Union Bank of India Personal Loan: Interest Rates, Eligibility, How to Apply

Union Bank of India Personal Loan: Union Bank of India offers online personal loan of Rs 20 lakh at an interest rate of 8.90% to 13% per annum. The loan can be taken for a longer tenure of up to 84 months. There is no minimum limit on the loan amount and the processing fee is up to 0.50% of the loan amount.

Union Bank Personal Loan Details

Minimum loan amount no minimum limit
Maximum loan amount up to Rs 20 lakh
Rate of interest 8.90% to 13% p.a.
repayment period up to 84 months
Lowest EMI per lakh Rs 2,090
processing fee Up to 0.50% + GST
Age Minimum 18 years

Union Bank Personal Loan Features and Benefits

Given below are the key features and benefits of Union Bank Personal Loan:-

  • Minimum Loan Amount: There is no minimum loan amount limit.
  • Maximum loan amount: Maximum loan amount is Rs 15 lakh (Rs 20 lakh in some cases).
  • Repayment Period: The maximum repayment period is up to 60 months and can go up to 84 months in some cases.
  • Interest Rate: Union Bank Personal Loan interest rate can vary depending on the scheme and can range from 8.90% to 13% p.a.
  • Processing Fee: Can be up to 0.50% of the sanctioned loan amount subject to a minimum of Rs.500 + GST.
  • Guarantor: An unsecured personal loan does not require any guarantor or pledge of anything.
  • EMI Calculator : Bank provides EMI calculator to calculate loan EMI.

Personal Loan Types: The bank offers the following types of personal loan schemes:-

  • Union Personal – Salaried
  • Union Personal – Non-Salaried
  • Central Personal Loan Scheme (UPLCT) for COVID Treatment
  • Special Retail Loan Scheme for Government Employees
  • Union Ashiana Overdraft Scheme
  • Union Ashiana Personal Loan Scheme
  • Union Professional Personal Loan Scheme

Union Bank Of India Personal Loan Interest Rates

Union Personal Loan For Salaried Individuals up to 13%
Union Personal for Non-Salaried Persons up to 13%
Union Personal Loan for Pensioners up to 12.90%

Union Bank Personal Loan Eligibility Criteria

Minimum Age: If you are salaried then you must be at least 18 years of age at the time of applying for Union Bank Loan. Non-salaried applicants must be at least 25 years of age at the time of application.

Maximum Age: If you are salaried then the loan should be repaid at least one year before your retirement age. For non-salaried, the maximum age should not exceed 75 years at the end of tenure and 65 years for professionals.

Profession: The loan is available to salaried government and private employees, professionals (chartered accountants, cost accountants, company secretaries, doctors and engineers), self-employed, pensioners and existing customers of the bank.

Tie-up with the Bank : The bank provides personal loans to individuals working with companies that have tie-ups with the bank.

Account with the bank: Salaried employees should have a salary account with the bank in non-tie-up cases. Non-salaried applicants should have a savings or current account with the bank, with an average quarterly balance of at least Rs 25,000 and no check returns.

Relationship with the Bank: The salaried applicant should be a customer of the bank for at least last 6 months. Non-salaried applicants must be customers of the bank for at least the last 24 months.

Monthly Income: Minimum monthly gross salary should be Rs 20,000 for Delhi, Mumbai, Pune, Chennai, Kolkata, Bengaluru and Ahmedabad and Rs 15,000 for other cities.

Guarantee: If the borrower is unmarried, widowed or divorced, a personal guarantee from one of the co-workers with adequate means is required.

Documents Required for Union Bank Personal Loan

Documents for Salaried:

  • Identity, Address, Age Proof (Any one)
  • Passport
  • driving license
  • Voter ID Card
  • Aadhar card

Income, job, work continuity proof

  • last 2 salary slips
  • Bank statement of last 3 months
  • employer letter
  • Form 16

Documents for Non-Salaried:

Identity, Address, Age Proof (Any one)

  • Passport
  • driving license
  • Voter ID Card
  • Aadhar card

Income, Business Continuity Proof

  • 1 year ITR
  • Audited P&L of last 1 year
  • Bank statement of last 3 months
  • lease deed or rent receipt
  • utility bill
  • ownership document

union bank personal loan customer care number

You can get personal loan related information by calling Indian Toll Free Number: 1800222244/180002082244.

How to Apply Union Bank Personal Loan Online?

You can fill your details by opening the link given below :- https://www.unionbankofindia.co.in/english/apply-online-loan.aspx

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