Key facts
What the official sources publish
Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.
Maximum financeNew four-wheeler: no ceiling published. Old four-wheeler not older than 3 years: up to ₹20 lakh. New two-wheeler: up to ₹10 lakh.View source
The page states minimum no ceiling, new four-wheeler no ceiling, old four-wheeler ₹20 lakh and new two-wheeler ₹10 lakh.
- Source
- Union Vehicle / Union Miles
- Page / section
- Quantum of Loan;
- Accessed
- 30 Aug 2026
- Confidence
- high
Interest rateCurrent retail ROI table: new four-wheeler 7.60%–10.00% p.a. depending on CIC score and borrower type; new two-wheeler 10.90%–11.20%; old four-wheeler up to 3 years 11.60%–11.70%; Green Vehicle rates are lower in the separate Green Vehicle table.View source
The current table lists score bands and effective for new 4-wheelers, new 2-wheelers and old 4-wheelers.
- Source
- Union Bank retail loan interest-rate table
- Page / section
- Pages 4–5 — Union Vehicle Loan
- Accessed
- 30 Aug 2026
- Confidence
- high
EligibilityIndividuals may finance a new four-wheeler, a used four-wheeler not older than 3 years or a new two-wheeler. Companies and firms may borrow for professional-use vehicles. A minimum CIBIL score of 700 is required for the application to be considered for further processing.View source
The official page lists vehicle types, the three-year used-car limit and says a minimum CIBIL score of 700 is required for further processing.
- Source
- Union Vehicle / Union Miles
- Page / section
- Purpose; — minimum score
- Accessed
- 30 Aug 2026
- Confidence
- high
Minimum incomeNo fixed rupee salary or annual-income floor is published. Loan amount depends on age, gross income, EMIs, deductions and vehicle cost.View source
The lists age, gross income, , deductions and vehicle cost as quantum factors, without a universal income floor.
- Source
- Union Vehicle / Union Miles
- Page / section
- — How much Union Miles Loan can I get?
- Accessed
- 30 Aug 2026
- Confidence
- high
Maximum tenureNo universal maximum tenure is published on the reviewed Union Vehicle page; repayment is by EMI under scheme terms.View source
The page describes flexible repayment but does not state one universal maximum tenure.
- Source
- Union Vehicle / Union Miles
- Page / section
- Repayment and
- Accessed
- 30 Aug 2026
- Confidence
- high
InsuranceVehicle insurance is required as applicable under the Motor Vehicle Act; life/liability insurance is optional on the reviewed vehicle-loan terms.View source
The official vehicle-loan page states vehicle insurance is mandatory by the Motor Vehicle Act and life/liability cover is optional.
- Source
- Vehicle Loan — Union Bank
- Page / section
- Insurance condition
- Accessed
- 30 Aug 2026
- Confidence
- high
APRThe issuer describes the loan rate as an annual percentage rate but does not publish a separate APR calculation or fee-inclusive APR figure.View source
The says Union Miles rates are expressed as an annual percentage rate and depend on credit score, debt and income, without a separate fee-inclusive figure.
- Source
- Union Vehicle / Union Miles
- Page / section
- — What is the Union Miles Loan Interest Rate?
- Accessed
- 30 Aug 2026
- Confidence
- high
Loan typeVehicle loanView source
The official product name identifies this as “Union Vehicle Loan (Union Miles)”.
- Source
- Union Vehicle Loan (Union Miles) — official product page
- Page / section
- Official product name and loan classification
- Accessed
- 30 Aug 2026
- Confidence
- high
TenureNo universal maximum tenure is published on the reviewed page/PDF for this variant; detailed scheme terms determine repayment tenure by purpose, vehicle/property and borrower profile.View source
The reviewed sources publish rate, quantum and eligibility terms for these variants but no one universal maximum tenure.
- Source
- Union Bank retail and product pages
- Page / section
- Applicable scheme pages and retail table
- Accessed
- 30 Aug 2026
- Confidence
- high
BenchmarkUnion Bank's published reference benchmark is EBLR (Repo Rate), shown as 8.00% effective 13 June 2026 on the current loans-and-advances rate page. Product-specific premiums and concessions are shown separately in the retail ROI table.View source
The official rate page lists (Repo Rate) at 8.00% with effect from 13/06/ 2026 and links the retail loan rate table.
- Source
- Interest Rates — Loans and Advances
- Page / section
- Reference rates table: (Repo Rate)
- Accessed
- 30 Aug 2026
- Confidence
- high
Processing feeNo numeric processing-fee amount or percentage is published on the reviewed product pages or in the current retail ROI PDF for this product family. The Union Vehicle page mentions a processing-fee cheque when applying, but does not publish the fee amount on the reviewed page.View source
The vehicle page asks for a processing-fee cheque with a branch application but gives no amount; the reviewed retail contains rates and premiums, not a processing-fee schedule.
- Source
- Union Vehicle / Union Bank retail
- Page / section
- Application method; retail pages 1–12
- Accessed
- 30 Aug 2026
- Confidence
- high
Maximum amountNew four-wheeler: no ceiling published. New two-wheeler: up to ₹10 lakh. Old four-wheeler not older than 3 years: up to ₹20 lakh. The Green Vehicle table does not publish a separate quantum ceiling.View source
The official page states no ceiling for a new four-wheeler, ₹20 lakh for an old four-wheeler and ₹10 lakh for a new two-wheeler.
- Source
- Union Vehicle / Union Miles
- Page / section
- Quantum of Loan;
- Accessed
- 30 Aug 2026
- Confidence
- high
Prepayment / foreclosureNo numeric prepayment or foreclosure charge is published on the reviewed product page or current retail ROI table for this variant.View source
The reviewed source pages/ publish the product's rate and eligibility terms but no numeric prepayment/foreclosure charge.
- Source
- Union Bank retail and product pages
- Page / section
- Applicable product pages and current retail table
- Accessed
- 30 Aug 2026
- Confidence
- high
Benefits and features
- New four-wheeler finance has no published ceiling
- Used four-wheeler limit ₹20 lakh
- New two-wheeler limit ₹10 lakh
- Instant in-principle approval may be available
Eligibility
- Minimum CIBIL score 700 is required for the application to be considered for further processing.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- Application, , income and vehicle documents plus processing-fee cheque where applicable.
Related official documents
Union Bank retail loan catalogueofficial-product-page · current · accessed 30 Aug 2026
↗Union Bank retail loan interest-rate tableofficial-pdf · current · accessed 30 Aug 2026
↗Union Vehicle / Union Miles — official product pageofficial-product-page · current · accessed 30 Aug 2026
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