If you wish to purchase a two-wheeler loan, then you can apply for it from Union Bank of India. The process to apply for a loan from the bank is extremely simple and hasslefree. You can avail a two-wheeler loan with interest rate ranging between 9.90% p.a. and 10.00% p.a. and loan amount up to Rs.10 lakh. The repayment tenure offered is up to three years. Government employees are offered special interest rates ranging between 8.40% p.a. and 8.50% p.a. on availing a two-wheeler loan from the bank.
Union Bank Two-Wheeler Loan Interest Rate
|Minimum Loan Amount||No ceiling|
|Maximum Loan Amount||Rs.10 lakh|
|Repayment Period||Up to 3 years|
|Processing Fee||Rs.500 + GST|
Compare with: Lowest two wheeler loan interest rate
How to apply for a two-wheeler loan from Union Bank of India
Given below are the steps you will have to follow to apply for a two-wheeler loan from Union Bank of India online:
- Click on the link https://www.unionbankofindia.co.in/english/vehicle-loan.aspx.
- Scroll down and click on ‘Online Loan Application’.
- Click on ‘New’ button. An application form will open on your screen.
- Provide details such as your name, email ID, location, mobile number, etc.
- Enter the captcha code and tick the box where you authorise the lender to contact you.
- Click on ‘Apply Loan’.
- Upload the necessary documents and submit them along with the application form. They will be verified by the lender and if all the details provided by you are correct, then the loan amount will be disbursed to your bank account.
You can visit the nearest Union Bank of India branch along with all the required documents to apply for a two-wheeler loan. A representative from the bank will help you with the application process. Once you submit the application form along with the documents, the bank will verify them and if all the details are correct, the loan amount will be disbursed to your bank account.
Union Bank of India Two-Wheeler Loan Eligibility
The eligibility for availing a bike loan from Union Bank depending on the type is listed below:
- You should either be a resident of India or a Non-Resident Indian (NRI).
- Minimum and maximum age of eligibility is 18 years and 75 years respectively.
- You can apply for a two-wheeler loan from the bank individually. You can also get a co-applicant who can be one of your parents, son, daughter (unmarried), or your spouse and apply for this loan jointly.
- You can apply for a two-wheeler loan on behalf of a company or firm so that it can used by their directors and employees.
- Identity proof such as Passport, PAN Card, employee identity card.
- Address proof such as utility bill, Aadhaar, etc.
- Income proof For salaried individual
- Income tax returns of last one year.
- Letter from the employer or Form 16.
- Salary slips of last 6 months.
- Income proof For business class
- Income tax returns of last three years.
- Profit and loss balance sheet.
- Invoice or proforma.
- Three photographs.
- Any other documents as required.
Features and Benefits of Union Bank Two –Wheeler Loan
Some of the benefits and features of Union Bank of India two-wheeler loan are:
- The loan can be availed so that you can buy a two-wheeler for your personal use.
- You can also avail a two-wheeler loan from the bank to purchase a vehicle on behalf of a company or a firm so that it can be used by its directors and employees.
I am a government employee. Will I get a special interest rate?
Yes, the lender will offer you a two-wheeler loan with interest rate ranging between 8.40% p.a. and 8.50% p.a.
How can I check the status of my loan application?
You can visit the vehicle loan section on the lender’s website where you will need to click on ‘Online Loan Application’. In the next page click on ‘Existing’ and provide the reference number to know the status of your application form.
Do I need to provide any security to avail a two-wheeler loan from the bank?
Hypothecation of the two-wheeler which you are looking to buy is necessary.
How much time will it take for my loan to ger approved?
It will take at least two working days for your loan to get approved.
What are the margin requirements?
If you are looking to buy a two-wheeler, then the margin offered is up to 25% of the on-road price of the vehicle. However, a discount of 5% will be offered if you hold a bank account with the lender.