United Car Loan Scheme
United Bank of India
join Hands with Maruti Udyog Ltd. for Financing Purchase of Maruti Cars
Purpose :
Purchase of any Maruti Brand Car from authorized Maruti Dealer.
Eligibility :
- Any individual with gross income of Rs.10,000/- and minimum net income of Rs.5,000/- per month.
- To be eligible the applicant will be required to get minimum score as per structured scoring Model of UBI.
Quantum of Loan :
Max. Rs.6 lac.
Margin : 10%
Security :
- In case of salaried person : Nil, if employer ensures repayment.
- In case of professional & Self-employed person :
To be secured by personal guarantee of 1 to 2 persons having adequate worth, otherwise at least 60% of loan amount to be covered by liquid security in the form of Term Deposits, NSCs, KVPs, LIPs (SV), Relief Bonds etc.
Rate of Interest (Floating) :
- Repayment upto 36 months : (BPLR – 1.25) i.e. 12.00% p.a.
- Above 36 months : ( BPLR – 0.75) I.E. 12.50% p.a.
Repayment : 72 months (Max.)
Processing Charges : 0.50%
States Covered :
-
West Bengal
-
Sikim
-
Bihar
-
Jharkhand
-
Orissa
-
Assam
-
Meghalaya
-
Tripura
-
Manipur
-
Nagaland
-
Arunachal
-
Mijoram
-
Chattishgarh
-
Andaman Nicobar Island
Eligibility Criteria 
For purchase of new as well as old car (not older than 4 years).
You are a Savings/ Current Deposit/ Term Deposit A/c holder with the Bank and
fulfill the following criteria -
- A minimum net income (take home salary for salaried person) of Rs 5,000/- per month.
- In respect of working couple, net income of the spouse is considered for the
purpose of computing net income and monthly installments, provided the spouse joins as
co-borrower and monthly installment may be realised from the salaries of either of them.
In case of salaried person, the applicant should be in regular service for atleast 2
years.
- Professional and self-employed persons who are at least 2 years in their
profession.
Quantum of Loan:
Margin:
- New Car:- 10%
- Old Car:- 30% of the valuation amount in case of old car
Processing Charge: 0.50%
Interest Rate
| Repayment period |
New Car
(w.e.f. 09.04.2007) |
Old Car
(w.e.f. 09.04.2007) |
Upto 3 years |
12.00% p.a. |
13.00% p.a. |
| Above 3 years |
12.50% p.a. |
13.50% p.a. |
For second hand car 0.50% higher in every slab used
Repayment
The loan is to be repaid on the basis of Equated Monthly Installment (EMI)
fixed in accordance with following norms taking into consideration the quantum of loan
sanctioned.
| Type of Vehicle |
Number of EMI |
| New Vehicle |
Maximum 72 EMI |
| Old Vehicle upto 2yrs old |
Maximum 48 EMI |
| Old Vehicle 2yrs and upto 4yrs old |
Maximum 36 EMI |
No Penalty is charged for early repayment of the
loan
|
