Interest Rate
14.40 - 14.40
Processing Fee
0.50%
Loan amount
50000.00 - 1000000.00
Tenure
5 years
First time borrower can avail a maximum of Rs. 5 Lacs.
Existing Customers with 2 years of good repayment track can avail a maximum of Rs. 10 Lacs.

Union Bank of India Personal Loan

Union Bank of India Personal Loan at a glance

Annual Interest Rate

10.20% - 14.40%

Loan Term

12 Months - 60 Months

Loan Amount

Up to Rs. 10 Lacs

Time of Funding

Within 3 days

Pre-Payment Charges

Zero to up to 2% of the loan amount

Documentation

  • Loan Application along with 3 Recent Passport Sized Photographs
  • Identity Proof (any one of the following):
    • Passport
    • Driving License
    • PAN Card
    • Employee ID Card
    • Voter ID
  • Residence Proof (any one of the following):
    • Passport
    • Ration Card
    • Voter ID
    • Aadhar Card
    • Utility Bill
  • PAN Card
  • Income Proof (any one of the following):
    • Last year ITR
    • Form-16 or letter from Employer
    • Last 6 months salary slip

Additional Documents for Non-Salaried Applicants

  • ITR for Last 3 years

Additional Documents for Pensioners / Family Pensioners

  • Pension Payment Number
  • Bank Statement for last 12 months'

Additional Documents Required for Proof of Out-Goes

  • Loan repayment statement, if any
  • LIC Policies, if any
  • Valid proof of any other out-go

Compare Union Bank of India Personal Loans to Other Banks

Bank Name Union Bank of India

APR

10.20% - 14.40%

Maximum Lending Amount

Rs. 10 Lacs

Processing Fee

Zero to up to Rs. 500

Joing Applicaton

Acceptable

Guarantor

Necessary

Pre-Closure

Zero Prepayment Charges

If Loan is pre-closed by his/her own funds

2% of the Average Outstanding Balance of the last 12 months

For Balance Transfer

1% Additional interest rate from the beginning of the loan to the date of Balance Transfer

In case of Personal Loan Under Tie-ups

Lending Terms

  • Interest Rate Range: 10.20% - 14.40% per annum
  • Loan Amount: Maximum Rs. 10 Lacs
  • Loan Duration: Minimum 12 Months to Maximum 60 Months
  • Loan Disbursement: Within 3 days

Union Bank of India Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Union Personal Loan For Salaried Individuals

14.40% per annum

Union Personal Loan For Non-Salaried

14.40% per annum

Union Cash Loan

Personal Loan For Pensioners/Family Pensioners

12.90% per annum

Union Personal Loan For Existing Home Loan Borrowers

10.50% per annum

Union Personal Loan Under Tie-Ups With Central / State Government & Reputed Organizations

13.40% per annum

Union Personal Loan For BSNL Employees

10.20% per annum

Loan Offerings

Union Personal Loan For Salaried Individuals

  • Interest Rate Range: 14.40% per annum
  • Loan Amount:
    • Up to Rs. 5 Lacs for first time Borrowers.
    • Up to Rs. 10 Lacs for Existing Borrowers with 2 years good repayment track.
  • Loan Duration: 12 Months - 60 Months, subject to 1 year prior to the retirement of the applicant.
  • Processing Charges: 0.50% of the loan amount, subject to minimum Rs. 500.

Union Personal Loan For Non-Salaried

  • Interest Rate Range: 14.40% per annum
  • Loan Amount:
    • Up to Rs. 5 Lacs for first time applicants.
    • Up to Rs. 10 Lacs for Existing Borrowers with 2 years good repayment track.
  • Loan Duration: 12 Months - 60 Months, where loan should be fully repaid 1 year prior to the retirement of the applicant.
  • Processing Charges: 0.50% of the loan amount or minimum Rs. 500.

Union Cash Loan (Union Personal Loan for Pensioners/Family Pensioners)

  • Interest Rate Range: 12.90% per annum
  • Loan Amount:
    • Pensioner of age up to 70 years, can avail personal loan equal to 12 months pension or maximum Rs. 3 Lacs.
    • Pensioner above the age of 70 years, can avail personal loan equal to 12 months pension or maximum up to Rs. 2 Lacs.
    • Family Pensioner can avail personal loan equal to 12 months pension or maximum up to Rs. 1 Lac.
  • Loan Duration:
    • Applicant up to the age of 70 years, can avail personal loan for a duration of 12 months to 60 months.
    • Applicant above the age of 70 years, can avail personal loan for a duration of 12 months to 36 months.
  • Processing Charges: 0.10% of the loan amount or minimum Rs. 100.

Union Personal Loan For Existing Home Loan Borrowers

  • Interest Rate Range: 10.50% per annum
  • Loan Amount: 5% of the Home Loan Quantum or maximum Rs. 5 Lacs, where applicant has already borrower home loan from Union Bank.
  • Loan Duration: 12 Months - 60 Months, where personal loan should be fully repaid within the remaining period of the existing home loan.
  • Processing Charges: Nil

Union Personal Loan Under Tie-Ups With Central / State Government & Reputed Organizations

  • Interest Rate Range: 13.40% per annum
  • Loan Amount: Maximum Rs. 10 Lacs
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 0.50% of the loan amount or minimum Rs. 500.

Union Personal Loan For BSNL Employees

  • Interest Rate Range: 10.20% per annum, where applicant is BSNL Employee or employee on permanent deputation from Department of Telecom (DOT) to BSNL, drawing salary through any branch of Union Bank of India.
  • Loan Amount: Maximum Rs. 10 Lacs
  • Loan Duration: 12 Months - 60 Months, where loan should be fully repaid before the age of retirement.
  • Processing Charges: Nil

FAQs

What are the requirements for Security / Guarantee I have to provide for Union Bank of India Personal Loans?

Security isn't necessary to avail the personal loan in case of Salaried Individuals or Non-Salaried; However, applicant has to provide 2 guarantor along with an undertaking.

No security is necessary to be provided in case of personal loan for Pensioner / Family Pensioners. However, applicant has to provide a personal guarantee of spouse or the person nominated under pension scheme.

In case of Personal Loan for Existing Home Loan Borrowers, the borrower has to provide an undertaking stating that he/she will adjust the personal loan before adjusting the existing home loan. Additionally, spouse of the applicant must be the guarantor. In such case where borrower is an unmarried person or widow /widower, then a third-party guarantee is necessary.

In case of Personal Loan Under Tie-ups, no security is necessary to be provided other than the guarantees and undertakings from employee & employer.

In case of Personal Loan for BSNL Employees, a guarantee of a co-employee is mandatory to be provided. Additionally, spouse or nominee of terminal benefits should be the guarantor. Guarantee of one another co-employee is necessary to be provide if spouse can't be the guarantor. Also, the hypothecation of assets purchased from the loan funds (if any) is also necessary.

Who can be my co-applicant for Union Cash Loan?

Co-applicant for Union Cash loan can be spouse of the applicant or the person who is the nominated under the pension scheme.

How Union Bank will calculate the interest rate on my personal loan?

Currently, Union Bank calculates interest rate for personal loan on the basis of monthly reducing balance.

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