What does the own contribution (Margin) mean ?Īnswer: Own contribution (Margin) means is the total on road cost of the Vehicle minus Loan.Īnswer: On-road price of the vehicle includes Ex-showroom price, RTO registration, Insurance and basic accessory cost.Īnswer: EBLR stands for external benchmark lending rate.

What is the Normal time required for disbursement of Vehicle Loan ?Īnswer: It takes only 2 working days to get the Vehicle Loan sanctioned from Union Bank of India after submission of requisite documents and papers.

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In case of partnership firm, guarantee of all the partners is required.

In case of companies guarantee of the promoter/director is required.

Guarantee of a local resident Indian having means equivalent to loan amount, is to be provided by the NRI applicant.

No guarantee required for individual borrowers with CIBIL score of 700 and above.

Bank's lien to be noted with the Road Transport authorities.

Hypothecation of vehicle purchased out of Bank's finance.

There is NO prepayment penalty if loan adjusted from own verifiable source.

Please click here to know our latest interest rates.

No moratorium permitted under the scheme.

Old 4-wheelers (not older than 3 years) - Rs.20 Lakh.

Companies / Firms for purchase of vehicle for usage by their Directors/employees.Individual, either singly or jointly with family members.Minimum age - 18 years and maximum age - 75 years.Resident Indian citizen and Non-Resident Indians (NRIs).

purchase of vehicle for usage by their Directors / employees. Loan can also be availed by Companies / Firms for professional use i.e.Purchase of Old 4-Wheeler, not older than 3 years.Loan can be availed by individuals for personal use:

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