Union Bank of India Personal Loan

Union Bank of India offers personal loans to many of its customers for an amount of Rs. 15 Lakhs for a rate of 10.30% p.a. extending to a loan tenure up to 60 months. The bank also gives privilege to its women professionals for a loan of up to Rs.50 lakhs for a tenure of up to 7 years.

Union Bank of India Personal Loan Details

The following are the list of Personal Loan details that are available with Union Bank of India. They are:

Key Features of Union Bank Personal Loan

The following are some of the key features for the Union Bank of India personal loan. They are:

• High Loan Amount: Loan given for individuals up to 50 Lakhs.
• Flexible Tenures: Loan can be repayable up to 84 months for many loan schemes.
• Collateral Free Loan: Most of the personal loan available with Union Bank of India is a collateral-free loan.
• Fixed Rate of Interest: The rate of interest for the personal loan is fixed and your EMI will not change based on rate fluctuations.
• Quick Disbursal and Easy Processing: The disbursal process of the loan is simple and quick once the applicant meet the desired eligibility criteria and the paperwork are in order.
• Prepayment Facility: Prepay or foreclose the loan before the full loan term.
• Minimal Documentation: The documentation required for the personal loans are simple and you can also upload them in the digital form.
• Competitive Interest Rates: Interest rates vary depending on credit score, income, whether you have salary tie-ups with banks.

Union Bank of India Personal Loan Interest Rates 2025

The following are the list of personal loan interest rates for the Union Bank of India 2025

Eligibility Criteria for Union Bank Personal Loan

The eligibility criteria for the Union Bank Personal Loan are:

Minimum Age:

• For Salaried Applicants: Must be at least 18 years old.
• Non-Salaried Applicants: Must be 25 years old.

Maximum Age:

• For Salaried Applicants: Till the age of retirement.
• Non-Salaried Applicants: Allows till the maturity of loans.

Employment or Income Source:

• Salaried Applicants: Working in reputed private sector enterprises.
• Non-Salaried Applicants: Must have a stable income source.
• Professionals: Established professionals like Doctors, Engineers, Charted Accountants with a stable income.
• Government Employees/Public Sector Employees: Eligible under specified schemes

Relationship with the Bank: Individuals with an already existing account with good credit history will have a higher chance of approvals.

Minimum Income:

• Salaried Professional: Rs.15,000 per month and in case of metro cities, it needs to be Rs.25,000 per month.
• Non-Salaried Applicants: Must have maintained a minimum balance of Rs.25,000 in the past 4 quarters.

Credit History/Credit Score:

• A good credit history and credit score will always lead you to approvals.
• There should not be any major adverse records.

Documentation Required for Union Bank of India Personal Loan

The following are some of the basic documentation that are required for the Union Bank of India Personal Loan.

• Identity Proof: Aadhar card/PAN card/Voters ID card/Passport
• Address Proof: Drivers License/Passport/Aadhar Card
• Recent Passport Size Photographs: 2
• Income Proof: Last 3 months salary slips, Form 16/ITR for the past 3 years
• Bank Statements: Showing regular income in the account for the past 1 year

Fees and Charges

Union Bank of India offers personal loans to individuals based on various schemes. The interest rate for these personal loans will vary depending on the scheme. However, there are other fees and charges that are applicable for all personal loans in common. The ensuing table enlists them.

Types of Personal Loans Offered by Union Bank of India

The following are the types of personal loans that are offered by the Union Bank of India. They are:

Union Professional Personal Loan Scheme

This loan is given for eligible individuals to meet the essential expenses such as marriage, purchase of consumer durables, travel, holiday, etc.

Eligibility:

• Individuals working as Chartered Accountants, Company Secretary, Cost Accountants, Doctors, and Engineers.
• Salaried or Non-Salaried Individual having an annual salary of 12 Lakhs and above.
• Minimum Age:
• 18 years for Salaried Professionals
• 25 years for Non-Salaried Professionals
• Maximum Age:
• Retirement Age in case of Salaried Professionals
• 65 Years for Non-Salaried Professionals
• Maximum Amount of Loan: 20 Lakhs
• Repayment Period: 60 Months

Important Terms and Conditions

Salaried Individuals:

• ITRs/Form 16 of last 2 years and the salary
• Income based on latest salary slips/latest ITR/ Form 16

Self-Employed Professionals:

• ITRs for the last three years to be obtained and scrutinized .
• Supporting Documents like Profit & Loss account, Balance Sheet, and computation of income.

