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Union Bank of India Car Loan Fees and Charges


Interest Rate9% p.a. to 12% p.a.
Processing Fee0.50% of the loan amount + GST
Prepayment ChargesUp to 2%

Car Loan Schemes Provided by Union Bank of India

Union Miles

Key Highlights

  • Loans of up to Rs.125 lakh
  • Flexible repayment tenures of up to 7 years
  • Loans available for both resident and Non-Resident Indians (NRIs)
  • Loans for buying old cars also available
  • Attractive rates starting from 9% p.a.

How to Calculate EMI on Union Bank of India Car Loan

Your car loan EMI (Equated Monthly Instalment) depends on multiple factors, including the loan amount, interest rate, loan tenure, and processing fee. To calculate your monthly instalment amount, you can use Creditupchar Union Bank of India Car Loan EMI Calculator.

The entire computation process is simple and hassle-free with a quick turnaround time.

Union Bank Car Loan EMI Calculator

Top Banks’ Car Loan Interest Rate Comparison with the Lowest EMI

Name of the BankInterest rateEMI*
State Bank of IndiaStarting from 9% p.a.Rs.1,609
Union Bank of IndiaStarting from 9.05% p.a.Rs.1,609
ICICI BankStarting from 9.30% p.a.Rs.1,624
Axis BankStarting from 9.05% p.a.Rs.1,611
HDFC BankStarting from 9.65% p.a. (rack interest rate)Rs.1,642
Central Bank of IndiaStarting from 8.70% p.a.Rs.1,594

*For calculation purpose, we have taken 7 years as the tenure and Rs.1 lakh as the amount.

How to Apply for Union Bank of India Car Loan

Step 1: Visit Union Bank of India’s official website.

Step 2: Go to the “Products” section.

Step 3: Click on “Retail” under the “Loans” section.

Step 4: Click on “Union Miles”.

Step 5: You will be redirected to the car loan page where you have to click on “Online Application”.

Step 6: Click on “Apply Online”

Step 7: You will be redirected to another page where you have either select “New User” or “Existing User”.

Step 8: If you click on “New User”, you will be redirected to another page where you have to fill in the required details along with the type of loan you have been looking for.

Step 9: Post that, click on “Apply” to complete the process.

Step 10: If you are an existing user, you have to key in your reference and mobile number to complete the application.

Documents Required

For salaried

  • Identity proof
  • Address proof
  • Invoice
  • Valuation report from an automobile engineer (applicable for old vehicles)
  • Last 6 months’ salary slips
  • Form 16
  • Last 1 year’s Income Tax Returns

For self-employed

  • Identity proof
  • Address proof
  • Invoice
  • Valuation report from an automobile engineer (applicable for old vehicles)
  • Last 3 years’ Income Tax Returns
  • Profit and loss account statements along with balance sheet

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