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    City Union Bank Car Loan Reviews

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    Car Loan BYTES FROM OUR KITCHEN

    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.


    You’re probably eligible for an City Union Bank Car Loan if you are

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    City Union Bank Car Loan Minimum Age

    At least 21 years old

    City Union Bank Car Loan Maximum Age

    Less than 60 years old

    City Union Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    City Union Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your City Union Bank Car Loan amount eligibility is based on these factors

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    City Union Bank Car Loan Minimum Salary

    Minimum income required
    1.5 lakh/annum

    City Union Bank Car Loan Maximum Loan to Value

    Loan capped @
    90% of the ex-showroom price

    City Union Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible City Union Bank Car Loan amount by these steps

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    City Union Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    City Union Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an City Union Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    City Union Bank Car Loan Interest RatesUpdated on 05 Dec 2016

    City Union Bank Car Loan Details
    Interest Rate (Monthly reducing balance) BR + 4.00% ie, 14.50%
    I- Base – 10.50%
    Processing Fees 1% of the loan amount
    Loan Tenure 1 year to 5 years
    Guarantor Requirement Guarantor required

    Overview About City Union Bank Car Loan

    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.

    Why choose a City Union Bank Car Loan?

    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.

    Features of a City Union Bank Car Loan

    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.

    Eligibility criteria City Union Bank for a Car Loan

    • Salaried employees and self-employed businessmen are eligible to apply for a City Union Bank car loan.
    • Individuals need to show a net monthly income of 15000/- to qualify for the car loan.
    • Self-employed professionals need to show an annual income of 1, 50,000/- to qualify.
    • Customers who have already taken credit from CUB can also apply for a car loan.
    • To calculate the total eligibility for an applicant, the income of the spouse can be considered and added as a co-applicant.

    City Union Bank Car Loan EMI calculator

    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.

    City Union Bank Car Loan FAQs

    1. Can I take a CUB Yoha Vahana car loan for my used car?

      No, City Union Bank does not provide car loans for second hand cars.

    2. Is Hypothecation of the new vehicle mandatory for customers?

      Yes, Hypothecation of the vehicle has to be mandatorily done while applying for a CUB car loan.

    3. Can I apply for a City Union Bank car loan on the bank’s web portal?

      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.

    4. Does the CUB Yoha Vahana scheme cover loans for two-wheelers?

      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.

    5. Can I get a moratorium period for my City Union Bank car loan?

      No, City Union Bank does not provide any kind of moratorium period for car loans availed by customers.

    6. Can City Union Bank customers verify the status of their car loan applications online?

      Yes, City Union Bank does provide the option of checking car loan application status on its web portal using net banking services.

    7. Where can customers get the City Union Bank car loan application form?

      The City Union Bank car loan application form is available at any CUB branch or can be downloaded from the bank’s website.

    8. Can City Union Bank car loan borrowers make joint applications?

      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.

    9. What is the processing fee charged by City Union Bank under the CUB YOHA VAHANA loan scheme?

      The processing fees charged by City Union Bank for car loans is 1% of the loan amount or a minimum of Rs. 600.

    10. Does the applicant’s CIBIL score have an impact on the eligibility criteria for City Union Bank car loans?

      Yes, City Union Bank will sanction car loans only after considering the CIBIL score and credit history of the applicant.

    11. What are the key income documents that have to be submitted by applicants as income proofs to City Union Bank?

      The main documents that have to be submitted are salary slips and IT return statements.

    12. Can customers make online applications for City Union Bank car loans?

      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.

    13. What is the maximum amount approved by City Union Bank for auto loans?

      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.

    14. Do City Union Bank car loan borrowers have to bring in any loan margin?

      Yes, a loan margin of 10% is required to be brought in by auto loan borrowers.

    15. Can the CUB Yoha Vahana loan scheme be used to finance two-wheelers as well?

      No, the CUB Yoha Vahana loan scheme can be used only to finance four-wheelers purchased by borrowers.

    16. What are the different categories of applicants eligible to avail a CUB Yoha Vahana loan?

      Salaried individuals, business firms and other professionals are eligible to procure a City Union Bank car loan.

    17. Can existing City Union Bank customers avail a new 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.

    18. What is the income criteria that has to be met by applicants while applying for a CUB 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.

    19. What is the maximum car loan tenure that can be chosen by City Union Bank customers?

      The maximum car loan tenure that can be chosen is up to 60 months, with repayments being done as monthly installments.

    20. Does City Union Bank extend a moratorium period for car loans that are sanctioned?

      No, City Union Bank car loans do not come with a moratorium or holiday period.

    21. What is the interest rate charged for a City Union Bank car loan?

      The interest rate charged for a City Union Bank car loan is generally calculated as the total of the base rate plus 4%.

    22. Do City Union Bank customers have to submit any form of security while availing a car loan?

      The security for a City Union Bank car loan is the hypothecation of the new vehicle that is being bought by the customer.

    23. Do City Union Bank customers have to furnish guarantee from a third party while availing a car loan?

      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.

    24. How is the car loan disbursement done by City Union Bank?

      The car loan disbursement is done directly to the car dealership or the seller.

    25. Does City Union Bank provide any insurance cover to individuals availing the CUB car loan?

      Car loan borrowers can procure an all-inclusive insurance cover from City Union Bank after paying the necessary premium.

    26. Does City Union Bank provide the pre-closure facility for car loan borrowers?

      Yes, City Union Bank car loan borrowers do have the option of foreclosing their loans before the end of the tenure.

    27. Can car loan customers transfer the balance from an existing loan account to a new CUB car loan account?

      Yes, other bank auto loan customers can make balance transfers to a new City Union Bank car loan account.

    28. I would like to get a top-up loan on my City Union Bank car loan, what should be my next course of action?

      City Union Bank customers can contact any branch officer for more details on top-up loans.

    29. What is the verification process followed by City Union Bank with regards to car loan applicants?

      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.

    30. I would like to get refinancing for my private vehicle, what should be my next course of action?

      City Union Bank customers can contact any branch officer for more details on the refinancing options available.

    31. What are the various methods that can be used by borrowers to repay City Union Bank car loans?

      A City Union Bank car loan can be paid back using direct debits from CUB accounts, post-dated cheques or through ECS.

    32. What is the time taken by City Union Bank to process a car loan?

      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.

    33. On what basis does City Union Bank approve car loans for customers?

      City Union Bank approves car loans based on the income, age, credit history, eligibility criteria and documentation submitted by the customer.

    34. Can City Union Bank car loan borrowers contact the customer care for any queries or concerns?

      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.

    35. What are the types of vehicles that City Union Bank finance for customers?

      City Union Bank finances all types of private cars and vehicles.

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