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UBISL UBISL UBISL

UBI Services Limited (UBISL) is a wholly owned subsidiary of Union Bank of India, a premier Public Sector Bank, having its registered office at Mumbai.

Service We’re Offering

Home Loan

Home Loan

Vehicle Loans

Vehicle Loans

Education Loan

Education Loan

MSME Loan

MSME Loan

Get In Touch

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504-506, 5th Floor, Centrum, S. G. Barve Road, Wagle Estate, MIDC, Thane (W), Pincode - 400604.

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+91 22 69303001

+91 22 69303023

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contact@ubisl.co.in


Vigilance :
vigilance@ubisl.co.in

Vehicle Loan

New Vehicle Loan Starting From 7.90%* pa onwards *terms and conditions apply *terms and conditions apply

UBI Services Ltd (UBISL) offers Vehicle loans at the best low interest rates. Being directly associated with Union Bank of India, the country’s major public sector bank, you can be rest assured of its 105 years of people’s trust. UBISL Vehicle loans are easy to apply with easy monthly installments which suit your repayment ability. UBISL advisors will assist you through the process for you to avail Vehicle Loan

Key Features of Car Loan

PURPOSE

  • Loan can be availed by individuals for personal use:
           . Purchase of New 4-Wheeler
  • Loan can also be availed by Companies / Firms for professional use i.e. purchase of vehicle for usage by their Directors / employees.
  • Takeover of four-wheeler loan from other Bank/FI for existing Corporate / Retail Borrower.**

ELIGIBILITY

  • Resident Indian citizen and Non-Resident Indians (NRIs).
  • Minimum age - 18 years and maximum age - 75 years.
  • Individual, either singly or jointly with family members viz. father, mother, son, spouse or daughter (unmarried) as co-applicants.
  • Companies / Firms for purchase of vehicle for usage by their Directors/employees**

QUANTUM OF LOAN

  • Minimum – No ceiling
  • Maximum - as under:
           . New 4-wheeler - No ceiling

MARGIN, I.E. YOUR SHARE

  • 15% of on-road price of new 4 wheeler

Note: 5% concession in margin (for purchase of new vehicle only) applicable for salaried individuals having salary account with us.

REPAYMENT

  • New 4 Wheeler - 84 months

MORATORIUM PERIOD

  • No moratorium permitted under the scheme.

REPAYMENT PENALTY

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

SECURITY

  • Hypothecation of vehicle purchased out of Bank's finance
  • Bank's lien to be noted with the Road Transport authorities

GUARANTEE

  • No guarantee required for individual borrowers with CIBIL score of 700 and above.
  • Guarantee of a local resident Indian having means equivalent to loan amount, is to be provided by the NRI applicant.
  • In case of companies guarantee of the promoter/director is required.
  • In case of partnership firm, guarantee of all the partners is required.

**Conditions apply.

Car Loan Interest Rate

The interest rates for Union bank of India vehicle loan is the sum of RBI repo rate, Spread and premium.

At present (wef 01 November 2020) .RBI repo rate is 6.50%. Union bank of India spread is 2.80%

The current interest rate for vehicle loans in Union bank of India is given below.

* SPECIAL RETAIL LENDING SCHEME FOR GOVERNMENT EMPLOYEE

List of Documentations

Proof of identity (any of the following)

  • Passport
  • PAN Card
  • Employee identity card
  • Any other valid proof

Proof of address (any of the following)

  • Electricity bill
  • Telephone bill
  • Aadhar
  • Any other valid proof

Proforma / Invoice

Valuation report from approved automobile engineer for old vehicle

Proof of income

For salaried class

  • Last one year ITR
  • Form-16/ letter from Employer
  • Last 6 months salary slip

For business class

  • Last three years ITR
  • P and L Balance sheet

3 photographs

Any other document which may be required from case to case

Frequently Asked Questions

Minimum – No ceiling
Maximum - as under :
New 4-wheeler - No ceiling
Old 4-wheelers (not older than 3 years) - Rs.20 Lakh

Note: The maximum loan amount would be decided by the repayment capacity of the borrower, which is determined mainly with reference to the present income. However, it should be borne in mind that besides present income, several factors like age, qualifications, spouse's income, present outgoing towards rent, future potential for earning higher income, present level of assets and liabilities of the borrowers, etc. will have a bearing on the repayment capacity of the borrower. In case the net take home income after all deductions (such as proposed EMI, taxes, Insurance premium and other out go) is not sufficient, the eligible amount of loan would then be reduced. The income of co-applicant can be added to that of the applicant to improve the repayment capacity.

The margin requirements i.e. the borrower’s contribution should be as follow –
15% of the on-road price of the new 4 wheeler
40% in case of old 4-wheelers

Note: 5% concession in margin (for purchase of new vehicle only) applicable for salaried individuals having salary account with us

You can avail loan either singly or jointly with father, mother, son, unmarried daughter or spouse as co-applicants.

The repayment period is maximum of 7 years (84 EMIs) for a new 4-wheeler loan, and 5 years (60 EMIs) in case of old 4-wheeler.

Flat processing charge of Rs.1000 plus GST for four wheeler.

Interest will be applied in the account on the basis of reducing balance method at monthly rests.

An Equated Monthly Instalment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan.

The loan shall be repaid in equated monthly instalments (EMIs).
You can pay the EMI in any of the following ways :
Through standing instruction to your Union Bank of India savings account to directly remit the EMI amount to your loan account
Through internet banking facility available on your Union Bank of India savings account
ECS (Debit) facility
Post Dated Cheques (PDCs)

Yes, you can make your prepayment. There is no charge on pre-payment if the loan is adjusted by the borrower from his own verifiable legitimate sources.

Hypothecation of the vehicle proposed to be purchased from Bank's finance, is required.

  • No guarantee required for individual borrowers with CIBIL score of 700 and above.
    In case of NRIs guarantee of one local resident Indian is required.
    In case of companies guarantee of one promoter/director is required.?
    In case of partnership firm, guarantee of all the partners is required

    • Instant Eligibility Check

    Home Loan Eligibility Calculator

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