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  • United Bank of India Car Loan is Rated as "Blown Away!" by 9 Users

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    rated 5.0/5.0 by 9 users

    United Bank of India Car Loan

    United Bank of India is a state-owned financial services company headquartered in Kolkata, West Bengal, India. Presently the bank has a three-tier organizational setup consisting of its Head office in Kolkata, 35 Regional offices and 2001 branches spread all over India. After nationalisation, the bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalisation. You have a wide range of choice of deposits offered by UBI. UBI car loan gives you the best cars avaiable with good rate of interest which saves your money. All you have to do is to follow some simple steps to get attractive deals.


    You’re probably eligible for an United Bank of India Car Loan if you are

    01
    02
    03
    04
    United Bank of India Car Loan Minimum Age

    At least 21 years old

    United Bank of India Car Loan Maximum Age

    Less than 65 years old

    United Bank of India Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    United Bank of India Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your United Bank of India Car Loan amount eligibility is based on these factors

    01
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    United Bank of India Car Loan Minimum Salary

    Minimum income required
    Rs.25,000 per month

    United Bank of India Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    United Bank of India Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible United Bank of India Car Loan amount by these steps

    01
    02
    United Bank of India Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    United Bank of India Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an United Bank of India Car Loan

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 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

    United Bank of India Car Loan Interest RatesUpdated on 19 Jul 2018

    United Bank of India Car Loan Details
    Interest Rate New car loan - For men, the interest rate is 1-year MCLR + 0.30% = 8.90% p.a. and for women, it is 1-year MCLR + 0.25% = 8.85% p.a. Used car loan - 1-year MCLR + 1.05% = 9.65% p.a.
    Processing Fees 0.59% of the loan amount subject to minimum Rs.600 and maximum Rs.11,800. Processing fee is waived off till 31 March 2018.
    Pre-Closure Charges Nil
    Loan Tenure Upto 7 years for new car loan and 5 years for used car loan

    Overview About United Bank Of India Car Loan

    Getting a car is one of the goals most people set for themselves and a lot of people get old in the process of saving money to buy a car. With banks providing car loans, now it has become easy for people to fulfill their goal of having their own car while they are still young. United Bank Of India is one of the banks which provides car loans in India.

    United Bank of India is one among the major banks in India and was nationalised in 1969. With over 2000 branches and offices across the country, the bank has a wide presence and works actively in the rural development sector.

    Apply for Car Loan Online

    Why Choose United Bank Of India Car Loan?

    United Bank Of India has two schemes for car loans -

    1. United Car Loan Scheme for new cars
    2. United Car Loan Scheme for Pensioners for new and old cars (the car should be less than 4 years old)

    United Bank Of India’s car loans allow a person to buy the best cars by availing them with good interest rates which helps him in saving money. The bank provides concessions to its borrowers who have a good history of dealing with the bank. It also has a separate scheme for pensioners who can get the benefit of car loans on both old and new cars.

    Features of Car Loans from United Bank Of India

    Quantum of Loan -

    For United Car Loan Scheme -

    • In case of individuals, the quantum of loan is Rs.40 lakh maximum. In case of Non- Individual, there is no limit on the quantum of loan.

    For United Car Loan Scheme for Pensioners -

    • 48 month's net pension disbursed as loan amount, subject to a maximum of Rs.4 lakh.

    Flexible Repayment Tenure -

    Both the schemes allow people to pay the loan along with interest in a maximum of 84 Equated Monthly Installments (EMI). If someone decides to pay it early, then the bank does not charge them any fee.

    Margin -

    • New car - 15% of on road price of the vehicle.
    • Used car - 25% of the valuation of the second-hand car as certified by the valuer.

    Concessions -

    The Bank provides concessions in interest rates to their existing customers who have proved to be good borrowers. A collateral of 50% of the loan value will entail 0.25% concession in interest rate from card rate. The collateral must be in the form of either liquid or other tangible security.

