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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

    Repayment Period Fixed Rate
    (New Car)
    Floating Rate
    (New Car)
    Old Car
    Upto 3 years 10.50% p.a BPLR – 2; 10.00% 11.50% p.a (fixed)
    Above 3 years 11.00% p.a BPLR – 1.5; 10.50% 12.00% p.a (fixed)

    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.

    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
    Published on August 9, 2010 · Filed under: Car Loan, United Bank of India Car Loan;
    3 Comments

3 Responses to “United Bank Of India Car Loan”

  1. A. H. Choudhury said on

    The data is given on the basis of interest rate as in 2010. It should be updated till date.

  2. Narayan Singh said on

    i want used car loun

  3. sudipta kumar sen said on

    want to take a car loan.

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