Get car loans of up to Rs.125 lakh at attractive rates starting from 9% p.a. for a tenure of up to 7 years with Union Bank. You have to pay 0.50% of the loan amount as processing fee.
Loans available for both resident and Non-Resident Indians (NRIs)
Loans for buying old cars also available
Attractive rates starting from 9% p.a.
How to Calculate EMI on Union Bank of India Car Loan
Your car loan EMI (Equated Monthly Instalment) depends on multiple factors, including the loan amount, interest rate, loan tenure, and processing fee. To calculate your monthly instalment amount, you can use BankBazaar Union Bank of India Car Loan EMI Calculator.
The entire computation process is simple and hassle-free with a quick turnaround time.
Union Bank Car Loan EMI Calculator
Top Banks’ Car Loan Interest Rate Comparison with the Lowest EMI
Name of the Bank
Interest rate
EMI*
State Bank of India
Starting from 9% p.a.
Rs.1,609
Union Bank of India
Starting from 9.05% p.a.
Rs.1,609
ICICI Bank
Starting from 9.30% p.a.
Rs.1,624
Axis Bank
Starting from 9.05% p.a.
Rs.1,611
HDFC Bank
Starting from 9.65% p.a. (rack interest rate)
Rs.1,642
Central Bank of India
Starting from 8.70% p.a.
Rs.1,594
*For calculation purpose, we have taken 7 years as the tenure and Rs.1 lakh as the amount.
How to Apply for Union Bank of India Car Loan
Step 1: Visit Union Bank of India’s official website.
Step 2: Go to the “Products” section.
Step 3: Click on “Retail” under the “Loans” section.
Step 4: Click on “Union Miles”.
Step 5: You will be redirected to the car loan page where you have to click on “Online Application”.
Step 6: Click on “Apply Online”
Step 7: You will be redirected to another page where you have either select “New User” or “Existing User”.
Step 8: If you click on “New User”, you will be redirected to another page where you have to fill in the required details along with the type of loan you have been looking for.
Step 9: Post that, click on “Apply” to complete the process.
Step 10: If you are an existing user, you have to key in your reference and mobile number to complete the application.
Documents Required
For salaried
Identity proof
Address proof
Invoice
Valuation report from an automobile engineer (applicable for old vehicles)
Last 6 months’ salary slips
Form 16
Last 1 year’s Income Tax Returns
For self-employed
Identity proof
Address proof
Invoice
Valuation report from an automobile engineer (applicable for old vehicles)
Last 3 years’ Income Tax Returns
Profit and loss account statements along with balance sheet
Yes, you can prepay the loan with zero penalty fee involved, if you adjust the loan through your own, verifiable sources. However, a penalty of 2% on the average balance of the preceding 12 months will be imposed if the loan is adjusted through any third-party sources or if the loan is taken over by any other bank or financial institution.
I am looking to purchase an old vehicle. Is the tenure same as purchasing a new vehicle?
No, for old cars, the repayment tenure is limited to 5 years.
How much is the margin of financing that I can get through this scheme?
You can get a maximum of 85% of the total cost of the car as financing, in case of new cars. For old cars, you can up to 60% of the total cost of the car.
Who can be ci-applicants for the loan?
Your spouse, father, mother, son, or daughter can sign up as co-applicants for your loan.
What type of collateral do I have to provide to get a car loan from the bank?
The car you plan to purchase with the loan will work as collateral. In case you default, the bank has every right to seize the car in order to recover the loan amount.
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I have taken car loan directly through Union Bank Of India ,The agent gave a clear picture about the loan process,I have got the loan ion time and it was sufficient as well .The car model was Honda city 2009 and there was no difficulties faced when applied for this loan and successfully closed the loan as well .
I am happy with the services which i got through UNION BANK . I have taken my car loan through UNION BANK . The loan amount is very satisfactory and tenure period is fine and it is very sufficient . Customer service and their response is good they are very helpful . With in 48hr i got loan .
I have taken car loan through Bank it self,The rate of interest and processing fee was very high .The car model is Maruti Baleno and the loan amount was 6.5 lakhs for the tenure of 5years.The loan amount got on time and it was sufficient as well .There was no difficulties faced while submitting the documents .
The documentation process was simple and easy to get the loan with the UNION BANK OF INDIA and the process was easy and simple where i got the loan within 2 days. The loan amount was simple and the loan amount given was satisfactory also the rate of interest was nominal.
I took my car loan with Union bank of India.The loan amount they have charged me was sufficient, and the rate of interest they have charged me up to 10-11% which was nominal compare to market price,Their service is good, they have charged nominal processing fee, still this loan is running , but planning to close soon.
I have taken a car loan in Union Bank of India before 2 years. The rate of interest is minimum which is 9.9%. I have purchased Grand i10 car and have paid some down payment. I think they took bit longer to process the loan. The customer service is good.
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3
ASHWANI KUMAR DHAWAN
, new delhi
Reviewed on Jan 19, 2019
I have taken a car loan with Union Bank of India. The customer services and response is good. I got the loan on time and it was a easy process. The rate of interest and processing charges is normal. There has been no issues till date in the after loan services.
I have taken car loan from Union bank of India . Am not satisfied with the rate of interest which is high They did quick documentation process and approval Their customer service is as there is proper response from them. They provided the tenure period of 7 years but i have pre closed the loan one year .
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4
JOSEPH JOE JOE MUPPATHIAL CHIRA
, chennai
Reviewed on Jul 17, 2018
My car loan experience with Union bank of India was average, the loan amount was sufficient but the rate of interest was bit high when compared to other banks. The process took 2 months to complete. Customer service was not up to the mark, they charge 2% of the principal amount for preclosure and the tenure of this loan is 5 years.
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0
MOHD IRFAN UDDIN
, hyderabad
Reviewed on May 02, 2018
The car loan service was hassle free with the UNION BANK OF INDIA. They have just disbursed the loan amount within 2 days of time. The customer support and the response was excellent with the UNION BANK OF INDIA. The rate of interest and the charges are average with the UNION BANK OF INDIA.
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0
BALVINDER SINGH THAKUR
, hyderabad
Reviewed on Feb 14, 2018
I have taken a car loan with Union Bank of India and my loan experience was very good. The process was very smooth and i received my loan amount on time. The loan amount was for Rs 5.25 lakhs with the nominal rate of interest when compared to other banks. Customer service was good and they followed up on time. The tenure of this loan is 4 years but i foreclosed the loan in 3.5 years, they did not charge any penalty.
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1
RAJ KUMAR KUMAR
, new delhi
Reviewed on Feb 14, 2018
I have taken car loan with Union Bank of India and it was a good loan experience. The process was very smooth and the loan amount was approved within the given time and there was no delay. Customer service was good and they provided door step service to collect the documents. The loan amount was for Rs 3.25 lakhs with the nominal rate of interest when compared to all other banks.
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4
JYOTI PRAKASH SRIVASTAV
, ghaziabad
Reviewed on Dec 13, 2017
Union Bank of India is pretty good and they were very fast in the process for the car loan. I got the loan within three days. It was a very comfortable process. The rate of interest is good and the charges is also normal. The after loan services is also good.
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.
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.
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.
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1
BISHWAJEET KUMAR
, dhanbad
Reviewed on Oct 14, 2017
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.
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0
LOLLA SURESH KUMAR
, hyderabad
Reviewed on Sep 21, 2017
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.
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.
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.
