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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  • Union Bank of India Used Car Loan Reviews

    • Union Bank of India Car Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      Union bank of India did a great job for me for the car loan. I got the loan through within two days and the bank transferred the funds to the dealer in the next three days. The rate of interest was of 9% and the processing charges was normal. Overall a satisfactory experience.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 06, 2017
    • Union Bank of India Car Loan
      "Very good in services & deal on ROI"
      0.5 5.0/5 "Blown Away!"
      Union Bank of India has given me a good deal on the rate of interest and processing charges. The interest rate was of 9% and the charges are minimal. The services was also good with a smooth documentation process. I got the car loan on time and as required.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 02, 2017
    • Union Bank of India Car Loan
      "Good in rate of interest"
      0.5 3.5/5 "Pretty good"
      Union bank of India is the lowest in terms of interest rate than any other banks. It is too good. Actually I applied for a car loan with them and it is in process. So far I am getting proper service from the bank. Customer service is also quite approachable.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 10, 2017
    • Union Bank of India Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I haven't taken the car loan with the Union Bank of India. The rate of interest is around 9.15% and which was pretty good for me unfortunately I had to drop the plan of availing loan the process was so fast my loan was sanctioned with short spam of time. I would say that the services was outstanding.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 04, 2017
    • Union Bank of India Car Loan
      "It is good and its recommendable"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken during the year 2005 and it was successfully completed during the year 2009. UBI asked for normal set of documents they did not ask for additional documents. Documents required were FORM 16, salary slip and pan card. I did not face any issues with them till date.
      Was this review helpful? 0
      , barmer
      Reviewed on Oct 19, 2016
    • Union Bank of India Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan process was great with union bank of India which was recommended by my friend. Within seven days of time they completed the formalities and disbursed the loan. Interest rate charged was 0.75% less comparing with other banks for the new car.
      Was this review helpful? 0
      , amritsar
      Reviewed on Jul 05, 2016
    • Union Bank of India Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      An excellent experience with Union Bank of India for my Car loan. The process was completed within three days. The documentation was not much. The rate of interest was of 9.36%. And it was a zero processing fee. The services and response was excellent through the process.
      Was this review helpful? 0
      , faridabad
      Reviewed on Apr 23, 2016
    • Union Bank of India Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have taken the car loan with the Union Bank of India and the interest rate was around 9.5%. The loan amount got disbursed to my account within a day of time. The processing charges were nil with them and the documentation process were nominal with them.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Mar 29, 2016
    • Union Bank of India Car Loan
      "Affordable rate of interest"
      0.5 4.0/5 "Great!"
      The car loan from Union bank was the correct choice by far as the rate of interest offered is 10% which I think is affordable and does not pinch your pocket. They are customer friendly and the entire processing and documentation was easy enough.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Mar 14, 2016
    • Union Bank of India Car Loan
      "Easy loans!"
      0.5 5.0/5 "Blown Away!"
      I got my car loan processed from Union Bank of India within 5 days of making a request. They offered me the car loan with best interest rate and they charged me a reasonable processing fee against the loan. Most importantly, the executive used to resolve the queries on spot.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 08, 2016
    • Union Bank of India Car Loan
      "Got good loan amount "
