Bank car loan is generally calculated as the total of the base rate plus 4%.
The security for a City Union Bank car loan is the hypothecation of the new vehicle that is being bought by the customer.
Third party guarantee can be got in the form of a co-obligant who can be the spouse or any other co-applicant fulfilling the required eligibility criteria.
The car loan disbursement is done directly to the car dealership or the seller.
Car loan borrowers can procure an all-inclusive insurance cover from City Union Bank after paying the necessary premium.
Yes, City Union Bank car loan borrowers do have the option of foreclosing their loans before the end of the tenure.
Yes, other bank auto loan customers can make balance transfers to a new City Union Bank car loan account.
City Union Bank customers can contact any branch officer for more details on top-up loans.
After the documents have been received from the applicant, City Union Bank verifies the eligibility, credit history and income requirements of the applicant before approving and sanctioning the car loans.
City Union Bank customers can contact any branch officer for more details on the refinancing options available.
A City Union Bank car loan can be paid back using direct debits from CUB accounts, post-dated cheques or through ECS.
The time taken to process a car loan by City Union Bank depends on the submission of documents and the verification process done by the bank.
City Union Bank approves car loans based on the income, age, credit history, eligibility criteria and documentation submitted by the customer.
Yes, City Union Bank car loan customers can contact the customer care helpdesk number - 044 - 71225000 or the state-wise numbers for addressing any queries.
City Union Bank finances all types of private cars and vehicles.
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
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