Union Bank of India Car Loan
'Union Miles
Union Miles is one of the unique schemes offered by Union Bank of India.
ELIGIBILITY
- Individuals of the age 18 years and above
- Permanent employee of Central/State/Defence/Police Force/Public or Joint Sector Undertaking/reputed firms/ established Educational Inst.
- Professional/Businessmen having regular income.
- Borower has atleast minimum services to liquidate the loan 1 year prior to retirement.
- Firms/Companies.
- Min. 40% marks as per investment grade scoring chart.
PURPOSE
- For Purchase of new two/four wheelers, for personal or professional use
- Second hand vehicles upto 3 years old also eligible.
QUANTUM
3 times the net income /net annual salary subject to a maximum of Rs 10 lacs
MARGIN
- 20% of cost of vehicle.
- 50% of old vehicle.
- under tie-up - 10%.
REPAYMENT
- 4 Wheelers - Max. 60 months in Equated Monthly Installments.
Under Tie-up
-------------
-------------
- 4 Wheelers - Max. 84 EMIs (Ford India)
RATE OF INTEREST
(PREVAILING RATE OF INTEREST AS ON DATE OF SANCTION WILL BE APPLICABLE W.E.F. 01.09.05)
| Duration | Interest rates* |
|---|---|
| 0-3 Years | 9% |
| Above 3 years | 9.5% |
Under Tie up ROI * is 0.50% less than the above rates. Old Car ROI * is 0.50% more than the above rates
* Rate Of Interest.
PROCESSING CHARGES (EXCLUDING SERVICE TAX)
- Four Wheelers Rs. 500 Loan upto Rs. 2 Lacs.
- Four Wheelers Rs. 1000 Loan over Rs. 2 Lacs.
SECURITY
- Hypothecation of vehicle financed by the Bank.
- Bank's lien to be got noted with the Transport Authorities.
GUARANTEE
- Guarantee of the spouse. In case unmarried, 3rd party guarantee with sufficient means.
OTHER CONDITIONS
- No Pre-Payment penalty for self-closure. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/FIs
- Comprehensive Insurance with Bank Clause.
- Salary Certificate/proof of income and proof of residence to be obtained and held on record.
