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Image  RETAIL LOAN SCHEMES FOR BSNL EMPLOYEES

UNION MILES

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

 

 

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

REPAYMENT


Repayment period

 

Maximum repayment tenure

New 4-wheeler

 

7 years

Old 4-wheelers (not older than 3 years)

 

5 years

New 2-wheeler

 

5 years

RATE OF INTEREST AND PROCESSING CHARGES

  • Please click here to know our latest rate of interest 
  • 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
Validity of scheme upto 31/12/2018

For further details, please visit our nearest branch.


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