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image  UNION MILES

Features

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
  • 50% concession in processing charges based on CIBIL score, valid till 31.03.2019
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.

Forms & Documents

FAQs

Online Loan Application


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