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

    Looking to purchase a car? Apply for a car loan from Union Bank of India to get easy financing of up to Rs.125 lakh. What’s more, the lender charges low interest rates that start at 8.70% p.a.
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    We found 1 Union Bank Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.70% Fixed
    0.50%(max. 15,000) + S.T.
    125L Max
    7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    Union Bank Car Loan is Rated as "Blown Away!" by 40 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Union Bank of India is a top public sector lender in the country that offers financing for both new and old four-wheelers. The interest rates for car loans offered by Union Bank of India start at 8.70% p.a. The maximum repayment tenure for loans taken to purchase new cars is 7 years, while the maximum repayment term for loans taken to purchase pre-owned cars is 5 years. Read on to know more about the car loans offered by Union Bank of India.

    Compare Car Loans Offered by Union Bank of India

    Car Loan Type Interest Rate Loan Amount Processing Fees
    Union Miles
    • New Cars: 9.10% p.a. onwards
    • Pre-Owned Cars: 12.10% p.a. onwards
    • New Cars: Up to Rs.125 lakh
    • Old Cars: Up to Rs.20 lakh
    0.5% of the loan amount
    Union Miles – Special Scheme for BSNL Employees
    • New Cars: 8.70% p.a. onwards
    • Pre-Owned Cars: 11.20% p.a. onwards
    • New Cars: Up to Rs.125 lakh
    • Old Cars: Up to Rs.20 lakh
    ?Nil
    Union Bank Car Loan

    *Note: For the Union Miles car loan scheme, if the applicant or the co-applicant is a Union Bank of India account holder in the gold/silver/platinum category or has previously availed any type of credit facility with the lender, the processing fee will be reduced to 0.25% of the loan amount, subject to a maximum fee of Rs.7,500 plus taxes.

    Why You Need to Avail a Car Loan from Union Bank of India

    If you are in need of funds to purchase a car, you can reach out to Union Bank of India to avail a car loan. The lender offers loans for new cars and pre-owned cars under 3 years. Here are a few reasons why you should consider taking a car loan from Union Bank of India:

    • Low Age Qualification

    Most lenders require car loan applicants to have attained the age of 21 years at the time of submitting their loan application. With Union Bank, any Indian citizen above the age of 18 years can apply for a car loan.

    • High Quantum of loan

    A loan of up to Rs.125 lakh can be availed for new cars, while a loan amount of up to Rs.20 lakh can be availed for used cars that are not more than 3 years old.

    • Margin of Financing

    When you avail a car loan from Union Bank of India, you will need to pay for only 15% of the cost of the vehicle if you are purchasing a new vehicle. In case you are purchasing a pre-owned vehicle, you will need to pay for 40% of the car’s valuation cost.

    • Floating Rate of Interest

    The lender charges a floating rate of interest on its car loan schemes. Thus, if the interest rate drops, you can benefit from paying lower interest.

    • Long Repayment Period

    With a repayment period of up to 7 years for new cars and 5 years for used ones, you get ample time to repay the loan is easy EMIs. If you’re under limited financial resources, picking a longer repayment period will help maintain your budget.

    • Zero Prepayment and Processing Fee

    At present, Union Bank of India does not charge a processing fee towards handling your application and paperwork. Also, no prepayment penalty is levied by the bank if you decide to pre-close the account. That said, keep in mind that a fee of 2% of the average balance of the previous 12 months will be levied if the loan is taken over by another lender.

    • Online Loan Application

    Prospective borrowers can apply for a car loan from Union Bank of India through online or offline channels. The lender allows online applications through its website.

    Union Bank Car Loan Eligibility

    To be?eligible to get a car loan?from Union Bank, you will need to meet the lender’s eligibility criteria:

    • You should be a resident citizen of India or an NRI.
    • You should have a valid driving licence.
    • Applicants should have attained the age of 18 years.
    • Borrowers should not be over the age of 70 years when the loan matures.
    • Applicants can choose to apply for a car loan on an individual basis or on a joint basis with any family member. For joint loans, you can apply for the loan with your parent, spouse, or child.
    • Companies or firms can also avail the loan.