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from UNION BANK OF INDIA before nine months. I have taken this loan from them because I hold an salary account there. I got 85% funding for my vehicle with the lesser interest rates. Documentation processing was very good and they are doing a good job to the customers.
      Was this review helpful? 0
      , jammu
      Reviewed on Nov 19, 2015
    • Union Bank of India Car Loan
      "Great Experience"
      0.5 4.5/5 "Excellent!"
      It was great experience with Union bank of India as within one day the approval was done with minimum documentation and within two days the loan was disbursed. They charge only 10.5% interest rate for the car loan and with 1% processing fee . I never excepted such kind of service from the government bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 27, 2015
    • Union Bank of India Car Loan
      "Comfortable...."
      0.5 4.0/5 "Great!"
      I have taken a car loan form Union bank of India. Term and conditions are good and simple. Only thing is quiet difficult to get a car loan form them. They have collected very simple documents. They processed within a week. I am satisfied with them.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 26, 2015
    • Union Bank of India Car Loan
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      Union bank of India has the good staffs and overall the bank is good. I took a car loan with them which was disbursed within 4 days with the interest rate of 10% and processing fee charged is Rs.2000 . They completed the work very fast by collecting the easy documents.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Oct 01, 2015
    • Union Bank of India Car Loan
      "Best Bank..."
      0.5 4.5/5 "Excellent!"
      I did not expect this kind of response from union bank of India, it was good. They have given the best rate of interest for my car loan compared to axis bank. Since I am an existing customer they collected less documents. Within 2 days they provided me the loan.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 12, 2015
    • Union Bank of India Car Loan
      "Best option for the economic people"
      0.5 5.0/5 "Blown Away!"
      I have taken the car loan with the Union Bank of India. The rate of interest is around 9.25% and which is even less than SBI. The services are best with them and they are not having much money in the basket like HDFC do. However UBI driving the business in the customer service approach. I can say its been from the word of mouth thats the policy UBI is keeping to run their business. Customer service and the responsiveness are good with them.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 03, 2015
    • Union Bank of India Car Loan
      "Required Patience "
      0.5 3.0/5 "Satisfactory"
      My car loan was disbursed in one week from Union bank of India.Interest rate offered was 9.5% and processing fee was 0%. Documentation process was little complicated.I visited the bank i directly and completed the process. Employee of the bank are very slow and we have to follow up for our application status. The person who has more patience for those only i will recommend the bank .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 21, 2015
    • Union Bank of India Car Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      Union Bank of India car loan process is fine. Interest rate offered by them was a fixed rate and the processing fee charged by them was very minimal. The only drawback as there was too much of formalities they kept asking various questions. They came to my place for a house visit also. However when it comes to documentation it was not very complicated I just filled up the form and everything was completed.
      Was this review helpful? 1
      , allahabad
      Reviewed on Jun 15, 2015
    • Union Bank of India Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan from United Bank of India. The services offered by the Bank was good. The executive came home and collected all the papers. After which there was no specific reasons given by the Bank for not approving my loan. The processing fee charged was nominal by the Bank.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 06, 2015
    • Union Bank of India Car Loan
      "Extraordinary services "
      0.5 5.0/5 "Blown Away!"
      As I am an employee of Union bank I feel that the services are good. I have a car loan which has benefits is like we can avail amount of Rs.5 lakhs with a simple interest rate of 8.5%. I would say that the services was ok and satisfactory as it is a staff loan.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Dec 01, 2014
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    Union Bank of India Used Car Loan is Rated as "Blown Away!" by 24 Users

