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If you dream of owning a car, then the United Bank Of India can help you achieve it. The bank pays around 90 % of the total price of the car as loan for a fixed rate of interest. This loan needs to be repaid over a period of time as fixed by the bank. This car loan can be used to buy a new or pre-owned car. United Bank Of India has certain criteria for paying out the loan amount that depends on the type of job the customer has, the repayment capacity, and other factors.
There are two types of car loans provided by the United Bank Of India. They are
a. United Car Loan Scheme
b. United Car Loan Scheme For Pensioners
About United Bank of India Car Loan Eligibility
United Car Loan Scheme can be made available to buy a new car or a pre-owned car. This loan can be availed by
Salaried Individuals Eligibility Criteria
a. The minimum age of the salaried individual should be 21 years and the maximum is 65 years.
b. The person should have a monthly income of Rs 25,000 after all the deductions.
c. The person should have a minimum credit score of 700 and above.
d. The minimum annual income of the person should be Rs 2.40 lakhs.
e. The loan tenure will be 7 years if all the criteria are met.
f. The bank can provide up to 85 % of the vehicle’s on-road price as the loan amount.
Businessman and P & SC Eligibility Criteria
a. The minimum age of businessmen, self- employed professionals should be 21 years and the maximum age is 65 years.
b. The minimum income of the business after paying tax for a year should be 4 lakhs.
c. Credit score checking is an important aspect where the bank will decide if you are eligible for the loan.. To get the loan sanctioned, you must have a minimum credit score of 700 and above. If your credit score is below 700, it means that you have defaulted many payments and you are not eligible for another loan.
d. The repayment tenure is 7 years if you meet the bank’s criteria.
Under this scheme, the pensioners can buy a new or pre-owned car. The eligibility criteria are as below
1. The pensioners of
a. Central and State Government
b. State and Central Government undertakings
c. Defence services
d. Educational institutions such as universities, schools, and colleges
e. Public sector undertaking
f. Reputed Companies
g. United Bank Of India’s pensioners
2. The pensioner should have a net monthly pension income not less than Rs 20,000.
3. If the pensioner’s spouse is employed, then the income of the spouse can be considered along with the pensioner’s net income. In such cases, the spouse will be a co-borrower and monthly instalment repayment amount can be taken either from the salary account or pension account.
4. The pensioner can take loan jointly with their spouse or their children. The income of the co-borrower will be checked with their I.T. returns.
5. If the family pensioner is not available or dead, then the loan can be sanctioned with the working children or any close relatives who have sufficient income as per I.T returns.
6. A family pensioner is not eligible for a car loan.
7. The voluntarily retired employees of the United Bank can also apply for this loan under this scheme.
If the above-mentioned eligibility criteria are met, the bank can sanction loan up to a maximum of Rs 10 lakhs.
a. The United Bank Of India offers 85 % of the on-road value of the vehicle.
b. For a new car loan, the interest rate for men is 8.90% p.a and for women, the rate is 8.85% p.a. For used cars, the interest rate is 9.65 % p.a.
c. The loan processing fee is .59% of the loan amount. The minimum is Rs 600 and the maximum is Rs 11,800.
d. There are no pre-closure charges. If you want to close the loan before date, you can do it without incurring any charges.
e. For a new car, the loan tenure is 7 years and for old cars, the tenure is 5 years.
f. For pensioners, 48 months net pension will be disbursed as the loan amount.
a. Residence proof such as driving license, passport, ration card, etc.
b. Photo Id and age proof such as voter’s id, Aadhar, Passport, etc.
c. Signed loan application form with a recent passport size photograph
d. Last 6 months bank statement
For Salaried individuals, along with the above mentioned, they need to submit
a. Last three months’ salary statement
b. Income Tax returns or Form 16
For Self-Employed Applicants/ Businessmen,
a. The profit and loss and audited balance sheet for the last 3 years.
b. Income Tax statement for the last three years.
1. Credit Score – The credit score has a major role in determining your eligibility when it comes to a loan. If you have defaulted the bank repayments such as failure to pay the credit card bills or defaulted any other loan repayments, then the bank will not think twice before rejecting your loan application. Keeping a good credit score can not only help you in getting the loan but also allows you to restructure the loan after a certain period of time
2. Income – The bank needs proof that you have a stable income and that you are eligible to repay the loan. The united bank needs at least 2.40 lakhs as their customer’s net income.
3. Age – If you are above the age mentioned by the bank, then you may not be eligible for a car loan.
1. From where can I get a United Bank Of India Car Loan application form?
a. The application is available on the official website which can be downloaded.
b. The United Bank of India branches.
2. What is a credit score required for applying for a United Bank of India Car Loan?
United Bank of India asks for a credit score of 700 and above for sanctioning a loan. However, the bank can relax the score to 550 under specific conditions.
3. What is the maximum car loan tenure of United Bank of India?
a. 84 months for new cars.
b. 60 months for pre-owned cars.
4. What are the document charges of United Bank of India, for a car loan?
The bank does not charge any documents charges for sanctioning a car loan.
5. What is the collateral required by United Bank of India, for a Car Loan?
The bank requires hypothecation of the vehicle.
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