6 June 2019 – RBI reduces repo rate to 5.75% by 25 bps
United Bank of India Car Loan Interest rate for new car loans is 8.95% for women borrowers and 9.00% for other borrowers. For used car loans, the interest rate is 9.75%. The bank charges a floating interest rate.
The interest rate for your United Car Loan Scheme will depend on your loan tenure, down payment, monthly income, existing debts, collateral, etc.
|Features||New Car Loan||Used Car Loan|
|Interest rate (p.a.)||Women: 8.95% Others: 9.00%||9.75%|
|Loan tenure||Up to 7 years For pensioners: Up to 6 years||Up to 5 years For pensioners: Up to 4 years|
|Processing fee||0.59% of loan amount Min: Rs.600 Max: Rs.11,800||0.59% of loan amount Min: Rs.600 Max: Rs.11,800|
|Lowest EMI per lakh||Rs.1,606||Rs.2,112|
|Loan amount||Up to Rs.40 lakh For pensioners: Up to Rs.10 lakh||Up to Rs.40 lakh For pensioners: Up to Rs.10 lakh|
The interest rates for a United Bank of India Car Loan will typically be based on various factors along with the applicant’s financial profile. Some of the important factors that can have an impact on the interest rates have been listed below:
Yes, for buying a new car, the margin is fixed at 15% of the car’s on-road price. This is applicable to both individuals and corporates. For old cars, the margin is fixed at 25% of the used car’s valuation that is certified by a valuer.
Yes, you can buy a used car that is not older than 3 years.
No, for non-individual applicants, there is no ceiling on the loan quantum.
No, family pensioners will not be able to avail this loan.
The bank offers 2 car loan schemes namely, United Car Loan Scheme and United Car Loan Scheme for Pensioners. The United Car Loan Scheme is offered to salaried individuals as well as businessmen and professional and self-employed persons. The United Car Loan Scheme for Pensioners is given to pensioners of United Bank of India, of Central and State Governments, defence services, Public Sector Undertakings, etc.
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