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:

• Should be permanent employee of BSNL or employee on permanent deputation from Department of Telecom (DOT) to BSNL having regular source of income and having salary account with our bank.
• Individual, either singly or jointly with spouse

QUANTUM OF LOAN

MARGIN, I.E. YOUR SHARE

• 15 % of ex-showroom price for New 4-wheeler
• 10 % of ex-showroom price for New 2-wheeler
• 33 % of old vehicles valuation

REPAYMENT

RATE OF INTEREST AND PROCESSING CHARGES

• Please click here here to know our latest interest rates
• No processing charges

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 Road Transport authorities

GUARANTEE

• Guarantee of the spouse is required
• In case borrower is unmarried, 3rd party guarantee of sufficient means

For further details, please visit our nearest branch.