United Bank of India has its headquarters in Kolkata, with 2001 branches and 35 regional offices nationwide. The Bank offers car loans with attractive interest rates, helping you own your desired car at relatively lower costs. The Bank's nationwide presence makes it among the best banks to avail of a car loan from. It offers concessions to its existing customers with good credit history.
Here are a few features and benefits of getting a car loan from United Bank of India:
Loan Amount: Individuals can acquire a maximum of Rs. 40 lacs car loan, and there is no upper limit for non-individuals.
Car Loan for Pensioners: A maximum of Rs. 4 lakh is disbursed from 48 months' net pension.
Flexible Repayment: Borrowers can get a car loan from the United Bank of India and can pay it off in EMIs for 84 months. You must pay the interest along with the principal amount. However, there will be no charge for prepayment.
Concessions: United Bank of India provides concessions to its existing customers in car loan interest rates. You will receive a 0.25% interest concession on 50% of the loan value, tangible or liquid security.
Here are a few factors that might affect the car loan interest rates from United Bank of India:
Your credit score is one of the most critical factors the United Bank of India looks at while determining your car loan interest rate. A high credit score means that your interest rate will be lower.
Another factor is the income level of the borrower. A higher income means that you will be able to repay the car loan. It will lead to you receiving a lower interest rate. On the other hand, lower income will lead to a higher interest rate.
The down payment amount is another factor affecting your interest rate. A lower amount will attract lower interest rates and vice versa.
To apply for a car loan from United Bank of India, just follow these simple steps:
You must visit the official website and fill out the form.
The relationship manager handling the query will contact and assist you throughout the process.
There will be numerous loan offers, and you can choose the best United Bank of India car loan option that suits your requirements.
You can also visit any United Bank of India branch and ask for the procedure and details for availing of a car loan.
The concerned executive will ensure that you have all the details and will walk you through the car loan process.
A car loan scheme requires the purchase of a car for a family, individual, society, company, proprietorship or partnership. A salaried borrower must have a monthly net income of at least Rs. 25,000, and the repayment age can go up to 70 years. The maximum age for entry is 65 years, and the repayment must be made before 70 years.
For Pensioners, the age limit for repaying the loan is 75 years. The pensioner must receive a minimum of Rs�20,000 as a pension in a month. Pensioners from the United Bank of India, defence services, educational Institutions, PSUs, central and state governments etc, are eligible for a loan.
Note: A family pensioner will not be able to get a loan.
You will require the following documents to apply for a United Bank of India Car Loan:
Salaried Individuals will require ID proof, address proof, date of birth proof, signature proof, income proof, bank statement and employment continuity proof.
Self-employed individuals will require ID proof, address proof, date of birth proof, signature proof, income proof, bank statement, employment continuity proof and business proof.
Partnerships will require ID proof, address proof, date of birth proof, signature proof, income proof, bank statement, employment continuity proof and other additional documents like PAN card etc.
It is always a good idea to weigh the pros and cons of taking out a car loan. We will start with the pros of a car loan:
� Quick access to funds
� Simple application process
� Flexible loan tenure
� Lower interest rate for good credit individuals
� You can pay monthly
� You can own your favourite car at the end of the loan term.
� Improved credit score
And here are some cons of taking out a car loan:
� You must pay every month.
� Interest rates might seem high for some individuals.
� A down payment is necessary.
� You must provide collateral.
The United Bank of India will finance any four-wheeler for personal use.
Yes! However, the car must not be over four years old.
You can get the loan application form online or from the Banks branch office.
Calculators provide accurate numbers, and you can save yourself from manual errors that might otherwise arise.
You must have a credit score over 700 to avail of a car loan from the United Bank of India. A higher credit score improves the chances of getting a loan and lowers the interest rate.
E = P x r x (1+r)n/((1+r)n -1)), where P is the principal amount, ar is the interest, and n is the tenure.
Download a car loan application from the website or go to the nearest United Bank of India Branch and take it. Submit the form after filling and signing it.
You can visit the United Bank of India website and use the branch locator to find the nearest United Bank of India branch near you.
70 years.
75 years.