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Union Bank of India caters to all the banking needs of its consumers and provides easy affordable loans with sufficient repayment tenure and minimum documentation. Union Bank of India provides vehicle loans for purchase of new cars as well as used or pre-owned cars (provided they are not older than 3 years) under its Union Miles Scheme. The details of the Bank’s used car loans are provided hereunder.
About Union Bank of India Used Car Loan
Union Miles is the vehicle loan scheme of the Bank that has a wide and inclusive eligibility requirement for the used car loans. The main criteria for eligibility under this scheme are,
The eligible applicants for used car loans of the bank are listed below.
Union Bank of India has a comprehensive list of documents that are required in applying for the used car loans under the Union Miles Scheme of the Bank. The detailed list of the same is provided here.
For salaried persons
For business concerns
Union Miles provides very appealing loans for the purchase of used cars with attractive rates of interest and repayment options. The various features of the Bank’s used car loans are detailed here.
Amount of loan to be sanctioned –
The maximum amount of loan that can be sanctioned under the Union Miles Scheme for used/ pre-owned car loans is restricted to Rs. 10,00,000.
The amount of loan that can be sanctioned to a borrower is calculated to be the lower of the following,
Rate of interest –
The rate of interest of Union Miles used car loans depends on the credit score of the applicant. The current rate of interest offered by the Bank for its used car loans effective from 1st April 2020 is tabled below.
Rate of interest per annum
700 and above
Union Bank of India requires the borrowers to provide 40% of the value of the vehicle as margin requirement under the Union Miles Scheme for Used Car Loans. This margin requirement is a bit steeper as compared to the requirements of many other banks in this category.
Union bank of India provides 5 years or 60 months as repayment schedule/tenure for the used car loans under the Union Miles Scheme.
Prepayment penalty –
The Bank does not charge any prepayment fees or charges if such prepayment has been made from the borrower’s own verifiable source of income. In other cases, the bank charges a penalty of 2% on the average balance of the preceding 12 months. Such other cases include,
Hypothecation of the vehicle purchased out of the loan is the primary security of the Bank against such loan given. Bank also requires the hypothecation charge to be registered with the Road transport Authority.
The guarantee requirement of the Bank for used car loans is mandatory and is highlighted under each category of applicant
These were some of the salient features of the Union Miles used Car Loans. Customers can contact the Bank’s branch or their customer care service to get further details on Union Miles Used Car Loans.
Customers can apply for the used car loans of the Bank via online application or by physically visiting the nearest branch of the Bank and directly applying for the loan there.
Online application mode
Applicants can apply for the Bank’s used car loans by clicking on the link provided for the same at the Bank’s website. Customers can find the link at the following path
Home - Products - Personal - Car loans/ Vehicle Loans - Online Loan Application
Customers can also download the application form for used car loans from the following link
Home - Products - Personal - Car loans/ Vehicle Loans - Forms and Documents - click here to download Application Form
The above link will take the user to a new page where he/she will get the application form under the following link
Retail Loan - Union Miles
Customers can download the Word Document available, fill the same, and duly submit it along with the necessary documents to complete the application process for used car loans.
Physical Application Mode
Under the physical application mode, customers will have to physically visit the branch of the bank to get the application form or submit the downloaded and filled application form along with the required documents to complete the application process. The customers will also have to pay the applicable fees (if any) at the time of submitting the application.
Union Bank of India enables the customers to estimate the proposed EMI on the used car loans by calculating the same on the Bank’s EMI Calculator. This EMI calculator is available at the Bank’s Website under the following link
Home - EMI Calculator
Customers will have to input the following details to get the EMI, Average interest as well as net monthly interest to be paid on the loan amount.
The bank has a dedicated customer care service that is available 24x7 all year along and caters to all the needs of the customers. The bank has various channels for the customer to get in touch with the bank. The details of the same are mentioned here.
The customers can, alternatively, get in touch with the customer care executives or avail the IVR (Interactive Voice Response) facility of the Bank. This feature enables the customers to get routine information or perform standard transactions that can be done without the assistance of the well trained and expert customer care executives (e.g. last 5 transactions, hotlisting debit/credit cards, current balance, account information, etc.). The IVR feature of the Bank can respond to the customer in 7 regional languages (Malayalam, Marathi, Gujarati, Bengali, Kannada, Tamil, Telugu) besides Hindi and English depending up on the customer’s choice/ease.
The Bank also hosts a separate customer care channel dedicated solely for its NRI/international customers. Customers can contact the bank at the following number +918061817110/ +918025302510 at the call centre of the Bank. Union Bank of India also has several overseas branches, the contact details for the same are available at the Bank’s website under the following link
General General Contacts Business Banking Branches Foreign Branches (available at the left corner of the page.
The customers can also connect with the Department Heads for specific queries or to address their issues or concerns to the heads of the respective departments as well as to the Central office of the Bank in Mumbai. The contact details of the Department Head for Retail Loans (home loan, car loan, personal loan) and the Central Office are,
Department - Retail Banking Department
Point of Contact – General Manager
Telephone - 022-22896309
Email Id – gm[dot]rbmd[at]unionbankofindia[dot]com
Union Bank Bhavan,
239, Vidhan Bhavan Marg,
Mumbai - 400 021,
Telephone (Board) – 022-22892000
1. What is the current rate of interest on Union Miles Used Car Loans?
The current rate of interest with effect from 1st April 2020 for Union Miles Used Car Loans is tabled below
2. Does the Bank require any guarantee for used car loans?
The Bank does require a guarantee form the borrowers for the used car loans issued. The details of the same are,
3. Can a person get Union Miles Used Car Loans for a vehicle that is 4 years old?
No. The primary condition for Union Miles Used Car Loans is that the vehicle should not be more than 3 years old.
4. Can a person apply for the loan jointly with a co-applicant?
Yes. Joint application is allowed if such co-applicant is either or both the parents of the applicant, spouse or his/her children.
5. What is the margin requirement of the Bank for used car loans?
The Bank requires the borrowers to provide a margin of 40% for used car loans.
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