If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Union Bank Car Loan Eligibility Calculator is Rated as "Blown Away!" by 27 Users

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    Union Bank Car Loan Eligibility Calculator

    Union Bank Car Loan Eligibility Overview

    Union Bank of India is a nationalised bank established in 1919, with its headquarters in Mumbai. At present it has approximately 4000 branches across India with ease-of-access ensured by around 6,400 ATMs. UBI offers a varied portfolio of personal banking products and services such as: Accounts, Online Payments, Retail Loans, Cards, Investment services, Insurance services, etc.


    Union Miles, the car loan scheme offered by Union Bank, offers finance for purchase of both new and used cars which is not more than 3 years old. The unique features of Union Bank car loan includes no additional processing fees or prepayment penalty charges, making it an affordable scheme that helps you save on overall cost of taking a car loan. It also has minimal documentation and a high loan quantum.

    Apply for Car Loan Online

    Union Bank Car Loan Eligibility Criteria

    In order to be eligible for the Union Miles car loan from Union bank, the applicant should have the following qualifications:

    • He/she should not be below 18 years of age.
    • The applicant should be Self-employed, Salaried, or a Business concern.
    • The applicant should also have a stable and reliable credit score with no history of default.
    • He/she should provide a guarantor - in case the applicant is married, the spouse can be the guarantor.
    • There is no specific income criteria applicable.

    Factors Affecting Union Bank Car Loan Eligibility

    • Union Bank will run a check on your credit report before processing your loan application. The CIBIL score reflects an applicant’s financial records such as: current and closed credit accounts, repayment history, etc. A low credit score would convince the Bank to not consider the application favourably. However, with a high credit score, the application will be considered for further processing. The higher the CIBIL score, the better your chances of car loan approval.
    • Debt-to-Income Ratio: The debt burden of a particular applicant is compared to the amount of money earned by him/her in a given period of time through debt-to-income ratio analysis. This shows the Bank the borrower’s repayment capability and creditworthiness.
    • Loan Quantum and loan margin: If the borrower pays a large portion of the value of the car as downpayment, then the loan amount decreases. This is considered by the Bank as a positive evaluation factor. The larger the applicant’s contribution and lesser the loan amount, the higher the chance that the car loan will be approved by Union Bank.
    • Age: Older applicants have a lower chance of getting car loan approval unless they have high income and/or opt for a lower loan tenure.
    • Loan Tenure: A lower car loan tenure means faster loan repayment, as per any banks’ calculations of risk factor. Hence, the loan approval might be more favorable to the applicant.

    How to increase your Union Bank Car Loan Eligibility

    • Improve your CIBIL Score: A high credit score from CIBIL reflects a good credit history. Thus, the probability of getting your car loan approved is higher. In order to have a good credit history or CIBIL score, you have to:
      • Pay back all dues in a time. Late payments and defaulting on loans leads to a low credit score.
      • Try to have not just unsecured loans but also secured loans. This ensures a healthy mix of active credit that the bank can track.
    • Make sure that there are no defaults made on transactions all your co-signed, guaranteed and/or joint accounts. This is important as your financial liability in these accounts is reflected in your credit score.
    • As a co-signatory to a loan or any other credit, it is important that you review such accounts frequently. Defaulted payments in these accounts will also reflect on your credit score poorly.
    • A good, reliable guarantor can increase your eligibility for a Union Bank car loan.
    • Pledging a collateral or security in the issuing bank in exchange of the car loan can also increase your car loan eligibility.

    Union Bank Car Loan Eligibility Calculator

    You do not have to visit Union Bank branches or get in touch with the Bank’s executives to find out your eligibility for a Union Bank car loan. In order to know whether you are eligible for a Union Bank Car Loan, you can use the car loan eligibility calculator which is available online. It is quick and easy to use, and gives you instant results. All you need to do is enter information such as the make and model of the car of your choice, its price, personal details such as date of birth, income, etc. and click on the “calculate” tab. The results page will provide you the information needed, i.e., whether you are eligible or not.

    Union Bank Of India Car Loan Reviews

    • 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
    • Union Bank of India Car Loan
      "Best option for the economic people"
      0.5 5.0/5 "Blown Away!"
      I have taken the car loan with the Union Bank of India. The rate of interest is around 9.25% and which is even less than SBI. The services are best with them and they are not having much money in the basket like HDFC do. However UBI driving the business in the customer service approach. I can say its been from the word of mouth thats the policy UBI is keeping to run their business. Customer service and the responsiveness are good with them.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 03, 2015
    • Union Bank of India Car Loan
      "Required Patience "
      0.5 3.0/5 "Satisfactory"
      My car loan was disbursed in one week from Union bank of India.Interest rate offered was 9.5% and processing fee was 0%. Documentation process was little complicated.I visited the bank i directly and completed the process. Employee of the bank are very slow and we have to follow up for our application status. The person who has more patience for those only i will recommend the bank .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 21, 2015
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