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

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    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.

    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.


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