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Union Miles |
Union Miles Scheme is offered to individuals /firms for vehicle finance for their personal use.
Eligibility
- Individuals of the age 18 years and above.
- Permanent employee of Central/State/Defence/Police Force/Public or Joint Sector Undertaking/reputed firms/ established Educational Inst.
- Professional/Businessmen having regular income.
- Borrower has at least minimum services to liquidate the loan 1 year prior to retirement.
- Firms / Companies.
- A Minimum of 40% marks as per investment grade scoring chart.
Purpose
- For Purchase of new two/four wheelers, for personal or professional use.
- Second hand vehicles upto 3 years old also eligible.
Quantum
Three times the amount equivalent to the net income /net annual salary subject to a maximum of Rs 10 lacs.
Margin
- 20% of cost of vehicle.
- 50% of old vehicle.
- Under tie-up - 10%.
Repayment
- 4 Wheelers - A Maximum of 60 months in Equated Monthly Installments(EMIs).
- 2 Wheelers - A Maximum of 36 months in Equated Monthly Installments(EMIs).
Under Tie-up
- 4 Wheelers - A Maximum of 84 EMIs (Ford India).
- 2 Wheelers - A Maximum of 60 EMIs (Bajaj Auto Ltd).
Rate Of interest(w.e.f. 11.04.2007)
| Period |
ROI |
| 4 wheelers |
Tie up |
Non-Tie up |
| Upto 3 Years |
BPLR-2.25 = 11.00% p.a |
BPLR-1.75=11.50% p.a |
| Above 3 Years |
BPLR-1.75 = 11.50% p.a. |
BPLR-1.25=12.00% p.a |
| 2 Wheelers |
Tie up |
Non-Tie up |
| Upto 3 Years |
BPLR-1.75 = 11.50% p.a. |
BPLR-1.25=12.00% p.a |
| Above 3 Years |
BPLR-1.25 = 12.00% p.a |
BPLR-0.75=12.50% p.a |
| Old Cars(< 3 Years) |
|
BPLR -1.25=12.00% p.a |
Processing charges(excluding service tax)
- Two Wheelers Rs. 250.
- Four Wheelers Rs. 500 Loan upto Rs. 2 Lacs.
- Four Wheelers Rs. 1000 Loan over Rs. 2 Lacs.
Security
- Hypothecation of vehicle financed by the Bank.
- Bank’s lien to be got noted with the Transport Authorities.
Guarantee
- Guarantee of the spouse. In case unmarried, third party guarantee with sufficient means.
Other Conditions
- No Pre-Payment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources or genuine sale. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/Financial Institutes.
- Comprehensive Insurance with Bank Clause.
- Salary Certificate/proof of income and proof of residence to be obtained and held on record.
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