Rate of Interest: 10.75% p.a to 12.00% p.a

Other Charges:

• Prepayment Penalty: Nil
• Processing Charge: Nil
• Security/Guarantor:
• None in case the spouse is a co-applicant
• For Single/Widow/Divorced then Personal Guarantee from co-employee equivalent of the loan amount is required.

Union Women Professional Personal Loan Scheme

With access to this loan service, you are free to make your dreams come true. It could be for your higher education, having a lavish wedding, dream holiday, and so on. This personal loan helps you to handle any kind of expenses and there is no end usage to it.

Eligibility:

• Salaried or Non-salaried Income Tax Assesse Women above 5 Lakhs.
• Women Professionals in the field of Healthcare, Accountancy, Audit, Fashion Designing, Coaching, Art & Culture, Counselling, Photography, Beauty & Cosmetics, Legal Services, Aviation and so on.
• Valid certifications for the profession is required.
• In the case of self-employed professionals, you need to make sure that 50% of the sales turnover goes through a proper bank account for a tenure of 2 years.

Minimum Age:

• 21 Years for Salaried Professionals
• 23 Years for Non-Salaried Professionals

Maximum Age:

• For Salaried Professionals till retirement age
• For Self-employed professionals till 65 years of age

Credit Score :

• Credit History report of the applicant is taken into account and is a part of the approval process.
• Minimum Credit Score is 650 and above.

Loan Quantum:

• Loan is sanctioned as Term Loans only and the maximum loan amount will be 50 Lakhs subject to the repayment capacity of the loan.

Rate of Interest:

• Salaried: 10.35% to 10.50%
• Non-Salaried: 11.25% to 11.50%

Other Charges:

• Processing Charges – Nil
• Overdue Charges – Penal Charges should be recovered at the rate of 2%
• Prepayment Penalty – Nil
• Repayment Period – 84 Months

Union Personal – Salaried Individual Other Than Government Employees

Any salaried individual who wants to meet personal expenses like marriage, purchase of consumer durables, travel, holiday, and so on.

Eligibility:

• Permanent/Confirmed employees of reputed private company with a minimum salary of Rs.15,000 per month. In the case of metro cities, it is Rs.20,000 per month.
• Applicant should be a customer of the bank prior to 6 months before taking the loan.

Quantum of Loan:

• Minimum Amount: No Limit
• Maximum Amount: 15 Lakhs
• Maximum Amount for First Time Borrowers: 5 Lakhs

Age:

• Minimum 18 Years
• Maximum: One-year prior retirement
• Repayment Tenure: 60 Months
• Moratorium Period – Nil

Security – None is required if spouse is joining as a co-applicant. But in case the borrower is a single/widow/divorcee, a guarantee from a co-employee might be required.

Union Personal Loan – Non Salaried

Union Bank of India does not provide personal loans only to salaried individuals but also for non-salaried individuals. This scheme gives the individuals the flexibility to provide their age, regular source of income and bank account details to grant loans.

Eligibility:

• This is a term loan facility that is provided to non-salaried individual having a regular source of income.
• Minimum Age: 25 Years
• Maximum Age: 75 Years
• Applicant should be a customer of the bank for 2 years before going in for the loan.
• Applicant should have maintained a savings account with us with an average quarterly balance of Rs.25,000 and above for more than 1.5 years.

Loan Quantum:

• Minimum Amount: Nil
• Maximum Amount: 5 Lakhs for First-time borrowers
• Maximum Amount: 15 Lakhs for Second-time borrowers with satisfying repayment record

Repayment Tenure: 60 Months Upto the age of 75 years.

Security – Not Required

Guarantee – In case if the borrower is a single/widow/divorcee, then guarantee of a person having equivalent to the amount of the loan is required.

Union Personal Loan Under Special Lending Scheme for Government Employees

Government employees working in different sectors, including the armed forces, are entitled to apply for a personal loan under the special retail lending schemes for all Government employees. The best part is that these Government employees can apply for personal loans with an attractive rate of interest, minimum paperwork and a hassle-free process.

