Union Bank of India offers personal loans at attractive interest rates to help you meet your financial needs. This article provides an overview of the features, benefits, and eligibility criteria for Union Bank of India personal loans.
Union Bank of India Personal Loan Highlights
| Interest rate | 10.30% p.a. Onwards |
| Loan Amount | Up to Rs 15 lakh |
| Loan Tenure | Up to 5 years |
| Processing Fees | Up to 1% of loan amount |
Union Bank of India Personal Loan
Union Bank of India is one of the most popular banks in India and it offers a variety of personal loan products to its customers. The Union Bank of India Personal Loan offers a number of benefits to its customers including a competitive interest rate, a wide range of repayment options, and a host of other features.
The interest rate on the Union Bank of India Personal Loan starts at 10.30% per annum. The loan can be repaid over a period of 12 to 60 months. The Union Bank of India Personal Loan can be used for a variety of purposes including travel, medical expenses, wedding expenses, home improvement, and more.
Union Bank of India Personal Loan Benefits
Union Bank of India offers a wide range of personal loan products at attractive interest rates. Some of the key benefits of availing of a Union Bank of India personal loan include:
- A quick and easy approval process
- Affordable interest rates
- Flexible repayment tenures
- No collateral required
- Minimal documentation
- Doorstep service
- Balance transfer facility
- Top-up loan facility
Union Bank Personal Loan Interest Rates
Union Bank of India offers some of the most competitive personal loan interest rates in the market. Depending on the loan amount repayment tenure and Credit Score, the interest rate on a Union Bank of India personal loan can range from 10.30% to 14.40% p.a. This makes an attractive option for borrowers looking for a personal loan.
UNION PERSONAL
| Schemes | Interest Rate |
|---|---|
| Union Personal – Under Tie-up | 12.30%-12.40% p.a. |
| Union Personal – Under Non-Tie-up | 13.30%-13.40% p.a. |
| Union Personal- For Non-Salaried Individuals | 14.30%-14.40% p.a. |
UNION PROFESSIONAL PERSONAL LOAN SCHEME
| Schemes | Interest Rate |
|---|---|
| Union Professional Personal – Salaried Under Tie-up | 10.70%-10.95% p.a. |
| Union Professional Personal – Salaried Under Non-Tie-up | 11.20%-11.45% p.a. |
| Union Professional Personal – Non-Salaried | 11.70%-11.95% p.a. |
UNION ASHIYANA PERSONAL LOAN SCHEME
| Schemes | Interest Rate |
|---|---|
| Union Ashiyana Personal – Salaried | 10.70%-10.95% p.a. |
| Union Ashiyana Personal – Non-Salaried | 11.20%-11.45% p.a. |
UNION ASHIYANA OVERDRAFT SCHEME
| Schemes | Interest Rate |
|---|---|
| Union Ashiyana Overdraft – Salaried | 9.90%-10.25% p.a. |
| Union Ashiyana Overdraft – Non-Salaried | 9.95%-10.30% p.a. |
UNION WOMEN PROFESSIONAL PERSONAL LOAN SCHEME
| Quantum of loan | Interest Rate (Salaried) | Interest Rate (Non-Salaried) |
|---|---|---|
| Up to Rs.50.00 lakh | 10.30%-10.45% p.a. | 11.20%-11.25% p.a. |
Union Bank Special Personal Scheme for Government Employees and SRLGE
| Schemes | Interest Rate |
|---|---|
| Where employer undertaking is available | 10.30%-10.90% p.a. |
| Where employer undertaking is unavailable | 11.80%-12.40% p.a. |
Read Also – HDFC Gold Loan
Union Bank of India Personal Loan EMI Calculator
The Union Bank of India Personal Loan EMI Calculator is a great tool to use when considering a personal loan. With this calculator, you can input your loan amount, interest rate, and loan term to calculate your monthly payment. This calculator is easy to use and can give you an estimate of your monthly payment so you can budget accordingly.
Types of Union Bank of India Personal Loans
There are a few different types of personal loans that Union Bank of India offers. These include:
1. Union Personal- For Salaried
Union Bank of India’s personal loan for salaried individuals is a great way to finance your various personal needs, whether it’s for a wedding, holiday, travel, or the purchase of durables. The loan amount can be customized to suit your individual requirements, and repayment terms are flexible, making it an affordable and convenient option for meeting your financial needs.
- Loan Amount: Maximum-Rs 15 lakh
- Tenure: Up to 5 years
2. Union Personal- For Non-salaried
Union Bank of India offers a personal loan scheme for self-employed individuals which is a collateral-free personal loan. This loan can be used for meeting all the personal financial needs of non-salaried individuals.
- Loan Amount: Existing borrower- Maximum Rs 15 lakh, First-time borrower- Maximum 5 lakh
- Tenure: Up to 5 years
3. Union Professional Personal Loan Scheme
Union Bank of India has introduced a new personal loan scheme for professionals like doctors, CA, CS, cost accountants and engineers. This scheme is designed to meet the personal financial needs of these professionals who have an annual income of Rs 12 lakh and above.
