Untitled Page
All-India Toll Free number1800 22 22 441800 208 2244 All-India Toll Free number for PMJDY Scheme1800 22 22 43
  Consent form for Aadhar and mobile Seeding new
Dedicated Number for NRI+918025302510 Link your Aadhaar Number new Update your FATCA/CRS Details new
 
 
facebaook twitter Instagram   YouTube
Retail Loans
Union Miles
FeaturesForms & DocumentsFAQsOnline Loan Application
PURPOSE
 
Now you can fulfill your dreams of owing a vehicle by availing Union Miles. You can avail this special scheme to purchase of new or old (up to 3 years) four-wheeler, and you can also avail this loan to purchase a new two-wheeler.
 
ELIGIBILITY
A person has to meet the following criteria to avail the loan:
  • Resident Indian citizen and Non-Resident Indians (NRIs) holding valid license.
  • Minimum age - 18 years and maximum age - 70 years.
  • Individual, either singly or jointly with other family members viz. father, mother, son, spouse or daughter as co-applicants.
  • Companies / Firms for purchase of vehicle for usage by their Directors / employees
 
QUANTUM OF LOAN
 
  Maximum quantum of loan
New 4-wheeler Rs. 125 Lakh
Old 4-wheelers (not older than 3 years) Rs. 20 Lakh
New 2-wheeler Rs. 10 Lakh
 
MARGIN, I.E. YOUR SHARE
 
  • 15 % of on-road price (Vehicle Cost + Registration Charges + Insurance + Road Tax)
  • 40 % of old vehicle's valuation cost
 
 
REPAYMENT
Repayment period Maximum repayment tenure
New 4-wheeler 7 years
Old 4-wheelers (not older than 3 years) 5 years
New 2-wheeler 3 years
 
RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest rate of interest
  • No processing charges (offer valid till 31/03/2017)
 
 
PREPAYMENT PENALTY
  • There is NO prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources
  • A penalty of 2% on the average balance of the preceding 12 months, if the loan is taken over by any other Bank /FI or adjusted by the borrower in lumpsum from any third source/party (except genuine sale).
 
SECURITY
  • Hypothecation of vehicle purchased out of Bank's finance
  • Bank's lien to be noted with the Raod Transport authorities
 
GUARANTEE
  • Guarantee of the spouse is required.
  • In case borrower is unmarried, 3rd party guarantee of sufficient means
  • In case of NRIs guarantee of one/two local resident Indian of sufficient means is required
  • In case of companies guarantee of one promoter/director is required.
For further details, please visit our nearest branch.
 
I would like to convey my appreciation to you for the timely assistance provided to many of our students that helped them obtain an educational loan for studying at the ISB for PGP 2009-10.
Untitled Page