UNION MILES

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Union Miles Scheme is offered to individuals /firms for vehicle finance for thier personal use.

ELIGIBILITY

Individuals above 18 years of age Permanent employee of Central/State/Defence/Police Force/Public or Joint Sector Undertaking/reputed firms/ established Educational Inst. Professional/Businessmen having regular income. Borrower has at least minimum services to liquidate the loan 1 year prior to retirement. Firms / Companies.

PURPOSE  For Purchase of new two/four wheelers, for personal or professional use Second hand vehicles upto 3 years old also eligible.

QUANTUM Four Wheeler- 4 times the net annual income as per ITR/salary slip subject to a maximum loan of Rs 40 lacs for new vehicle and Rs 10 lacs for old vehicle Two Wheeler- 4 times the net annual income as per ITR/salary slip subject to a maximum loan of Rs 1 lacs for new vehicle

MARGIN 15% of on road price (Ex-Showroom + registration + Insurance  + Road Tax) 50% of cost of old vehicle

REPAYMENT  Four Wheelers - A Maximum of 60 months in Equated Monthly Installments(EMIs). Two Wheelers - A Maximum of 36 months in Equated Monthly Installments(EMIs). Under Tie-up ------------- 4 Wheelers -  A maximum of 72 EMIs ( Maruti, Hyundai, Tata Motors)

RATE OF INTEREST (w.e.f. 15.02.2010) Period Rate Of Interest 4 wheelers (new car) Upto 3 Years   11.00% p.a Over 3 Years to 5 Years   11.25% p.a   2 Wheelers Upto 3 Years   12.75% p.a Above 3 Years to 5 Years   13.25% p.a   Old Cars(Not Older than 3 Years)   13.25% p.a

PROCESSING CHARGES (EXCLUDING SERVICE TAX) Two Wheelers Rs. 250 Four Wheelers Rs. 500  per vehicle for  Loan upto Rs. 2 Lacs. Four Wheelers Rs. 1000 per vehicle for  Loan over Rs. 2 Lacs.

SECURITY  Hypothecation of vehicle financed by the Bank. Bank's lien to be got noted with the transport authorities.

PREPAYMENT PENALTY No prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources of income or genuine sale. However , 2%  charged on an average o/s balance of last 12 months if loan is closed on take over by other bank/financial institutes   GUARANTEE  Guarantee of the spouse. In case unmarried, third party guarantee with sufficient means.