    Existing mortgagors who have been making regular payments for 2 years and credit card holders who have been in a good relationship with the bank for a minimum of 2 years, having a credit risk rating of UBICR - 3 get the benefit of this concession. Corporates, institutions, companies and firms also get to enjoy this concession if they promise to repay the loan through a single cheque or direct credit to the loan a/c.

    United Bank of India Car Loan Interest Rates

    As per recent RBI guidelines, this bank follows the system of MCLR (Marginal Cost Based Lending Rate) to determine the rates applicable for car loans. Unlike most of the banks which maintain separate slabs of rate for various terms, United Bank follows a uniform approach.

    United Bank of India Marginal Cost Based Lending Rate (MCLR) for New Borrowers
    New car loan For men, the interest rate is 1-year MCLR + 0.30% = 8.90% p.a. and for women, it is 1-year MCLR + 0.25% = 8.85% p.a.
    Used car loan 1-year MCLR + 1.05% = 9.65% p.a

    A concession of 0.25% on the standard rate is provided on provision of collateral worth 50% of the loan value. The above mentioned interest rates are subject to change as per the revised GST rates.

    Note:The MCLR is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.

    Eligibility Criteria for Car Loan

    For United Car Loan Scheme -

    The car has to be purchased for the use of an individual, family or the private use of a partnership firm, proprietorship, company or society.

    Any salaried applicant with a minimum net monthly income of Rs.25,000 after all deductions including the EMI of the proposed loan. For salaried applicants with pensionary income, the repayment age may be extended up to 70 years.

    The maximum entry age for a professional, self-employed person, businessman or P&SE would be 65 years, subject to loan repayment within 70 years of age. The minimum post-tax income on an average of the last 2 years must be Rs.4 lakh.

    For United Car Loan Scheme for Pensioners -

    • Age limit: The loan must be repaid before the borrower reaches 75 years of age.
    • Eligible applicants: Pensioners of central and state government undertakings, central and state governments, public sector undertakings, educational institutions, reputable companies, Defence Services, and United Bank of India.
    • A pensioner drawing pension from UBI and meeting the following criteria will be eligible to apply for a car loan under the scheme:
      • Income: The applicant must have a minimum net monthly (pension) income of Rs.20,000. If the applicant’s spouse is still in employment, then the net income of the spouse could be considered to determine the total net income and EMI, provided the spouse signs on as a co-applicant. The applicant can avail the loan with his or her spouse or employed offspring. The income criteria of the spouse/working offspring will be computed with reference to income of IT Returns.
      • If a family pensioner is dead or not available, then the loan should be sanctioned jointly either with a working offspring or a close relative having sufficient income based on the IT Returns.
    • A retired or VRS employee of UBI is also eligible for car loan under the scheme.
    • A family pensioner is not eligible for car loan.

    How to calculate EMI on United Bank of India Car Loan?

    A person must always calculate his EMI before finalizing his car loan. He can calculate his EMI online using the EMI calculator under the finance tab on Bankbazaar.com. He should have information like loan amount, rate of interest, processing fee (if there is any), loan tenure ready with him before using the calculator.

    Using Bank Bazaar EMI Calculator -

    To calculate the EMI on Bank Bazaar’s EMI calculator, a person has to go to the first slider and choose the amount of loan. Then he has to go to the second slider and enter the tenure. Then he has to fill in the other information like the rate of interest and processing fee. After filling up all the information, he should click on the calculate button to get his detailed result which includes the EMI and the Amortisation table. Through the help of this information, he can choose the right loan for himself and enjoy a very good deal.

    Why is it important to calculate car loan EMI before applying for one?

    As you know, car loans like any other other loan are repaid by the borrower in Equated Monthly Installments (EMIs) to the lender (bank) over the loan tenure. The principal and interest amount that the borrower has to pay each month make up the car loan EMI. Before applying for a car loan, take the time to calculate the EMI of your proposed car loan in order to find out how much the loan will cost you on a monthly basis. Based on the EMI, you can create a monthly budget and ensure your EMI doesn't exceed your income. This is called the low debt-to-income ratio. This way, there are fewer chances of you defaulting on your car loan.

