Union Bank of India Two-Wheeler Loan

A bike opens up new possibilities on the road, both for daily conveyance and leisurely rides. Union Bank’s Two-wheeler Loan aims to make that journey smoother, with loans of up to ₹10 Lakhs for new bikes under its Union Miles scheme. With a strong credit score, you can get competitive interest rates starting at 11.15% p.a. for electric two-wheelers and 11.35% for fuel-powered ones. 

The maximum loan tenure is 36 months and a nominal flat-rate processing charge of ₹500 + GST makes for affordable borrowing. Moreover, you can secure up to 90% of your bike’s on-road price with a nominal margin of 10% (20% for fuel-based bikes). 

This calculator helps you to estimate your EMI for a Union Bank Bike Loan by providing the loan amount, interest rate, and tenure. You’ll also see the total interest and total repayable amount. 

Here are the steps to use the Bike Loan EMI Calculator: 

1. Enter your desired loan amount (principal).

2. Input the annual interest rate applicable to your credit profile.

3. Choose your repayment period (in months or years).

4. The tool returns the EMI, the total amount payable, and total interest cost.

5. You can adjust any input to see how the EMI or total cost shifts. 

The calculation follows the standard amortisation formula as per the reducing balance method: 

EMI = EMI = P × R × [(1 + R)^N / ((1 + R)^N - 1)]

Where: 

• P = principal

• R = monthly rate = annual rate ÷ 12

• N = total number of months

Though the EMI stays fixed, the interest portion gradually declines while the principal portion rises. That way, your EMI stays fixed month on month. 

Example 

Suppose you want to buy a bike and borrow ₹1.5 Lakhs for 36 months at 11.15% p.a.

• Monthly rate (R) = 9.90%/12 = 0.00929

• N = 36 

So, using the formula, the calculator will show that your EMI comes to about ₹4,921, and

• The total interest = ₹27,173

• The total amount paid = ₹1,77,173

A Union Bank Bike Loan offers convenient and flexible bike financing solutions that fit your lifestyle and financial comfort. Here’s what can make it an attractive choice: 

• Quick Loan Approvals and Disbursals

Enjoy a seamless process where your loan gets approved and disbursed shortly after verification.

• Attractive Interest Rates

You can pay manageable EMIs with competitive rates from 11.15% p.a. that make bike ownership more affordable. 

• Finance up to 90% of the On-Road Price

Cover almost the full cost of your two-wheeler with minimal down payment.

• Loan Amounts up to ₹10 Lakhs

Get sufficient funds to buy any model—whether it’s a daily commuter or a high-end motorcycle.

• Tenure Options up to 3 Years

Choose flexible repayment periods that align with your budget and comfort level.

• Easy Online Application

Complete the entire loan process digitally with minimal paperwork and quick approvals.

• Transparent Charges and No Hidden Fees

Know your costs upfront with clear fee structures and detailed repayment schedules.

A UBI two-wheeler loan makes it easy to own your dream bike by offering simple Bike Loan Eligibility rules and minimal documentation. Check the criteria below: 

Eligibility Criteria

• Age: Should be 18 years or above at the time of application and up to 75 years at the time of loan maturity. 

• Residency: Available to Resident Indians and NRIs with an eligible co-applicant in India. 

• Income Proof: Must show stable income from employment or self-employment. 

• Employment: Should be in confirmed service with a government or reputed private organisation. 

• Income Level: Should meet minimum income standards as per bank guidelines. 

Documents Required

When applying for a Union Bank Two-wheeler Loan, having all your documents ready can make the approval process quick and hassle-free. Here’s a detailed list of what you’ll need:

• A duly filled loan application form and credit information report.

• KYC documents for both the applicant and co-applicant/guarantor (if applicable):

  • Identity proof such as PAN Card, Aadhaar, Passport, or Voter ID.

  • Address proof like Driving Licence, Passport, or Aadhaar.

  • Two recent passport-size photographs.

• Proforma invoice from an authorised bike dealer.

• Receipt of booking or advance payment made towards your chosen bike.

• For salaried applicants: The last two years’ ITR or Form 16, the latest three salary slips, and proof of any additional income not reflected in tax documents.

• For self-employed or non-salaried individuals: ITRs for the past two years along with supporting proof of any other income. 

• Bank statement for the previous six months.

For NRI applicants, extra documents are needed, including a translated and attested employment contract, work permit, passport copy, visa page, employer-issued ID, and a notarised Power of Attorney (POA) from the Indian Embassy. 

If you’re transferring an existing loan from another lender, also include the sanction letter and loan account statement for the past 12 months. 

Keeping these bike loan documents handy ensures a faster and smoother loan approval process with Union Bank. 

You can use either the digital route or visit a branch to apply for a Union Bank Two-wheeler Loan. Here are the steps you have to follow: 

Online Method

1. Go to Union Bank’s official website and find the ‘Union Vehicle’ or ‘Union Green Vehicle’ options from the Loans menu. 

2. Proceed to the relevant page as per your requirement and click on ‘Apply Now’. 

3. Provide your basic details, like name, mobile number, email, pincode, etc. to continue. 

4. Next, fill out your contact info, loan preferences (bike model, tenure, etc.) and other information as asked. 

5. A Union Bank executive will contact you to collect full application details and documents. 

6. After document verification, the bank sanctions the loan and arranges disbursal through the UBI branch or direct to the dealer. 

Offline Method 

1. Visit your nearest Union Bank branch. 

2. Discuss your bike model, required loan amount and tenure with the bank representative. 

3. Submit all required original and photocopy documents (ID, address proof, income, vehicle quote). 

4. Fill and sign the application form at the branch. 

5. The bank verifies your documents, sanctions the loan, then disburses funds to the dealer or your account. 

Union Bank usually sanctions and disburses the UBI two-wheeler loan amount promptly after full document and financial profile verification. 

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