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Eligibility Criteria for Union Bank of India Personal Loans
The eligibility for personal loans of the bank depends on various factors. The details of eligibility for Union Bank of India personal loans are tabled below.
Particulars | Union Personal – Salaried | Union Personal – Non-Salaried | Personal Loan – Special Retail Lending Scheme for Government Employees | Union Cash |
Purpose | Personal use | Personal use | Personal use and takeover of personal loan from other lenders | Personal use |
Eligible applicants | Permanent employees of reputed private entities | Non-salaried persons having a regular source of income as acceptable by the bank | Confirmed / Permanent Employees working at,
| Pensioner or Family Pensioner |
Age | Minimum age – 18 years Maximum age – one year before retirement | Minimum age – 25 years Maximum age – 75 years | Minimum age - 18 years | Maximum age – 75 years (for pensioner) 70 years for family pensioner |
Minimum Income | Minimum salary - Rs 20,000 (for Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Ahmedabad and Pune Minimum salary – Rs. 15,000 (other areas) | As per bank guidelines | As per bank guidelines | As per bank guidelines |
Relationship with the bank | Scheme A – Applicant may or may not maintain a salary account with the bank Scheme B – Applicant has to maintain a salary account with the bank and has to be a customer of the bank for a minimum period of 6 months | Savings or Current Account with any branch of the bank for a minimum of 24 months Average quarterly balance of Rs. 25,000 for immediately preceding 4 quarters | Salary account with any branch of the bank is not mandatory | Applicant must have a pension account with any branch of the bank |
What are the documents needed for Union Bank of India personal loans?
The documents for the Union Bank of India personal loans are the KYC documents that have to be submitted along with the duly filled application form in order for the application to be complete. The documents required vary for every category of the applicant and the type of personal loan of the bank. The detailed of the same are provided hereunder.
- Identity proof (Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card)
- Address proof (Passport, Driving License, Utility Bills, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card)
- Income proof (Salary Slips for the last 6 months, ITR for the past 3 years, Form 16, etc.)
- Bank statements for the past 12 months
- Letter of undertaking from the employer to deduct the EMI from the salary of the employee
- Proof of out-goings (Loan repayment statement, LIC Policies, Valid proof of any other out-going)
- Two passport size photographs
Overview of Personal Loans from Union Bank of India
Union Bank of India is a leading bank in our country having its headquarters in Mumbai. The bank was merged with two other public sector banks namely, Andhra Bank and Corporation Bank. This merger has made Union Bank of India among the top five banks in our country that have a huge network of branches reaching the remotest parts of the nation.
The bank provides unique banking solutions to its customers across various segments of banking to ensure that they get the best banking services at affordable prices. The personal loans of the bank are among the many loans provided by the bank.
A personal loan is the most liquid loan that is unsecured in nature and can be available easily with minimum documentation. The purpose of these loans is to meet the personal expenses of the applicants. There are many types of personal loan available with the Union Bank of India. These loans vary based on various factors like eligible applicants, amount of loan, etc.
Types of Union Bank of India Personal Loans
- Union Personal – Salaried
- Union Personal – Non-Salaried
- Personal Loan – Special Retail Lending Scheme for Government Employees
- Union Cash
What are the highlights of the personal loan of Union Bank of India?
The personal loans of the Union Bank of India are among the best loans in this segment. These loans are available at an affordable rate of interest and for a higher loan amount. The highlights of the personal loans of Union Bank of India are mentioned below.
Particulars | Union Personal – Salaried | Union Personal – Non-Salaried | Personal Loan – Special Retail Lending Scheme for Government Employees | Union Cash |
Amount of Loan | Maximum loan Scheme A - Rs.15,00,000 Maximum loan Scheme B – Rs. 5,00,000 (new or first time borrower), or, Rs. 15,00,000 (existing borrower with a satisfactory record for the past 2 years) | Maximum loan – Rs. 5,00,000 (new or first time borrower) or, Rs. 15,00,000 (existing borrower with a satisfactory record for past 2 years) | Maximum loan – Rs.15,00,000 | |
Tenure | 5 years (60 months) | Maximum of, 5 years or up to the age of 75 years | Maximum of, 5 years (for term loans) | Up to 70 years – 5 years Above 70 years – 3 years |
Rate of interest | Scheme A – 10.90% to 11% Scheme B – 11.90% to 12% | 12.90% to 13% | Where employer undertaking is available – 8.90% to 9% Where employer undertaking is not available – 10.40% to 10.50% | As per the bank’s guidelines |
Processing Fees | As per the bank’s guidelines | As per the bank’s guidelines | As per the bank’s guidelines | As per the bank’s guidelines |
Security | No security needed if the spouse is co-applicant | No security needed if the spouse is co-applicant | No security needed if the spouse is co-applicant | No security or collateral needed |
FAQs - Union Bank of India – Personal Loan eligibility
1. How can I apply for a personal loan from the Union Bank of India?
A. A person can apply for the personal loan of Union Bank of India through any of the following modes,
modes
- Internet banking,
- Mobile banking
- Application through website
Offline modes
- Visiting the nearest branch of the bank
- Calling the customer care of the bank
2. How can I repay the personal loan taken at Union Bank of India?
A. The personal loan of the bank can be repaid through any of the following modes.
- Auto-debits from the bank account of the customer
- ECS facility
- Net banking
- Post-dated cheques
3. What are some of the ways to reduce the EMI on personal loans?
A. Some of the easiest ways to reduce the EMI on personal loans are mentioned below,
- Have a healthy credit score which will help the applicant get loans at lower interest rates
- Apply for a loan with your primary banker to get a better deal on interest rates as well as loan amount and processing charges.
- Apply for a longer tenure to repay the loan which will directly result in lower EMI
- Prepayments of the loan (if allowed) will reduce the principal amount hence lead to lower EMI.
4. Can an NRI apply for Union Bank of India personal loans?
A. No. NRIs cannot apply for Union Bank of India personal loans.
5. Is there any prepayment penalty for Union Cash Loan?
A. No. There is no prepayment penalty for Union Cash Loan.
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