    Car loan EMI is calculated using the below formula:

    E = P x r x (1+r)^n/((1+r)^n -1)) where, EMI is the Equated Monthly Installment, P is the principal loan amount, r is the interest rate per month, and n is the loan tenure in months.

    To save time and money, you can use the United Bank of India Car Loan EMI Calculator. It is a free and easy-to-use online tool. Just enter the proposed car loan details like loan tenure, interest rate, and loan amount into the tool and click on the 'calculate' button. You will get a breakdown of the principal amount, interest, EMI, and the outstanding due after each EMI payment. The car loan EMI calculator can be used to pick a loan amount that you can afford to repay and a suitable loan tenure to save on interest payments.

    How to apply for a United Bank of India car loan?

    Download the United Bank of India car loan application form from the bank website or get it from the nearest bank branch. Submit the duly-filled and signed application form online or at a UBI branch along with the necessary document proofs.Use the ‘Branch Locator’ tool on the bank website in order to locate a UBI branch near you. Or, request a ‘Call Back’ on the bank website for assistance with the car loan application. You can also call the toll-free number of the bank for assistance.

    United Bank of India Car Loan FAQs

    1. What categories of vehicles does United Bank of India finance?
    2. You can avail of finance to purchase any kind of four-wheeler for personal use from United Bank of India.

    3. Can I avail of a loan to finance a used vehicle?
    4. Yes, United Bank of India will finance used cars provided the car is not more than 4 years old.

    5. Where can I get a Car Loan Application form?
    6. United Bank of India provides car loan application forms online and at its bank branches.

    7. How do I apply for a United Bank of India Car Loan?
    8. To apply for a car loan from United Bank of India, you can choose either of the two methods listed below.

      • Visit the nearest United Bank of India branch.
      • Apply on the United Bank of India Website.

    9. How do I apply online for a United Bank of India car loan?
    10. To apply for a car loan on the United Bank of India website, follow these simple steps.

      • On the homepage, on the lefthand menu, choose “Home loan/car loan” under Online Services.
      • You will be directed to the application form.
      • Fill in the form and submit it.
      • You have the option to resume your incomplete application if you have previously started one.

    11. Can I check the status of my United Bank of India loan application online?
    12. Yes, you can. Access the same tab under online services called “Home loan/car loan”. On the top of the application form you will see “Status Track”. Click on it and enter your application number. Select your loan type and click on submit to view your loan status.

    13. Who is eligible to apply for a United Bank of India car loan?
    14. The eligibility requirements are given below.

      • Salaried individuals
      • Self-employed
      • Businessmen and P&SE
      • Any individual earning a net monthly income of Rs. 30,000 after all deductions including the proposed car loan EMI.

    15. What is the minimum income required to be eligible for this loan?
      • Salaried individuals should be earning Rs. 30,000 take home salary per month. This will be the salary after all deductions including the proposed car loan EMI.
      • For P&SE and Business people, the minimum income required is Rs. 5 lakhs per annum post income tax deductions.
      • For all others, the net income per month should be Rs. 30,000 after all deductions including the proposed car loan EMI.

    16. What are the age limits for the United Bank of India car loan?
      • For salaried individuals, if you have future pension income, the maximum repayment age can be extended to 70 years.
      • For P&SE and Business people, the maximum entry age is 65 years. The maximum repayment age is before reaching 70 years. The business should be in existence for at least 2 years.

    17. What are the Credit score requirements for the United Bank of India four wheeler loan?
    18. Credit score required isn’t specified by UBI. The bank has the authority to enquire about your score. The usual limits to get a loan sanctioned are 750 and above. Banks may relax it to 550 under certain terms and conditions.

    19. What is the maximum car loan quantum offered by United Bank of India?
    20. For individuals, United Bank of India has set the maximum loan amount for new vehicles at Rs. 30 lakhs. For non-individuals there is no maximum loan limit.

