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1. PURPOSE
1.1 Loan can be availed by individuals for personal use: 1.1.1 Purchase of New Electric 4-Wheeler 1.1.2 Purchase of a New Electric 2-Wheeler 1.1.3 Scheme will be operational in pan India.
1.1 Loan can be availed by individuals for personal use:
1.1.1 Purchase of New Electric 4-Wheeler 1.1.2 Purchase of a New Electric 2-Wheeler 1.1.3 Scheme will be operational in pan India.
1.1.1 Purchase of New Electric 4-Wheeler
1.1.2 Purchase of a New Electric 2-Wheeler
1.1.3 Scheme will be operational in pan India.
2. UNION GREEN MILES LOAN ELIGIBILITY
2.1 Resident Indian citizen and Non-Resident Indians (NRIs). 2.2 Minimum age - 18 years and maximum age - 75 years. 2.3 Individual having regular source of income after 60 years can be considered for repayment beyond 60 years of age. 2.4 Individual, either singly or jointly with other eligible individuals. Maximum applicants to be restricted to 3 ( Main Applicant + maximum 2 co-applicants) 2.5 Only following family members are permitted as applicants/co-applicants: 2.5.1 Spouse 2.5.2 Father 2.5.3 Mother 2.5.4 Son 2.5.5 Un-Married Daughter 2.6 Companies / Firms for purchase of vehicle for usage by their Directors/employees. 2.7 3-Wheeler and commercial finance will not be covered under retail lending scheme. 2.8 RTO registration should be for personal use only i.e. individual/Firm/Company purchasing vehicles for taxi purpose are not permitted under the scheme.
2.1 Resident Indian citizen and Non-Resident Indians (NRIs).
2.2 Minimum age - 18 years and maximum age - 75 years.
2.3 Individual having regular source of income after 60 years can be considered for repayment beyond 60 years of age.
2.4 Individual, either singly or jointly with other eligible individuals. Maximum applicants to be restricted to 3 ( Main Applicant + maximum 2 co-applicants)
2.5 Only following family members are permitted as applicants/co-applicants:
2.5.1 Spouse 2.5.2 Father 2.5.3 Mother 2.5.4 Son 2.5.5 Un-Married Daughter
2.6 Companies / Firms for purchase of vehicle for usage by their Directors/employees.
2.7 3-Wheeler and commercial finance will not be covered under retail lending scheme.
2.8 RTO registration should be for personal use only i.e. individual/Firm/Company purchasing vehicles for taxi purpose are not permitted under the scheme.
3 QUANTUM OF LOAN
3.1 Minimum – No ceiling 3.2 Maximum - as under: 3.2.1 New Electric 4-wheeler - No ceiling 3.2.2 New Electric 2-wheeler - Rs.10 Lakh
3.1 Minimum – No ceiling 3.2 Maximum - as under:
3.2.1 New Electric 4-wheeler - No ceiling 3.2.2 New Electric 2-wheeler - Rs.10 Lakh
3.2.1 New Electric 4-wheeler - No ceiling
3.2.2 New Electric 2-wheeler - Rs.10 Lakh
4 VEHICLE LOAN MARGIN, I.E. YOUR SHARE
Margin of 10% shall be brought by the borrower, irrespective of subsidy. The upfront subsidy received from state govt. will be adjusted towards eligible loan amount.
5 REPAYMENT
5.1 New Electric 4 Wheeler - 84 months 5.2 New Electric 2 Wheeler - 36 months(60 month under Tie-up)
5.1 New Electric 4 Wheeler - 84 months
5.2 New Electric 2 Wheeler - 36 months(60 month under Tie-up)
6 MORATORIUM
6.1 Repayment to commence immediately from the next month of the disbursement/delivery of vehicle. Interest for the break period to be recovered.
7. UNION GREEN MILES RATE OF INTEREST
7.1 Please click here to know our latest Union Miles interest rates ROI is linked to CIBIL score. In case of companies/partnership firm/joint applicants, interest rate is applicable to CIBIL score of applicant/director/partner having lowest CIBIL score among all applicants/Directors/Partner.
7.1 Please click here to know our latest Union Miles interest rates
ROI is linked to CIBIL score. In case of companies/partnership firm/joint applicants, interest rate is applicable to CIBIL score of applicant/director/partner having lowest CIBIL score among all applicants/Directors/Partner.
8. PREPAYMENT PENALTY
8.1 There is NO prepayment penalty if loan adjusted from own verifiable source.
9. SUBSIDY
9.1 Upfront subsidy provided by state/central government shall be reduced from the eligible loan amount.
10. SECURITY
10.1 Hypothecation of vehicle purchased out of Bank's finance 10.2 Bank's lien to be noted with the Road Transport authorities 10.3 In case of loan to company, Bank’s charge is also to be noted with ROC.
10.1 Hypothecation of vehicle purchased out of Bank's finance
10.2 Bank's lien to be noted with the Road Transport authorities
10.3 In case of loan to company, Bank’s charge is also to be noted with ROC.
11. GUARANTEE
11.1 No guarantee required for individual borrowers with CIBIL score of 700 and above. 11.2 Guarantee of a local resident Indian having means equivalent to loan amount, is to be provided by the NRI applicant. 11.3 In case of companies guarantee of the promoter/director is required. 11.4 In case of partnership firm, guarantee of all the partners is required.
11.1 No guarantee required for individual borrowers with CIBIL score of 700 and above.
11.2 Guarantee of a local resident Indian having means equivalent to loan amount, is to be provided by the NRI applicant.
11.3 In case of companies guarantee of the promoter/director is required.
11.4 In case of partnership firm, guarantee of all the partners is required.
12. UNION GREEN MILES LOAN EMI CALCULATOR
12.1 Please click here for EMI Calculator
*Conditions Apply*
*Contact our nearest Branch for more details*