Check Union Bank of India Personal loan Interest Rates?

by Amir Azam
Posted: Sep 18, 2021

People prefer to choose the Union Bank of India because of its low interest rates. You can get Union Bank Personal Loan at interest rates of 12.60% per annum for both salaried and self-employed individuals. Under a special arrangement, government employees can get a cheaper interest rate of 10.60%. You can take out a loan of up to Rs.10 lakh (Rs.15 lakh for government employees) with a 5-year repayment period. Union Bank of India provides a variety of lending options to its diverse customer base.

Union Bank Personal Loan Highlights

Particulars

Details

Interest Rate

10.60% p.a. onwards

Processing Fee

Up to 0.50%

Loan Tenure

Up to 5 years

Loan Amount

Up to Rs.15 lakh

Employment Status

Salaried, self-employed, and government employees

Credit Score

Ideal score – Over 700

Union Bank Personal loan Interest Rates

Union Bank of India Personal Loan Interest Rates starts at 8.90% per annum, but it can go higher based on the type of applicant and the personal loan option chosen. Applicants can choose from a variety of personal loan interest rates based on their particular profile. The following is the Union Bank Personal Loan Interest Rate which comes under particular schemes:

Types of Union Bank of India Personal Loan

Rate of Interest

Union Personal (under salary tie-up)

10.90% onwards

Union Personal (no tie-up)

11.90% onwards

Union Personal (non-salaried)

12.90% onwards

Employer undertaking available (Govt. employee)

8.90% onwards

Employer undertaking not available (Govt. employee)

10.40% onwards

Types of Personal Loan offered for Union Bank of India Union Bank of India Personal Loan Scheme for Salaried Individuals:

Union Bank offers this kind of personal loan to salaried individuals who are not government employees for a variety of financial purposes, including the purchase of consumer durables. The following are some of the elements of this loan:

Union Bank of India Personal Loan is offered up to Rs. 15 lakhs. If you have a tie-up, you can borrow up to Rs. 10 lakh, Rs. 5 lakh (for first-time borrowers), and Rs. 15 lakh (for existing borrowers with a satisfactory repayment record of 2 years) even if there isn't a pay tie-up

It has repayment tenure of up to 60 months (5 years) or one year prior to the applicant's retirement age.

There is no requirement for collateral or security.

Union Bank of India Personal Loan for non-salaried:

Union Bank offers loans to non-salaried individuals and professionals for a variety of financial purposes, such as travel, marriage, and the purchase of consumer durables. The following are some of the characteristics of this type of loan:

Existing borrowers with a solid repayment record of two years or more can get a loan up to Rs. 15 lakh, while first-time/new borrowers can get a loan up to Rs. 5 lakh.

It has a 60-month (5-year) repayment period or maximum age of 75 years.

A personal guarantee is the only security or collateral required for an unsecured loan.

Government Employees Can Get a Personal Loan Through a Special Retail Lending Program:

This type of loan is available to government personnel for a variety of financial needs, including consumer durable purchases. The following are some characteristics of this kind of loan:

A loan of up to Rs 15 lakh can be obtained (subject to repayment capacity)

Except for promises, it requires no security or collateral.

One year prior to the applicant's retirement or 60 months is the maximum payback duration.

Eligibility Criteria of Union Bank of India

The following qualifying conditions must have these criteria in order to obtain a Union Bank Personal Loan:

In the case of a Union Personal Scheme for salaried individuals who are not government employees:

Individual must have a minimum of 18 years for availing of the loan.

Individual should not be a Union Bank of India employee or a government employee.

In the case of Non-salaried Union Personal Loan:

The applicant must have a regular source of income.

At the time of application, you must be a minimum of 25 years old.

At the end of the payback period, you must be a minimum of 75 years old.

You must have been a Union Bank customer for a minimum of 24 months before applying for a personal loan.

In the case of Union Bank of India Personal Loan under the Special Retail Lending Scheme for Government Employees:

You must be a minimum of 18 years old at the time of application.

You must be a permanent employee of a Government organization (Central/State), a PSU, a Central/State Government undertaking, Defence, armed people, Ministries/Departments under Ministries, officers in the All India Services, teaching and non-teaching staff at Government Schools and Colleges.

He/she should be eligible for this loan, if the employee is a primary applicant.

The employee might or might not have a bank account for his or her salary. Employees who do not have a salary account with the bank, on the other hand, will be eligible.

Union Bank of India Personal Loan Documents

To apply for a personal loan with Union Bank, you'll need the following documents:

Completed application form

PAN (Personal Identification Number) card

Identification proof: Passport, Aadhaar, Driver's License, and Employee Identification Card (Any One)

Proof of residence: Aadhaar Card/Telephone Bill/Electricity Bill (Any One)

Proof of earnings: ITR for the previous three years, ITR for the previous three years Form 16/letter from the employer, as well as the latest six months' pay stub

Out-goes evidence: LIC policies (if applicable), loan repayment statements (if applicable), and any other legitimate documentation of any outgoings 2 pictures.

Conclusion

The main aim of the Union Bank of India is to offer personal loans at low-interest rates and flexible repayment tenure. This lender comes under the best bank in India that gives benefits to its customers.