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United Bank of India is one of the popular nationalized banks in India. With more than 2000 branches, the bank has been serving its customers since 1969. The bank offers different types of loans so that even a layman can fulfill all their dreams. The car loan is one of the loans provided by the bank that can help you own your dream car.
If your long-time dream is to own a car, then United Bank of India Car Loan is the best solution. The bank can pay up to 90% of the total cost of the car as the loan amount. Since the bank provides enough time as a repayment period, the customer can repay the loan amount without any pressure. United Bank of India Car Loan can be used to buy a new vehicle as well as a pre-owned vehicle too.
The features of United Bank of India Car Loan are as below.
Loan Coverage: United Bank of India Car Loan can offer the customer up to Rs 40 lakhs as the loan amount.
Margin: The margin for New Car is 15% of the on-road price of the vehicle (Individuals and corporate) and for a used car it is 25% of the valuation of the old Car as certified by the valuer.
Repayment Period: United Bank of India Car Loan offers the repayment period of 7 years for the customers.
Security: As security, the bank will require the hypothecation of the vehicle purchased out of the loan.
Minimum Documentation: United Bank of India Car Loan procedure need minimum documentation for the loan proposal.
The rate of interest for a salaried person is EBLR+75 bps i.e. 8.85% and for others, it is EBLR+90 bps i.e. 9.00 %.
The customer will have to submit the below documentation to apply for a car loan.
If you want to apply for a car loan, you can apply it online through the official website of United Bank Of India. Once you log in to the website, you will see the loan features and benefits it offers to the customer. If you are happy with the features you can go ahead and click the tab ‘Apply Online’. Make sure that you upload all the relevant documents required for the sanctioning of the loan. Once you upload the documents, the bank will check the documents and revert to you if they need to see more documents. If the bank is satisfied with the documents, then they will proceed with the sanctioning of the car loan.
If you do not want to apply for a car loan online, you can also visit one of the nearby United Bank of India branches. If you are an existing customer, it will be easy for the bank to do the verification as your details will be present in the bank’s database. If you are a new customer, then the bank might take a day or two for the verification of the documents.
1. What is the interest rate for United Bank of India Car Loan when linked to RLLR?
For a salaried person, the interest would be RLLR+100bps i.e. 8.70% at present and for others, it will be RLLR+115 bps i.e. 8.85% at present.
2. Will the bank need collateral security under United Bank of India Car Loan?
Yes, the bank will require collateral security and it must be in the form of tangible assets or liquid assets.
3. What is the margin for an old car under United Bank of India Car Loan?
The margin for an old car under United Bank of India Car Loan is 25% of the valuation of the old Car as certified by the valuer.
4. What is the minimum net income required to apply for United Bank of India Car Loan?
The minimum net income per month requirement to apply for United Bank of India Car Loan is Rs 25,000 per month after all deductions.
5. What is the collateral required by United Bank for a Car Loan?
As the collateral security, the bank requires hypothecation of the vehicle purchased out of the car loan.
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