    21. What is the maximum loan tenure for a United Bank of India car loan?
      • For new cars the maximum tenure is 84 months.
      • For used cars, the maximum tenure is 60 months

    22. What is the minimum car loan tenure for a United Bank of India four wheeler vehicle loan?
    23. United Bank of India has not specified any minimum time period for repayment.

    24. What is the interest rate offered by United Bank of India on new car loans?
    25. The current base rate of United Bank of India is 9.65% per annum. The interest rates on car loans are given in the table below.

      Tenure

      Breakdown

      Effective Interest Rate

      Up to 84 months

      BR+0.50%

      9.05% p.a. for Men

      9% p.a. for Women

    26. What is the interest rate offered by United Bank of India on used car loans?
    27. Tenure

      Breakdown

      Effective Interest Rate

      Up to 60 months

      BR+1.00%

      10.65% p.a.

    28. Are there any concessions offered on interest rates?
    29. Yes, United Bank of India offers 0.25% concession on the interest rate if collateral is offered for 50% of the value of the loan. Collateral offered should be liquid. Any other tangible collateral will be accepted by the bank.

    30. Are there any processing fees on United Bank of India Car Loans?
    31. United Bank of India charges processing fees of 0.50% of the loan amount. This is subject to a maximum of Rs. 10,000 and a minimum of Rs. 500.

    32. What are the document charges on car loans?
    33. There are no document charges for UBI car loans.

    34. Can I prepay the car loan from United Bank of India?
    35. Yes, you can prepay the loan before the maturity date.

    36. What are the charges for car loan prepayment?
    37. United Bank of India does not levy any charge for prepayment of car loans.

    38. What security or collateral is required by United Bank of India?
    39. Hypothecation of the vehicle is required.

    40. What are the margin requirements for new vehicles?
    41. For new vehicles, 15% of the on road price is required as margin for individual borrowers as well as companies.

    42. What is the margin limit for used vehicles?
    43. For used vehicles, 15% of the valuation of the vehicle by a certified valuer will be taken as margin.

    44. What are the penalties for late payments?
    45. United Bank of India hasn’t mentioned the charges for late payment. Charges for late payment could include a fee of 1% of the defaulted amount and an increase in the rate of interest.

    46. Can I make payments on my car loan online?
    47. Yes, if you have a bank account with United Bank of India, you can register for online banking to make payments online.

    48. How do I make the payments through net banking?
      • To pay your loan through your net banking account, login and access “my accounts”. Choose Loan accounts and you can view the details of your loan.
      • Under the tab “Funds Transfer”, you can choose “Loan repayment”. Enter the details and make the payment.

    49. What is the car loan scheme offered by United Bank of India for pensioners?
    50. United Bank of India offers a special scheme for pensioners to buy cars. If you have a net monthly pension of Rs. 20,000, you can avail of this loan. You should repay the loan before the age of 75 years.

    51. Who is eligible for the United Bank of India pensioners car loan scheme
    52. Anyone falling under the eligibility bracket below can apply:

      • Pensioners of Central and State Governments
      • Pensioners of Central and State Government Undertakings
      • Pensioners of Public Sector Undertakings
      • Pensioners of Defence Services
      • Pensioners of reputed companies
      • Pensioners of Educational Institutions (including schools, colleges, universities, and institutes,)
      • Pensioners of United Bank of India
      • Pensioners drawing pension from our Bank
      • Retired or VRS employees of UBI

    53. What are the benefits of the pensioners car loan scheme?
    54. Pensioners can avail of up to 48 times their net pension subject to Rs. 4 lakhs maximum. Margin requirements are 20% of the on road price of new cars, and 30% of the assessed value of used cars. Processing charges are 0.50% of the loan amount. There are no prepayment charges.

    55. Can I calculate my car loan EMI amount before applying for a United Bank of India car loan?
    56. Yes, United Bank of India and BankBazaar provide EMI calculators online. You can enter your details and view your EMI amount, total interest payable and the total cost of the loan.

