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.