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City Union Bank

City Union Bank has been in service for over 100 years providing banking services to the people of India. Among other services, they provide secured personal loans to individuals against the pledge of their jewels. This loan is a flexible way to manage your financial needs. It can be utilized for anything from medical expenses to festivals, wedding, travel etc. It will be disbursed speedily to your registered bank account after approval.

Factors That Impact Your City Union Bank Personal Loan Interest Rate

The City Union Bank personal loan against jewels interest rate usually ranges between 11% - 16.50%. The personal loan is subject to MCLR and periodic review. Some of the factors that affect your loan interest include -

Credit Score

If a person applying for a personal loan of City Union Bank is an account holder with good credit score who has made timely repayments in previous loans, he/she will be able to get a personal loan easily at a lower rate of interest.

Income

An individual who can produce proof of substantial regular income that proves his/her ability to repay the loan in time is eligible for faster disbursement and lower rate of interest.

Reputed Employer

If an applicant applying for a personal loan with City Union Bank is employed by a reputed organization such as State or Central government or high rated private companies, he/she can qualify for a lower rate of interest.

Relationship with the lender

The customer who has an account with City Union Bank is likely to get better terms on a personal loan. The account should be well maintained and have a good credit balance. If these criteria are met, the applicant may be eligible for a higher amount or lower rate of interest or both.

Features and Benefits of City Union Bank Personal Loan

The benefit of City Union Bank personal loan is that the interest is the same throughout the duration of the loan. The loan is processed quickly with little documentation. It can be paid back in easy installments. It can also be paid back through auto debits to your account, ECS or PDC.

City Union Bank offers a personal loan to professionals and salaried individuals for multiple purposes. The amount of loan ranges from Rs 5000 to Rs 5,00,000 and can be repaid in 365 days with monthly EMIs. To avail of this loan, the applicant must have a savings account with City Union Bank and meet all the KYC requirements.

Customers opt for a personal loan with City Union Bank because you can get the maximum amount with attractive interest rates. Quick approval of the loan with commercial and residential property accepted as collateral. There are no restrictions on end use of the loan amount.

How to calculate the EMI on City Union Bank Personal Loan?

EMI is the sum of interest and principal which is payable every month. The bank has a tool for EMI calculation on its website. Using this tool, you can compute the amount of EMI you would pay for various amounts of loan and various tenures.

Eligibility for Personal Loan

To be eligible for a personal loan against jewels, an individual should be above 21 years and below 58 years of age. The monthly salary of an individual is an important factor in determining the eligibility for the loan. The applicant must have a minimum of 3 years of employment with a firm to be eligible for a City Union Bank personal loan. Repayment history of previous loans should be good. The credit score and credit history are vital factors necessary to avail of a personal loan with City Union Bank.

Permanent employees of State Government, Central Government, colleges, schools and other reputed institutions, organizations and companies can apply for a personal loan from City Union Bank. The net monthly income of an applicant should not be below Rs 5000/-. The amount of personal loan from City Union Bank may vary depending on the income and savings of the applicant. City Union Bank offers a personal loan of the higher amount with the low-interest rate to applicants working for renowned companies and earning a good monthly salary.

Documents Required for City Union Bank Personal Loans

To apply for City Union Bank personal loan against jewels an individual requires the following documents:

  • Aadhaar card
  • Passport
  • PAN card
  • Voter’s identity card
  • Driving license
  • Ration card
  • Identity card confirmation from the employer/other banks (which satisfies the branch)
  • An ID card issued by recognized Educational Institution/postal authorities
  • Letter from a recognized public authority not below a Tahsildar verifying the residence and identity of the customer
  • NREGA Job card signed by a State Government officer
  • A letter issued by the Unique Identification Authority of India containing name address and Aadhaar number

Besides these documents, the customer has to provide proof of address and execute the following documents.

  • Demand Promissory Note
  • Loan cum hypothecation agreement
  • Quotation from the vendor

City Union Bank Personal Loan: FAQs

1. What influences the interest rate of City Union Bank personal loan?

Factors like age, income, credit standing and history of loan repayment can affect the rate of interest on a City Union Bank personal loan.

2. What are the minimum and maximum ages of a personal loan applicant?

The minimum age of an applicant should be 21 years. personal loans cannot be granted to individuals above age 58.

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