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Union Bank of India is firmly committed to consolidating and maintaining its identity as a leading, innovative commercial Bank, with a proactive approach to the changing needs of the society. This has resulted in a wide gamut of products and services, made available to its valuable clientele in catering to the smallest of their needs.

Today, with its effecient, vlaue-added services, sustained growth, consistent profitability and development of new technologies, Union Bank has ensured complete customer delight, living up to its image of, “GOOD PEOPLE TO BANK WITH”. Anticipative banking- the ability to gauge the customer's needs well ahead of real-time - forms the vital ingredient in value-based services to effectively reduce the gap between expectations and deliverables.





A range of loans products from Union Bank which lets you to realise your dreams. Union bank has loan for everybody.





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.
  • Borrower has at least minimum services to liquidate the loan 1 year prior to retirement.
  • Firms / Companies.
  • A Minimum of 40% marks as per investment grade scoring chart.

Purpose

  • For Purchase of new two/four wheelers, for personal or professional use

Quantum

Three times the amount equivalent to 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 - A Maximum of 60 months in Equated Monthly Installments(EMIs).
    Under Tie-up
    ---------------

    4 Wheelers - A Maximum of 84 EMIs (Ford India)

Rate Of Interest (w.e.f. 21.02.2008)

Period ROI.
4 wheelers Tie up Non-Tie up

Upto 3 Years

11.00% p.a

11.50% p.a

Above 3 Years

11.50% pa

12.00% p.a

   
   

Old Cars(< 3 Years)

 

12.00% p.a

   
Above Rs.5 lacs(UNION MILES PREMIUM)  

Upto 3 Years

11.00% p.a.

Above 3 Years

11.50% p.a

 

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, third party guarantee with sufficient means.

Other Conditions

  • No Pre-Payment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources or genuine sale. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/Financial Institutes.
  • Comprehensive Insurance with Bank Clause.
  • Salary Certificate/proof of income and proof of residence to be obtained and held on record.



This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 5 years and economic life of a vehicle should be taken as 8 (eight) years from the date of manufacture of the vehicle.





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.
  • Borrower has at least minimum services to liquidate the loan 1 year prior to retirement.
  • Firms / Companies.
  • A Minimum of 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

Three times the amount equivalent to 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 - A Maximum of 60 months in Equated Monthly Installments(EMIs).

    Under Tie-up
    ---------------

    4 Wheelers - A Maximum of 84 EMIs (Ford India)

Rate Of Interest (w.e.f. 21.02.2008)

Period ROI.
4 wheelers Tie up Non-Tie up

Upto 3 Years

11.00% p.a

11.50% p.a

Above 3 Years

11.50% pa

12.00% p.a

   
   

Old Cars(< 3 Years)

 

12.00% p.a

   
Above Rs.5 lacs(UNION MILES PREMIUM)  

Upto 3 Years

11.00% p.a.

Above 3 Years

11.50% p.a

 

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, third party guarantee with sufficient means.

Other Conditions

  • No Pre-Payment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources or genuine sale. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/Financial Institutes.
  • Comprehensive Insurance with Bank Clause.
  • Salary Certificate/proof of income and proof of residence to be obtained and held on record.





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