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    United Bank of India Used Car Loans

    Nationalised in 1969, United Bank of India was formed due to a merger between four banks namely, Comilla Banking Corporation Ltd, Comilla Union Bank Ltd, Bengal Central Bank Ltd and Hooghly Bank Ltd. Today UBI is well-established with 1999 branches which are enabled with Core Banking services and does a total business of more than Rs 200,000 crores. United Bank of India functions with a three-tier organization comprising of the Head Office, regional offices and other branches. UBI has actively expanded its network and has been involved in the development of rural and semi-urban areas in the Eastern and North-eastern parts of India. Being the largest lender to the tea industry, UBI has been called the ‘’tea bank’’ and offers a wide spectrum of products comprising of retail banking, corporate banking, international banking and MSME banking. United Bank of India used car loans can be availed at very affordable interest rates and with flexible tenures by any individual or organization..

    Features of a United Bank of India Used Car Loan

    United Bank of India used car loans can be taken for cars aged not more than 4 years, mainly bought for private use. UBI calculates the quantum of the loan to be sanctioned based on the on-road price of the used car..

    Quantum of Loan

    United Bank of India sanctions used car loans up to a maximum amount of Rs 6 lakhs for both individual and joint applicants..

    Loan Margin

    The bank expects borrowers to cover a loan margin of 30% while applying for a used car loan..

    Loan Repayment

    UBI customers have the option of selecting tenures ranging between 12 to 36 months for their used car loans..

    Processing Charges

    United Bank of India levies a processing charge of 0.50%, with the minimum amount being Rs 500/- and the maximum being Rs.10000/..

    Other Charges

    Used car loan borrowers have to bear additional charges like stamp duty, legal, repossession and incidental charges as per the actuals. They also need to pay an amount of Rs 1200/- as document retrieval charges when they avail a United Bank of India used car loan..

    Approved Manufacturers

    United Bank of India approves used car loans from the following car manufacturers - Chevrolet GM India, FIAT, Hindustan Motors, Ford, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, Skoda, Tata Motors and Toyota..

    Eligibility criteria for a United Bank of India Used Car Loan

    A United Bank of India used car loan can be procured by individuals, corporate firms, partnerships, proprietorships and societies..

    United Bank of India Used Car Loan Interest Rates

    Individuals looking to purchase a used car at low interest can consider United Bank’s car loan scheme. Interest for this loan depends on the benchmark followed by the bank, with MCLR and Base Rate being the applicable ones. Borrowers will be charged an interest based on the date of loan sanction.

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

    UBI adopted an MCLR benchmark in April this year. This was following a directive from the RBI, with these benchmark rates subject to change with changing economic trends.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.25%
    1 month 9.30%
    3 months 9.35%
    6 months 9.40%
    1 year 9.45%

    Used car loan interest rates – May 2016

    Borrowers who avail a used car loan after April 1, 2016 will be expected to pay interest as per the current MCLR benchmark. UBI charges an interest of 10.50% per annum on this loan, computed using the following formula.

    Interest rate = MCLR (1 year) + 1.05% = 10.50%

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

    Base Rate 9.65% per annum (effective October 12, 2015)
    Prime Lending Rate 14.60% per annum (effective April 23, 2012)

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

    Borrowers who availed a loan before MCLR benchmarks came into effect can choose to continue with their existing interest rate or migrate to the new platform. Those who do not wish to move will be expected to pay an interest equivalent to (Base Rate + 1%). This effectively makes the interest 10.65% per annum.

    Note: All interest rates mentioned here are decided by United Bank of India and subject to change without prior notice. Rates are effective as of June 10, 2016. Prospective borrowers should check rates before applying.

    EMI calculator for United Bank of India Used Car Loans

    Individuals intending to procure a car loan must plan their finances and understand how much expenditure they would incurring in the long run. While procuring a used car loan, borrowers should always be aware of the bank’s charges and interest rates attached with the loan. Helping them in this kind of financial planning are used car loan EMI calculators which project a detailed version of their loan repayment schedule along with interest rates. These calculator tools forecast repayment estimates also based on the loan tenure selected. BankBazaar’s used car loan EMI calculators are designed to quickly provide a customer’s loan repayment calculation with only a few inputs. Borrowers need to input certain details like loan amount, loan tenure, interest rates and processing fees to get an elaborate account of their United Bank of India used car loan repayments.

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