• Under this scheme, you can also allow takeover from other banks and financial institutions.
• Loan will be given in the form of Term Loan or Overdraft facility.
• Government employees who do not have savings account with BOI will be eigible for term loans only.

Eligibility:

• Confirmed/Permanent Employees working in Government organizations, PSUs, Central or State Government undertakings, Ministries and Department under Ministries, Officers in All India Services, Teaching and Non-Teaching Staff.
• Minimum Age: 18 years
• Government employee needs to be the main applicant.
• Government employee may or may not have a salary account with us.

Quantum of Loan:

• Minimum Amount – Nil
• Maximum Amount: Rs.25 Lakhs
• Repayment Tenure: 84 Months

Overdraft:

• On reaching 55 years of age or 5 years the retirement age whichever is earlier.
• 20% of the OD limit will be reduced each year. This leads to the adjustment of the entire OD limit on retirement of the borrower.

No Moratorium period is allowed.

No Security is required.

In case if the applicant is single/widow/divorcee then personal guarantee from one of the co-applicants is required.

Documents Required:

The following are some of the documents that might be required to get a Personal Loan under Special Lending Scheme for Government employees.

• ID Proof: Passport/PAN/Voters ID card/ Driving License
• Address Proof: Telephone Bill/ Ration Card/ EB Bill/ Rent Agreement/ Any Public Authority Letter
• Bank Statements: For the last six months.
• Two latest salary slips/current dated salary slip with the latest Form 16.

Union Ashiyana Personal Loan Scheme

This personal loan scheme comes to the aid of home loan borrowers who are struggling to make the first-hand bulk payment that comes with home loans. When you take a home loan, you need to pay a certain part of the amount as bulk payment in the form of down payment. So, Union Bank’s Ashiyana Personal Loan (UAPL) Scheme comes to aid to make your down payments towards new home loans easily.

Apart from this, this home loan facility can be used even for pressing personal commitments. This includes marriage, higher education, medical expenses, and so on. You can also use the loan for the purpose of debt consolidation.

Eligibility:

• Existing or New Home loan borrower of Union Bank of India.
• In case of existing home loan borrower, they should have repaid the EMI amount of the loan till date without any pending amount.
• For new home loan borrower, the UAPL will be sanctioned along with the home loan sanction.
• Minimum Age: 18 Years Old
• Maximum Age for Salaried Individuals: Retirement Age
• Maximum Age for Self-employed Professionals: 65 Years

Quantum of Loan:

• Maximum Quantum of Loan is 15 Lakhs.

Repayment Period:

• No Moratorium Period allowed for the loan.
• Maximum repayment period is 84 months.

Rate of Interest:

• Salaried Individuals: 10.75%p.a to 11%p.a.
• Non-Salaried Individuals: 11.25%p.a to 11.50%p.a.

Prepayment Penalty: Nil

Security:

• No Security is required. But the property that is held under the Home Loan only after both the Home Loan and Personal Loan is repaid in full. An undertaking to this effect has to be signed by all the applicants of the Home Loan.
• The undertaking has to be signed by all the applicants/ guarantor of the Home Loan.

Guarantee:

• Co-applicant of the home loan will be the guarantor.
• In the case of married applicants, the spouse/parents/parents-in-law/third party guarantee are acceptable to the bank with sufficient means.
• In the case of unmarried applicant/widow/divorcee, parents or a third party guarantor acceptable by the bank is allowed.

To apply for the Union Bank of India Personal Loan, follow the instructions given below:

1. Visit the Union Bank of India website.
2. Select the desired personal loan required by you.
3. Click the Apply Now button.
4. Fill in the desired details.
5. Your Customer Reference Number will be given to you.
6. A customer service executive will get in touch with you.
7. In case if you meet the desired eligibility criteria laid by the bank.
8. You can upload the digital copy of your ID, Address, and Income proofs along with 2 photographs.
9. Your loan will be processed very soon.
10. And the desired loan amount will be credited to your bank account.

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Given that this type of data may change over time, we cannot guarantee the accuracy of the information supplied or included within it. It is anticipated that the user will confirm with the relevant source before making any choices or taking any actions.

Frequently Asked Questions