    The lender also has a special car loan scheme for BSNL employees. The eligibility criteria for this scheme are as follows:

    • The applicant should be a permanent employee of BSNL.
    • Employees who are on permanent deputation to BSNL from the Department of Telecom can also apply for this loan.
    • The applicant should have a regular source of income.
    • The applicant is required to hold a salary account at Union Bank of India.
    • BSNL employees can apply for a car loan from Union Bank on an individual basis or on a joint basis. The applicant’s spouse can be a co-applicant for the loan.

    Documents Required

    To avail a car loan from Union Bank of India, applicants will need to submit the following documents:

    • Identity proof: Applicants can submit their PAN card, passport, employee identity card, or any other valid proof of identity
    • Proof of residence: Applicants can submit their Aadhaar card, utility bills, etc.
    • Invoice/proforma
    • Valuation report from an approved automobile engineer (applicable for old/pre-owned vehicles)
    • Income proof of salaried employees:
    • Form 16 or a letter from the employer
    • Salary slips of the last 6 months
    • Past year’s ITR
    • Income proof for self-employed individuals:
    • Profit and loss statement
    • Balance sheet
    • ITR of the last three years
    • 3 Recent passport-size photographs
    • Any other documents requested by the lender

    Once you submit the application form and the required documents to the lender, Union Bank of India will verify the submitted documents, after which your application will be approved.

    Union Bank of India Car Loan FAQs

    1. For what types of vehicles can I avail a car loan from Union Bank of India?

      You can apply for a loan to Union Bank of India to purchase any type of new four wheelers. Also, old four-wheelers, that are not more than 3 years old, can be purchased using the loan.

    2. I am planning to purchase a second-hand four wheeler with Union Bank Car Loan. What are the tenure options available for the car loan?

      For old four-wheelers, applicants can choose a maximum repayment tenure of 5 years.

    3. What security am I required to submit to avail a car loan from Union Bank of India?

      When availing a car loan from Union Bank of India, the following will be taken as security:

      • Lien of the bank is to be filed with concerned Road Transport Authorities
      • Hypothecation of vehicle purchased out of the loan
    4. Do I have to present any guarantee to avail a car loan from Union Bank of India?

      Yes, the guarantee of one’s spouse is required for Union Bank Car Loan. In case the applicant is unmarried, a suitable guarantee from a third party of sufficient means will be required. In the case of NRIs, a guarantee from 1 or 2 resident Indians is required. For companies, at least one director or promoter of the firm will have to provide their guarantee.

    5. How do I procure the application form for Union Bank of India’s car loan?

      You can get the application form for a car loan from Union Bank of India online at the bank’s web portal. You can also visit the nearest Union Bank branch to get a car loan application form.

    6. How much time will it take for the approval of Union Bank Car Loan?

      It will take 2 days for the car loan to be sanctioned after all required documents are submitted by the applicant.

    7. How do I apply for a Union Bank Car Loan?

      Customers can visit any of the Union Bank retail lending branches called Union Loan Points to apply for a car loan. Alternatively, the customer can visit the nearest branch or apply online.

    8. Does Union Bank offer customer service support for car loan borrowers?

      Yes, Union Bank car loan customers can get in touch with a customer care executive through the 24/7 helpline number to get their queries cleared. Customers can also visit any nearest Union Bank branch to get support for anything related to the car loan process.

    9. Should I have an account with Union Bank for availing a car loan?

      Although having an account with Union Bank is not necessary for availing a car loan, it is recommended so that the customer can benefit from value-added services that come with a Union Bank account.

    10. Can I apply for Union Bank Car Loan online?

      Yes, you can apply for a car loan online at Union Bank’s web portal without any hassles.

    Perfect Car Loan Deals for you

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    Union Bank Car Loan Reviews

    • Union Bank of India Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 03, 2019
    • Union Bank of India
      Union Bank of India Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 1
      , noida
      Reviewed on May 18, 2019
    • Union Bank of India Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 02, 2019
    • Union Bank of India Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jan 19, 2019
    • Union Bank of India Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 7
      , new delhi
      Reviewed on Sep 24, 2018
    • Union Bank of India Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 17, 2018
    • Union Bank of India Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 02, 2018
    • Union Bank of India Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 14, 2018
    • Union Bank of India Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 1
      , new delhi
      Reviewed on Feb 14, 2018
    • Union Bank of India Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 4
      , ghaziabad
      Reviewed on Dec 13, 2017
    • Union Bank of India Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 24, 2017
    • 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? 1
      , 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? 1
      , 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? 1
      , 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? 1
      , 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
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