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image   FAQ: Union Miles

  • What is the Normal time required for disbursement of Vehicle Loan ?

Answer: It takes only 2 working days to get the Vehicle Loan sanctioned from Union Bank of India after submission of requisite documents and papers.


  • What does the own contribution (Margin) mean ?

Answer: Own contribution (Margin) means is the total on road cost of the Vehicle minus Loan.


  • What is On-road price of the Vehicle ?

Answer: On-road price of the vehicle includes Ex-showroom price, RTO registration, Insurance and basic accessory cost.


  • What is EBLR ?

Answer: EBLR stands for external benchmark lending rate. Union Bank of India has adopted Repo rate as the External benchmark to link its floating rate home loans with effect from 01.10.2019.


  • When will my interest Rate changes under EBLR regime?

Answer: The External Benchmark shall be reset at least once in three months or any other frequency as prescribed by Bank / RBI.


  • How will union bank of India decide the loan amount I am eligible for?

Answer- We will determine Vehicle Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, co-applicant’s income (if any), margin offered by you, continuity of occupation and Credit Information Bureau (CIBIL/Experian etc.) track record.


  • Can I get instant digital approval?

Answer: Instant In-principal approval can be obtained.


  • How do I make a Union Miles Loan Application?

Answer:-You could collect an application form from our nearest branch or simply download it from our website and submit it along with documents and the Processing fees Cheque at any Union bank of India Branch. Alternatively you have the option to make online application on our website.


  • Is it mandatory to buy insurances policy?

Answer: For a borrower to understand the same better, there are two types of insurance covers available:

  • Vehicle Insurance: Mandatory as per Motor Vehicle Act.
  • Liability Insurance or Life Insurance: This is optional and purely at the discretion of the Borrower.


  • Can I apply for a Loan to Purchase second hand Vehicle?

Answer:  Yes, Union Bank offer loans for purchase of 4 wheelers not older than 3 years.