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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  • United Bank of India Car Loan Eligibility Calculator is Rated as "Blown Away!" by 7 Users

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    United Bank of India Car Loan Eligibility Calculator

    United Bank of India Car Loan Eligibility Overview

    United Bank of India is a government-owned bank in India, which had been nationalised in 1969. Its origin began with the merger of Bengal Central Bank Ltd., Comilla Banking Corporation Ltd., Hooghly Bank Ltd. and Comilla Union Bank Ltd., to form the United Bank of India Ltd. in 1950. At present, it has about 1999 branches and a wide network of easily accessible ATMs across India.

    United Bank of India provides car loans for the purpose of purchase of a new car for private use and not for commercial use/rentals. It offers special benefits on availing a car loan, such as: low processing fee of just 0.50%, higher loan quantum of up to Rs. 30 lacs for individuals and in case of Non-Individual, the loan amount can be as high as Rs. 40 lacs.

    United Bank of India Car Loan Eligibility Criteria

    • Any individual who wishes to purchase a car for own and/or family use can apply for car loan.
    • Proprietorship firm/ Partnership firm/ Society/ Company, etc., can avail a car loan from the Bank, for private use of the car.

    Those individuals who have a Fixed Deposit Account, Savings Account or Current Deposit account in United Bank of India, are eligible to apply, if they meet the following eligibility criteria:

    • Individuals who earn a net income (after all deductions to salary) of at least Rs 20,000/- on a monthly basis.
    • Salaried individuals who are at least 21 years old and not more than 65 years of age at the time of loan maturity, with continuous work experience for a minimum period of 2 years and qualifications to cover repayment period, are considered eligible.
    • Professionals & Self-Employed who are at least 21 years old and not more than 65 years of age at the time of loan maturity, who have been in the profession/business for a minimum period of 2 years can apply.
    • The applicant should have a Savings / Current / Term Deposit Account with the Branch.
    Apply for Car Loan Online

    Factors affecting United Bank of India Car Loan Eligibility

    There are many important factors that are considered by banks while evaluating an applicant’s eligibility for a car loan approval from United Bank of India. They are:

    • CIBIL score and Credit History of the applicant: An applicant’s credit history is the first thing a bank checks while evaluating his/her creditworthiness. It reflects repayment capacity and risks involved in lending the loan amount to the applicant. If all your payments are made properly and there are no dues pending, your CIBIL score will be high. A high CIBIL score ensures that your chances of getting a car loan approval is high.
    • The debt-to-income ratio analysis helps the Bank to evaluate your net worth in terms of income earned and spent. The available income after all cash outflows helps the bank to understand your repayment capacity and the loan amount that you are eligible for.
    • Another important component in determining your car loan eligibility from United Bank of India is the loan quantum you have applied for as well as the downpayment for the car which financed by the applicant. If you pay a lumpsum amount as loan margin, the loan quantum will be reduced, thereby decreasing your loan burden. Banks approve such smaller loan amounts faster since quicker repayment is ensured.

    How to increase your United Bank of India Car Loan Eligibility

    You can increase your United Bank of India Car Loan eligibility by keeping a few important factors in mind. By ensuring effectively that your credit history is good, you can increase your car loan eligibility. In order to be creditworthy, an applicant must have a good CIBIL Score and income portfolio. Your CIBIL score will be affected by various factors and in order to ensure a good score, follow a few simple steps:

    • Check your Joint accounts and accounts/transactions you are a guarantor in and make sure there are no defaults made.
    • Have a combination of both secured and unsecured loans - this will reflect positively on your credit report.
    • Pay all your dues in a timely manner so as to ensure a high credit score.
    • Having a reliable guarantor with a good status and net worth can increase your chances of a car loan approval.
    • If you are a co-signatory to a loan or any other credit, make sure that you review such accounts frequently. Any defaulted payments in such accounts will reflect on your credit score poorly as well.
    • If you have a proper collateral or security to pledge in the bank in exchange of the car loan offered, you can increase your chances of getting the car loan approved in your favor.

    United Bank of India Car Loan Eligibility Calculator

    If you want to make sure whether or not you are eligible for a car loan from United Bank of India, you can use the Online Car loan eligibility calculator tool which offers the simplest solution to this problem. The car loan eligibility calculator would assist you in understanding the eligibility criteria and all you have to do to find out your eligibility is to key-in the information asked for in the questionnaire. This tool is convenient and easy to use as well as gives you results in an instant! The details to enter in the car loan eligibility calculator includes type of car/model of your choice, price of the car, your date of birth, income, type of employment (salaried/self-employed), etc. and click on “calculate”. The tool will then project your eligibility for the loan, the loan amount and tenure that you are eligible for, etc.

    United Bank Of India Car Loan Reviews

    • United Bank Car Loan
      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
      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
      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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