Home  »  Banking  »  Loans  »  Car Loan  »  Union Bank Car Loan

Union Bank Car Loan

Loan Name Interest Rate Processing Fee Loan Amount Tenure
Union Bank of India Car Loan 9.20%, Fixed 0.50% of loan amount (maximum of Rs 15,000+ service taxes as applicable) maximum of Rs 125 lakhs 7 Years
Documents Required

  • Proof of Identity: PAN Card, Passport, Employee Identity Card, Any other valid proof (any one of the following)
  • Proof of Address: Aadhaar Card, Utility Bills like electricity bill, water bill, telephone bill, any other valid proof (any one of the following)
  • Bank statement for the last 12 months
  • Duly filled in application form along with 3 passport sized photographs (recent one)
  • Proforma/ Invoice
  • Any other documents which may be required and differs from case to case

For Salaried Individuals

  • Proof of Income: Last one-year Income Tax Return, recent salary slips for the last 6 months, Form 16, letter from employer

For Business Class

  • Proof of Income: Profit and Loss account, Balance Sheet, last three years Income Tax Return

  • Get maximum repayment tenure of 7 years to repay the loan
  • Attractive interest rates
  • Easy equated monthly instalments which are safe on investors pockets
  • No prepayment penalty in case of loan adjustment by the borrower from his/her own verifiable legitimate sources

  • Minimum age of the applicant should be 18 years
  • Maximum age of the applicant should not be over 70 years
  • Resident Indian Citizens and Non-Resident Indians holding valid license can avail car loan
  • Companies or firms can avail car loan for purchasing vehicles for its employees or directors
  • Individuals either singly or jointly with other family members which includes father, mother, spouse, son or daughter as co-applicant can secure a car loan
Other Details

  • The maximum amount of car loan is Rs 125 lakhs
  • Processing Charges stands at 0.50% of loan amount (maximum of Rs 15,000+ service taxes as applicable)


Q: What is the car loan interest rate offered by Union Bank?

A: As per current interest rates, Union Bank car loan interest rates are in the range of 8.70%.

Q: Should I have an account with Union Bank for availing a car loan?

A: Although having an account with Union Bank is not necessary for availing a car loan, it is recommended so that the customer can benefit from value-added services that come with a Union Bank account.

Q: What are the options to repay the car loan provided by Union Bank of India?

A: A Union Bank car loan borrower can pay the Equated Monthly Installments (EMIs) in one of the following ways :

  • By giving a standing instruction to your Union Bank of India, savings account to directly remit the EMI amount to your loan account
  • Via internet banking facility available on your Union Bank of India savings account
  • ECS (Debit) facility
  • Post Dated Cheques (PDCs)

Q: Can I add my spouse's income while applying for a car loan from Union Bank of India?

A: Yes, you can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Q: How much time does Union Bank of India take to approve a loan application?

A: If you have submitted all the required documents correctly to the bank, the Union Bank of India takes 2 days time period to sanction or approve the car loan application.

Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more