- Loan Amount: Up to Rs 20 lakh
- Tenure: Up to 5 years
4. Union Cash (For Pensioners)
As a pensioner or family member of a pensioner, you may sometimes find yourself in need of extra funds for unexpected expenses. Whether it’s for medical bills, travel costs, or any other type of emergency, Union Bank of India offers a loan specifically designed to help you out.
This pension loan facility provides the financial assistance you need to get through tough times, with flexible repayment options to make things easier on you.
- Loan Amount: 3 to10 lakh
- Tenure: 3 to 5 years
5. Union Personal- Special Retail Lending Scheme for Government Employees
Union Bank of India offers a personal loan scheme for government employees that can be used to meet various personal expenses. This loan scheme can also be availed by government employees to transfer their existing personal loans from other banks/NBFCs to Union Bank of India.
- Loan Amount: Up to Rs 15 lakh
- Tenure: Up to 5 years
Union Bank of India Personal Loan Eligibility
The eligibility criteria for availing a Union Bank of India personal loan are as follows:
For Union Personal- Salaried Eligibility
The two types of loans that are available under this scheme can be divided into the following categories:
Tie-up
- Permanent employees of reputed private organizations/institutes in India
- You may or not be a holder of a salary account
- Minimum Monthly Gross Salary of Rs 15,000 (Rs. 20,000 for those living in Delhi, Mumbai and Bangalore, Kolkata, Pune or Chennai, Ahmedabad).
Non-Tie-up
- Confirmed employees of reputed private institutes/organizations in India
- You must be a customer of a bank for at least six months before you apply for the loan
- Must maintain a salary account with the bank
- You must earn a minimum of Rs 15,000 per month (Rs. 20,000 for personal loan applicants who reside in Ahmedabad or Pune, Bangalore. Delhi, Kolkata. Mumbai or Chennai).
For Union Personal Loan – Non-salaried Eligibility
- Candidates who are not salaried and have a regular source of income
- Minimum age 25 years
- Maximum age – The applicant must repay the loan within 75 years.
- The borrower must have been a bank customer for at minimum 2 years before applying for the loan.
- For the past 4 quarters, the borrower must have a current/savings account at the bank with an average quarterly balance of Rs 25,000. The bank should not report any cheque returns or other adverse characteristics.
For Union Professional Personal Loan Eligibility
- These professions are open to both salaried and unsalaried people:
- Engineers
- Doctors
- Chartered Accountants
- Company Secretary
- Cost Accountants
- The minimum entry age for salaried employees is 18 years; for non-salaried workers, it’s 25 years.
- Maximum exit age: Retirement age for salaried employees and 65 for non-salaried workers.
For Union Cash (Pensioners) Eligibility
- The maximum age for pensioners is 75 years, and for family pensioners, it’s 70 years.
- Union Bank of India must provide pension/family income for the family pensioner/pensioner.
For Union Personal – Special Retail Lending Scheme for Government Employees Eligibility
- Permanent employees of government institutions (central government/state government), defence, and armed personnel. PSUs, central/state governments undertakings, ministries and departments under them. All India Services officers. Non-teaching staff at government schools and colleges.
- Minimum age18 Years.
- You may or not have an account at the bank.
- The government employee should be the primary applicant.
Union Bank of India Personal Loan Documents Required
When you apply for a personal loan from Union Bank of India, you will need to provide the following documents:
- A duly filled and signed loan application form
- Your ID proof (Passport/Aadhaar Card/Driving License/Voter’s ID)
- Address proof (Utility bills/Bank statement/Rental agreement)
- Business/Office address proof
- Income proof (last 3 months salary slips, last 2 years ITR/Form 16)
- Last 12 months’ bank statements
Read Also – Indian Overseas Bank Home Loan
FAQs
Q. How much can I borrow with a Union Bank of India personal loan?
Ans. Union Bank of India offers personal loans of up to Rs. 15 lakhs. The actual amount you can borrow will depend on factors like your income, repayment capacity, and credit history.
Q. What is the interest rate on a Union Bank of India personal loan?
Ans. The interest rate on a Union Bank of India personal loan starts at 10.30%. Your actual rate will be determined based on your individual circumstances.
Q. How long do I have to repay a Union Bank of India personal loan?
Ans. You can repay your Union Bank of India personal loan over a period of 12 to 60 months.
Q. What are the eligibility requirements for a Union Bank of India personal loan?
Ans. To be eligible for a Union Bank of India personal loan, you must be an Indian citizen aged 21 to 60 years old. You must also have a regular source of income and a good credit history.
Q. How do I apply for a Union Bank of India personal loan?
Ans. You can apply for a Union Bank of India personal loan online via the bank’s website or through its branches.
Conclusion
Union Bank of India personal loan is a good option for those looking for a hassle-free way to finance their personal expenses. The interest rates are reasonable and the repayment tenure is flexible, making it an attractive proposition for borrowers. However, it is important to compare different lenders before availing of a loan, as the terms and conditions may vary from one lender to another.
