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Eligibility Criteria for Union Bank of India Personal Loans

Union Bank Of India Personal Loan Eligibility

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.

Particulars

Union Personal – Salaried

Union Personal – Non-Salaried

Personal Loan – Special Retail Lending Scheme for Government Employees

Union Cash

Purpose

Personal use

Personal use

Personal use and takeover of personal loan from other lenders 

Personal use

Eligible applicants


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,

  • Government organizations (Central / State)
  • PSUs
  • Central / State Government undertakings
  • Defence
  • armed personnel
  • Ministries / Departments under the Ministries
  • officers in All India Services, 
  • Teaching & non-teaching staff at Government Schools & Colleges

Pensioner or Family Pensioner

Age

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 Income

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 

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

What are the documents needed for Union Bank of India personal loans?

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.

  • Identity proof (Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card)
  • Address proof (Passport, Driving License, Utility Bills, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card)
  • Income proof (Salary Slips for the last 6 months, ITR for the past 3 years, Form 16, etc.)
  • Bank statements for the past 12 months
  • Letter of undertaking from the employer to deduct the EMI from the salary of the employee
  • Proof of out-goings (Loan repayment statement, LIC Policies, Valid proof of any other out-going)
  • Two passport size photographs

Overview of Personal Loans from Union Bank of India

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.

Types of Union Bank of India Personal Loans

  • Union Personal – Salaried
  • Union Personal – Non-Salaried
  • Personal Loan – Special Retail Lending Scheme for Government Employees
  • Union Cash

What are the highlights of the personal loan of Union Bank of India?

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.

Particulars

Union Personal – Salaried

Union Personal – Non-Salaried

Personal Loan – Special Retail Lending Scheme for Government Employees

Union Cash

Amount of Loan

Maximum loan Scheme A - 

Rs.15,00,000

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

Tenure

5 years (60 months)

Maximum of,

5 years or up to the age of 75 years

Maximum of,

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

Processing Fees

As per the bank’s guidelines

As per the bank’s guidelines

As per the bank’s guidelines

As per the bank’s guidelines

Security

No security needed if the spouse is co-applicant

No security needed if the spouse is co-applicant

No security needed if the spouse is co-applicant

No security or collateral needed

FAQs - Union Bank of India – Personal Loan eligibility

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,

 modes

  • Internet banking,
  • Mobile banking
  • Application through website

Offline modes

  • Visiting the nearest branch of the bank
  • Calling the customer care of the bank

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.

  • Auto-debits from the bank account of the customer
  • ECS facility
  • Net banking
  • Post-dated cheques

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,

  • Have a healthy credit score which will help the applicant get loans at lower interest rates
  • Apply for a loan with your primary banker to get a better deal on interest rates as well as loan amount and processing charges.
  • Apply for a longer tenure to repay the loan which will directly result in lower EMI
  • Prepayments of the loan (if allowed) will reduce the principal amount hence lead to lower EMI.

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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