    57. How do I use the EMI car loan calculator?
    58. Click on the Calculator tab available on the United Bank of India home page. Enter the following details.

      • Loan Amount
      • Interest Rate
      • Loan tenure
      • Click anywhere outside the the entry boxes to make the calculation.

    59. Does United Bank of India provide commercial vehicle loans?
    60. No, United Bank of India does not provide loans to buy vehicles for commercial purposes.

    61. How do I contact the United Bank of India Customer Care for car loan queries?
    62. The United Bank of India customer care helpline can be reached on their toll free number 1800 - 345 - 0345. You can also contact them via email at webmaster@unitedbank.co.in.

    United Bank of India Car Loan Reviews

    • United Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with United Bank of India,the loan amount is 1.08 lakhs,rate of interest is nominal as compared to others.The tenure is for four years.The EMI amount is 4400 i have registered for an auto debit payment.They had deducted 3000-4000 as processing fees.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 02, 2018
    • United Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the United bank of India and the rate of interest is around 8.5%, also the customer service is very good. They have disbursed within a day of time and everything is good one with the United Bank of India.
      Was this review helpful? 0
      , faridabad
      Reviewed on Dec 01, 2017
    • United Bank Car Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the United bank of India and the interest rate is around 11.05%, also the response is good one. It took some time to get the disbursement because of some delay from the dealer, also thats not a big constraint.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 13, 2017
    • United Bank Car Loan
      "Completed"
      0.5 4.5/5 "Excellent!"
      I had an account with UNITED BANK OF INDIA, So the bank manager was very well know to me. The interest rates was 10% for my car loan and the processing fees also very less. I made a part payment with them with out any charges. Over all it was good experience to me.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 09, 2015
    • United Bank Car Loan
      "Good for Car loan..."
      0.5 5.0/5 "Blown Away!"
      I could not find any different between PNB and United bank of India. I have taken a car loan form United bank. They took around 2 to 3days. They have lesser rate of interest when I compare to others. I got an help form them but I had a little trouble but over all that was a good experience.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 24, 2015
    • United Bank Car Loan
      "Charges are very good..."
      0.5 5.0/5 "Blown Away!"
      United Bank of India is the nationalized bank as the charges on car loan is very less and no pre closure charge. Also there is no emi bounce charge and the bank is waiving some charge for customers. I took this loan in the year of 2011 and was pre closed in 2014 without any charges
      Was this review helpful? 0
      , ranchi
      Reviewed on Sep 29, 2015
    • United Bank Car Loan
      "Union Bank provides good customer service "
      0.5 4.0/5 "Great!"
      The service provided by Union Bank of India was really good while I got this car loan.I am having a salary account with them so the formalities were completed very easily.They took around 2days for loan disbursement.The interest rate offered was around 10.25% and they can offer better processing fee for the customer which will be helpful.
      Was this review helpful? 0
      , yavatmal
      Reviewed on Jul 25, 2015
    • United Bank Car Loan
      "Excellent..."
      0.5 5.0/5 "Blown Away!"
      United Bank of India is my client as I am from financial domain so internally linked with them so I got pre sanctioned loan. Whenever I approach them for anything they are glad to help. Since five year I am relating with them and highly satisfied as they are very prompt. The important thing is that they also paid the margin value for car thus I did not pay anything from my pocket. On the whole car loan experience was fantastic.
      Was this review helpful? 1
      , kolkata
      Reviewed on Mar 13, 2015
    • United Bank Car Loan
      "Excellent job done by United bank of INdia"
      0.5 5.0/5 "Blown Away!"
      I got a car loan from United bank of India before few months. I really had a wonderful experience with it. The processing time was so easier and the bank executive came directly to collect all the documents as the bank was nearby and i got the loan within 2 days. Interest rate and processing charges are so reasonable and overall experience was excellent.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 29, 2014
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