United Bank of India Car Loan

Eligibility Criteria for United Bank of India Car Loan:

Individual for own & family use
Partnership firm/Proprietorship firm/ Company / Society for private use
You are a Savings/ Current Deposit/ Term Deposit A/c holder with the Bank and fulfill the following 

criteria -
Any Individual with minimum net income (take home for salaried persons) of Rs 20,000/- p.m.
For Salaried persons : The applicant (aged between 21-65 years) is in regular service for at least 2 year and remaining period of service to cover repayment period.

P&SE: They (aged between 21-65) should be in the profession/business for at least 2 year. The prospective borrower should be Savings / Current / Term Deposit Account holder of the Branch.
Interest Rates of United Bank of India Car Loan 2015

United Car Loan Scheme : (Floating Interest Rate 2015):
Repayment Period New Car
Upto 36 months 12.05% p.a
Above 36 months 12.55% p.a

Quantum of Loan:
For Purchase of New Car
Maximum of Rs. 30 lacs for individuals and Rs. 40 lacs in case of Non-Individual

For Purchase of Old Car (not older than 4 years)
Maximum of Rs. 6 lacs for both individuals and non-individual.

Margin
New Car:- 15% of on road price of the vehicle (Individuals and corporates)
Old Car:- 30% of the valuation amount in case of old car

Processing Charge: 0.50%, Minimum Rs.500/- and Maximum Rs.10000/-

Documentation Charge:
Upto Rs.25000/- Nil
> Rs.25000/- to Rs.50000/- Rs.100/-
> Rs.50000/- to Rs.2.00 lac Rs.500/-
> Rs.2.00 lac to Rs.5.00 lac Rs.1000/-
> Rs.5.00 lac to Rs.20.00 lac Rs.1200/-
> Rs.20.00 lac to Rs.1.00 crore Rs.2500/-

A special incentive in interest rate @ 0.50% concession from our card rates of car loan has been incorporated for the following eligible borrowers:

Existing mortgage based loan borrowers who have completed 2 years of regular repayment.
CC A/c holders having
i.   Completed minimum 2 years
ii.   Satisfactory conduct of the account
iii.  Credit Risk rating of atleast UBICR – 3

Corporate/Institutions/companies/firms if repayment is ensured through a single cheque or direct credit to loan a/c.

Repayment :
The loan is to be repaid on the basis of Equated Monthly Installment (EMI) fixed in accordance with following norms taking into consideration the quantum of loan sanctioned.

Type of Vehicle Number of EMI
New Vehicle Maximum 72 EMI
Old Vehicle upto 2yrs old Maximum 48 EMI
Old Vehicle 2yrs and upto 4yrs old Maximum 36 EMI
No Penalty is charged for early repayment of the loan
Source: United Bank of India Website