Union Bank Car Loan Rate, Eligibility Calculator, Apply Online

Union Bank of India Car Loan Offer Feb 2017

Last Updated 23rd Feb 2017
Features and Eligibility Union Bank of India New Car Loan Scheme Union Bank of India Used Car Loan Scheme
Interest Rates 9.80% Floating Check Special Offer 12.80% Floating
Maximum Loan Amount Eligibility 85.00% of on-road price 50.00% of market value
Maximum Loan Tenure (years) 7 years 5 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 1,650 Rs. 2,115
Processing Fee 0.00% 0.00% Min Rs. 0
Prepayment Charges Nil from own sources; 2% in case of loan takeover Nil from own sources; 2% in case of loan takeover
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 18 years and 65 years Between 18 years and 65 years
Apply Car Loan Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Eligibility Condition for Union Bank of India Car Loan

Union Bank of India New Car Loan Scheme Union Bank of India Used Car Loan Scheme
Minimum Net Annual Income (Rs. lakh)
--Salaried 0.0 0.0
--Self employed professionals 0.0 0.0
--Self employed businessmen 0.0 0.0
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on Union Bank Car Loan

How much interest is charged by Union Bank on car loan?

Union Bank offers an interest of 9.80% on car loan.

What is the lowest EMI per lakh on Union Bank car loan?

If you apply for a car loan from Union Bank, your lowest EMI per lakh will be Rs. 1,650.

What is the maximum tenure of Union Bank car loan?

You can repay your car loan from Union Bank in a flexible period of maximum 7 years.

How much car loan I can borrow from Union Bank?

Union Bank offers you 85.00% of of on-road price of car as loan.

How much processing fee is charged by Union Bank on car loan?

Union Bank charge a processing fee of 0.00% with applicable service tax.

Is age an eligibility factor to get car loan from Union Bank?

Yes, age is an important eligibility factor to get Union Bank car loan as you should be at least 18 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on Union Bank car loan?

You can take car loan from Union Bank with Nil from own sources; 2% in case of loan takeover prepayment charges.

Can I add my spouse's income while applying for car loan from Union Bank?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Union Bank Car Loan Calculator News - Feb 2017
04th Feb 17 Union Bank of India reduces MCLR by up to 15 basis points across various tenures
Union Bank of India has reduced its overnight and one month marginal cost of lending rates of to 8 and 8.20 percent as compared to 8.15 and 8.35 percent respectively. The revised three months and six months MCLR has been revised to 8.25 and 8.35 percent respectively. The bank has also reduced its three year MCLR by 5 basis points to 8.60 percent. The new rates are effective from 1st February, 2017.
02nd Jan 17 Union Bank of India reduces MCLR by up to 90 basis points
Union Bank of India has reduced its overnight and three months marginal cost of lending rates to 8.15 and 8.40 percent as compared to 9.05 and 9.15 percent earlier. The revised MCLR for six months and one year now stands at 8.50 and 8.65 percent respectively. Similarly, three year MCLR has reduced to 8.75 percent as compared to 9.40 percent earlier. The rates are effective from 1st January, 2017.
01st Sep 16 Union Bank of India will reduce its MCLR from September 1, 2016
Union Bank of India has reduced its Marginal Cost Based Lending Rate (MCLR) by 5 basis points (bps) across maturities. The 1 year MCLR has been reduced to 9.4 percent from the current rate of 9.45 percent. The 2 year and 3 year MCLR is reduced to 9.45 and 9.5 percent respectively. The 3 month and 6 month MCLR has been reduced to 9.25 percent and 9.35 percent respectively. Similarly the Overnight and 1 month MCLR has been reduced to 9.15 and 9.2 percent. These changes are effective from 1st September, 2016. For borrowers who have taken a home loan from Union Bank of India after 1st April 2016, the reduction in MCLR will translate into a reduction in their floating home loan rates and hence their interest outgo.
11th Aug 16 Union Bank of India app allows users to control credit card transactions
Union Bank of India has launched an app called UControl for its customers that will allow them to block transactions and set limits over their credit cards. This app will also allow customers to block certain transaction channels such as ATM withdrawals, in store transactions, Internet transactions and foreign transactions. Through this app, customer can also monitor and analyze spends of dependents or joint cardholders.
08th Aug 16 Union Bank of India Q1 profit falls to Rs 166.32 crore
Union Bank of India Ltd reported a fall of 68 per cent in net profit to Rs. 166.32 crore in the first quarter of FY17. Net interest income of the bank decreased to Rs. 2102.25 crore against Rs. 2130.17 crore during same period of FY16. Gross NPAs of the bank as a percentage of total loans increased by 12.86 per cent to Rs. 27280.90 crore in the first quarter of FY17.
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