United Bank Of India Car Loan

Purpose :

For purchase of new as well as old car (not older than 4 years).

Eligibility Criteria

• Individual for own & family use
• Partnership firm/Propreitorship 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 –

• A minimum net income (take home salary for salaried person) of Rs 5,000/- per month.
• In respect of working couple, net income of the spouse is considered for the purpose of computing net income and monthly installments, provided the spouse joins as co-borrower and monthly installment may be realised from the salaries of either of them. In case of salaried person, the applicant should be in regular service for atleast 2 years.
• Professional and self-employed persons who are at least 2 years in their profession.

Quantum of Loan:

For Purchase of New Car

Maximum of Rs. 30 lacs for individuals and No maximum limit 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:- 10%

Old Car:- 30% of the valuation amount in case of old car

Processing Charge: 0.50%

Rate of Interest

Customer can opt for either fixed or floating rate

Special concession of 0.25% in rate of interest from 19th June to 19th July 2010.

Concession in Interest rates for existing good borrowers of the Bank

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

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

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.