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Union Bank of India Personal Loan
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Best Rate
14.40%
Processing Fee
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Union Bank of India Personal Loans
Union Bank of India is one of the largest government owned banks in India headquartered in Mumbai. With 4214 branches, Union Bank of India provides a wide range of financial services to its customers.
How to Apply for Union Bank of India Personal Loan
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to Union Bank of India Personal Loans
Union Bank of India offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Union Bank of India.
Advantages of Union Bank of India
- Low interest rate
- No security needed
- Less paperwork
- Long tenure
- Minimum income requirement
Documentation Required for Union Bank of India Personal Loans
Important documents to be submitted while applying for personal loans with Union Bank of India
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
Union Bank of India Personal Loans
Catering to the needs of various sections of people, tailor-made Union Bank of India personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
Key Highlights
| Eligibility Criteria | Salaried/Self-Employed | Pensioners |
| Age | Above 21 years | All who draw pension thorough UCO |
| Loan Tenure | Up to 60 months | Up to 60 months |
| Loan Amount | Up to 10 Lakhs | Up to 3 Lakhs |
| Interest Rate | 14.40% | 12.90% |
Features of Union Bank of India Personal Loan
Objective:
The aim of the Union Bank of India personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain UCO Bank personal loan for public. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to INR 10,00,000.
Loan Tenure:
Up to 5 years
Prepayment Charges:
You can make the prepayment after completing 12 EMIs. Prepayment charges are applicable.
Processing Charges:
0.50% of the loan amount subject to minimum of INR 500 and service tax
Convenient Borrowing:
You can apply online or visit nearby Union Bank of India branches.
Eligibility Criteria:
You should be 21 years old or above
Steady income
Salary slip of last 3 months
For Non-Salaried: Should be 25 years old or above
Minimum credit score of 700
Features of Union Bank of India Pensioner Loan Scheme
Objective:
The aim of the Union Bank of India personal loan is to provide financial assistance for pensioners to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Union Bank of India personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
For pensioners up to 70 years, the maximum amount is INR 3 Lacs, for above 70, INR 2 Lacs and for family pensioners, the amount is INR 1 Lac.
Loan Tenure:
Up to 5 years for up to 70 years and 3 years for above 70.
Interest Rate
You can make the prepayment after completing 12 EMIs. Prepayment charges are applicable.
Processing Fee:
0.50% of the loan amount subject to minimum of INR 500 and service tax
Convenient Borrowing:
You can apply online or visit nearby Union Bank of India branches.
Eligibility Criteria:
Pensioners drawing pension through Union Bank of India
Interest Rates on Union Bank of India Personal Loans
| Union Personal – For Salaried Individuals | 14.40% (Fixed) |
| Union Personal- For Non-Salaried Individuals | 14.40%(Fixed) |
| Union Personal for Pensioners | 12.90%(Fixed) |
EMI Payment Methods
Your Union Bank of India personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Union Bank of India, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Union Bank of India account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Union Bank of India account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Union Bank of India account at your nearest Union Bank of India Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
Union Bank of India Personal Loans Summary
Union Bank of India provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Union Bank of India personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Union Bank of India personal loans do not impose much burden on the customers.
Union Bank of India Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
The processing fee for Union Bank of India personal loan is 0.50% of the loan amount. Processing fees have to be paid upfront.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8. How does Union Bank of India Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. Union Bank of India offers personal loans at the cheapest rates of interest, with no security or collateral Union Bank of India offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an Union Bank of India personal loan, you can choose between fixed rates of interest and floating interest rates.
9. How can I apply for the Union Bank of India personal loan?
You can either apply online or visit the nearest Union Bank of India loan centre for a personal loan.
Union Bank Of India Personal Loan - Customer Reviews
Sachin
Very good