    Fees & Charges

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    Car Loan BYTES FROM OUR KITCHEN

    Union Bank of India Used Car Loans

    Union Bank was established in the year 1919 and the head office building in Mumbai was inaugurated by Mahatma Gandhi in 1921. Union Bank of India’s growth was accelerated after independence when it was nationalized by the Government of India in 1969. United Bank of India merged with Belgaum Bank and Miraj State Bank shortly after nationalization. The bank now has operational presence in all major states with over 4000 branches across India. In all its 93 years of operation, the bank has shown uninterrupted profit that stands as a testimony to the trust the people of India has placed on UBI. A real trendsetter, Union Bank of India offers top-notch internet banking facilities to both corporate and core banking customers. The bank serves to the banking needs over 49 million customers by offering services in areas like lending, asset management and deposits.

    Union Bank of India used car loan, UnionMiles, is one of the most sought-after product when it comes to vehicle financing. With many unique benefits like attractive interest rates and easy repayment tenures, UBI’s used car loan will take you closer to your dream of owning a car.

    Features and Benefits of Union Bank of India Used Car Loans

    • High Quantum of Loan

      For used cars, Union Bank of India offers up to 10 lakhs as loan amount for used cars not older than 3 years.

    • No Prepayment Penalty

      If the loan amount being pre-paid by the borrower is from own verifiable legitimate sources, there is no pre-payment penalty for foreclosure of loan.

    • Attractive Interest Rates

      Union Bank of India used car loans comes with the most competitive interest rate in the market.

    • Low Processing Charges

      With processing charges as low as 0.5% of the loan amount, subject to a maximum of Rs.6000, UBI used car loan helps you save the money even while applying for a loan.

    • Convenient Repayment Modes

      You can repay the EMI through ECS, internet banking facility, post-dated cheques or directly remit from the savings account, whichever is comfortable.

    Union Bank of India Used Car Loan Eligibility

    To be eligible to apply for Union Bank of India used car loan, the individual should be aged at least 18 years and should hold a valid driving license. The individual can also choose to apply for the loan either singly or jointly with spouse. Also, the applicant should be a resident of India.

    Documentation Requirement for Union Bank of India Used Car Loans

    Having all the required documents handy during the loan application process will ensure that the loan is processed faster. The applicant should submit the following documents while applying for a used car loan with UBI.

    • Proof of Identity – Passport, PAN card, employee identity card or any valid proof with authorized signatory can be submitted as ID proof.

    • Proof of Address – Electricity bill, telephone bill, ration card or a valid proof with address mentioned on it can be provided as address proof.

    • Pro forma or invoice of the purchase.

    • Proof of Income – Salaried employees can submit the Income tax Returns statement for last year, Form 16, letter from employer or last 6 months salary slip. Corporate applicants can submit either last three year’s Income Tax Returns Statement or the balance sheet as proof of income.

    • Depending on the applicant’s source of income and nature of employment, other documents may also be required. Please make an enquiry with the bank about the complete list of necessary documents before proceeding with the application.

    Union Bank of India Used Car Loan Interest Rates

    “Union Miles”, Union Bank of India’s exclusive car loan can be used to purchase a pre-owned car at competitive interest rates. UBI charges an interest depending on the date of loan sanction, with Benchmark MCLR and Base Rates applicable on a case to case basis.

    Union Bank of India Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    Customers who avail a loan after 01/04/2016 will automatically be charged an interest computed using the MCLR benchmark. This follows RBI’s new directive to all banks, with the MCLR benchmarks expected to change on a regular basis. The table below indicates the current benchmark rates.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.20%
    1 month 9.25%
    3 months 9.30%
    6 months 9.40%
    1 year 9.45%
    2 years 9.50%
    3 years 9.55%

    Used car loan interest rates

    Borrowers who have availed a loan under MCLR will be paying an interest equivalent to 12.95% per annum. This is computed using the following formula.

    Interest Rate = 1 year MCLR + 3.50% = 12.95%

    Union Bank of India Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.65% per annum (effective October 5, 2015)
    Prime Lending Rate 14.25% per annum (effective March 1, 2016)

    Union Bank of India interest rate for used cars (Based on Base Rate)

    UBI charges existing used car borrowers an interest which ranges between 14 to 16% per annum, depending on the base rate, tenure and banking relationship of the customer with UBI. Customers who wish to move to an MCLR based platform can do so by requesting the bank.

    Note: Interest rates mentioned above are valid as of June 2016, with UBI having the sole discretion to modify/change rates. Eligible borrowers are advised to check rates prevailing at the time of application.

    EMI Calculation for Union Bank of India Used Car Loans

    Using an EMI calculator before deciding the tenure and loan amount has many advantages – it will not only help you decide if the EMI fits your monthly budget but will also give an idea of how much you should actually borrow.

    In the UBI’s EMI calculator, enter mandatory details like loan amount, tenure in months and interest rate per annum. The calculator will automatically output the EMI, average interest and monthly interest in an instant. Keep changing the loan amount and tenure till you arrive at a suitable EMI.

    Union Bank of India’s UnionMiles is a unique vehicle financing scheme under which loans up to 10 lakhs can be availed for used cars not older than 3 years. A pioneer in auto loans, UBI’s UnionMiles scheme will melt away your financial worries and help you own your dream car.

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