Check Union Bank of India Personal loan Interest Rates?

Author: Amir Azam

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.