Union Bank of India Used Car Loan

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.

1. Proof of Identity - Passport, PAN card, employee identity card or any valid proof with authorized signatory can be submitted as ID proof.
2. Proof of Address - Electricity bill, telephone bill, ration card or a valid proof with address mentioned on it can be provided as address proof.
3. Pro forma or invoice of the purchase.
4. 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.
5. 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 Rate

Union Bank of India charges used car loan interest between 14% to 16% per annum for existing base rate borrowers, based on tenure and customer profile.

Note: The interest rate is linked to Union Bank’s prevailing EBLR and may vary slightly depending on applicant profile, loan tenure, and credit history.

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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