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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.
Union Personal – Salaried
Union Personal – Non-Salaried
Personal Loan – Special Retail Lending Scheme for Government Employees
Personal use and takeover of personal loan from other lenders
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
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 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
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
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.
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.
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.
Amount of Loan
Maximum loan Scheme A -
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
5 years (60 months)
5 years or up to the age of 75 years
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
No security needed if the spouse is co-applicant
No security or collateral needed
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,
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.
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,
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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