To stand at par on the eligibility parameters to apply for a Union Bank of India Car Loan for a new car or pre-used car, an intended car loan borrower has to match the preset requirements of eligibility criteria. The Union Bank of India has established its car loan amount eligibility criteria based on several factors namely; applicant’s age, applicant’s employment type, applicant’s income, applicant’s (or co-applicants) CIBIL score, and on road price of the car.
- Nationality Criteria: To stand eligible for availing car loan from Union Bank of India, an applicant should be an Indian resident, and for NRI’s they must have relevant documents to prove NRI status.
- Age Criteria: Union Bank of India has fixed minimum and maximum age bracket for intended Union Bank of India car loan borrowers.
- Minimum Age: The applicant’s age should be no less than 18 years to avail car loan offered by Union Bank of India
- Maximum Age: The applicant’s age at the time of loan maturity should be no more than 70 years.
- Criteria for Employment type: The following individuals are eligible for an Union Bank of India Car Loan-
- Non-salaried group: Established professionals & self-employed, businessmen
- Salaried group: Regular employees who have completed minimum 6 months service
- Farmers and agriculturists.
- Business concerns (Corporates & Non Corporates)
- Co-applicant Criteria: Individual, either singly or jointly with other family members as co-applicants for higher Car loan amount eligibility Check your eligibility
Steps to check eligibility for Union Bank of India Car loan at Paisa Bazaar
To find out whether an individual is eligible to apply for a Union Bank car loan is simple, easy & quick with eligibility calculator tool. With the help of this eligibility calculator by Paisa Bazaar.com, anyone can easily know his eligibility status to avail Union Bank car loans.
Here is the process to use Union Bank of India Eligibility Calculator at PaisaBazaar!
Step 1: Click on Union Bank of India Car Loan eligibility calculator tab at the homepage.
Step 2: The user will then be required to answer few basic questions which can be:
What type of car are you looking to buy?
- Loan amount you want to mortgage
- The city you are currently living in
- Employment status
- Make or model of the car that you want to buy
- Tenure of car loan
- Time for buying the car
Step 3: Once all the questions are answered, the Union Bank of India Car loan eligibility tool would automatically display the eligibility status within an eye blink.
Benefits of Union Bank of India Car Loan eligibility calculator
There are a lot of reasons to use Union Bank of India Car Loan calculator. Some of those reasons include:
- It saves crucial time: Using Paisa Bazaar’s Union Bank of India Car Loan eligibility calculator saves a lot of crucial time, as the intended Union Bank car loan borrower is not required to personally visit a Union Bank of India branch and take appointments of bank representatives. With this online calculator tool, anyone can instantly check his eligibility for Union Bank car loan within few minutes in just few clicks and can take decision accordingly.
- It saves energy & efforts: Union Bank of India Car Loan eligibility calculator is automatic, and saves a person from trying and testing his eligibility for every other car loan scheme by different financial institutions. With this calculator, one gets to see all the suggestions for all the other alternative loan products that you can consider while availing car loan.
- It is easy to compare: everyone wishes to avail good deals on car loans. If you are one of them and hope for the same, then Paisa Bazaar’s online eligibility calculator tool can help you. You can easily make comparison for different car loans offered by Union Bank of India and compare them from different car loan plans offered by other banks to find the most suited car loan plan.