City Union Bank Personal Loan
City Union bank does not offer unsecured personal loans. However, City Union Bank Personal Loan applicants can obtain secured personal loans in the form of instant consumer loans (to acquire consumer durables) and instant gold loans (to satisfy financial needs other than agricultural purposes).
Features of City Union Bank Personal Loan
Cater different expenses
You can use the money to buy new consumer durables like furniture, washing machines, televisions, wet grinders, computers, laptops, refrigerators, electronic devices, and so on.
Loan amount
The maximum loan amount is Rs. 1 lakh, with the bank keeping a 10% margin (on the total value of things acquired).
Loan duration
The duration will range between 36 and 60 months.
Insurance
You must guarantee consumer durability. You must also obtain personal life insurance with a limit equivalent to the value of the items purchased.
Flexible eligibility criteria
The loan amount ranges from Rs. 25,000 to Rs. 1 lakh for non-salaried individuals, 50% of gross annual income as reported in the most recent ITR for salaried individuals, and net take-home pay for the previous ten months.
Hassle free
Online application form and application tracking services, which can be accessed easily.
Repayment facilities
Flexible repayment options within the specified time frame.
City Union Bank Personal Loan Details
Interest rates | Instant Consumer Loan: 14.35% p.a. (for loan tenures below 3 years) and 14.95% (for loan tenures above 3 years) Instant Gold Loan: 9.70% p.a. |
Loan amount | Consumer Loan: ₹25,000 to ₹1 lakh Instant Gold Loan: Up to 75% of market value of collateral |
Repayment tenure | Instant Consumer Loan: 3 to 5 years Instant Gold Loan: Up to 1 year |
Processing fees | Instant Consumer Loan: 1% plus applicable taxes (minimum ₹250) Instant Gold Loan: 0.50% |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
City Union Bank Personal Loan Fees & Charges
City Union Bank applies the following fees and charges to personal loans:
Particulars | Charges |
|---|---|
Processing fees | Instant Consumer Loan: 1% plus applicable taxes (minimum ₹250) Instant Gold Loan: 0.50% |
Other charges (instant gold loan) | For loan amount of ₹2 lakh: ₹250 For loan amount of above ₹2 lakh and up to ₹5 lakh: ₹500 For loan amount of above ₹5 lakh and up to ₹10 lakh: ₹1,000 For loan amount of above ₹10 lakh and up to ₹20 lakh: ₹1,500 |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
City Union Bank Personal Loan Interest Rates
The City Union Bank Personal Loan interest rates for loan applicants seeking consumer loans and gold loans are as follows:
Particulars | Rates |
|---|---|
City Union bank instant consumer loan | 14.35% p.a. (for loan tenures below 3 years) 14.95% (for loan tenures above 3 years) |
City Union bank instant gold loan | 9.70% p.a. |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
City Union Bank of Personal Loan Eligibility
For salaried individuals:
- Age: Employees must be at least 21 years old. The maximum age limit while applying for a loan is 60 years.
- Income: Your monthly pay as a salaried worker must be at least Rs. 15,000.
- Credit score: The credit score of the applicant should be 700 or more, for simplifying the application procedure.
For Self- employed individuals:
- Age: You must be at least 25 years old if you work for yourself, are a professional, or own your own firm.
- Income: Such applicants must declare an annual income of at least Rs. 2,50,000.
- Criteria: When completing a loan application, applicants must adhere to KYC criteria.
- Credit score: The credit score of the applicant should be 700 or more, for simplifying the application procedure.
City Union bank instant gold loan
- Amount: The gold ornaments pledged for an emergency gold loan should be 22 to 24 carats.
- Criteria: Individuals considering obtaining personal loans from City Union Bank may compare the unsecured personal loan qualifying criteria supplied by other lenders.
While determining your personal loan eligibility, the bank may consider your credit score, minimum income, and repayment capacity.
City Union Bank Personal Loan Document Required
City Union Bank personal loan candidates seeking immediate consumer loans and gold loans must submit the following documents as understanding the required paperwork is critical when applying for a personal loan. Here's a quick rundown of the paperwork you'll likely need.
- Aadhaar card
- Driving licence
- Voter ID
- Passport
- Identification card, confirmation from employer or bank (subject to branch approval).
- Identification card issued by recognised educational institutes.
- Letter from a recognised official authority or public servant (not below the rank of the Tahsildar) confirming the customer's identification and residency to the satisfaction of the bank.
- Job card issued by NREGA, duly signed by a state government officer
- UIDAI (Unique Identification Authority of India) issued a letter containing information such as name, address, and Aadhaar number.
Address proof:
- Aadhaar card
- Driving licence
- Voter ID
- Passport
- Telephone bill (not older than two months, with installation before six months)
- Bank account statement.
- Letter from a recognised public official or public authority (not less than the level of Tahsildar). Verifying the customer's identity and residence for the bank's satisfaction.
- Electricity bill (latest)
- Ration Card
- Letter from employer (subject to bank satisfaction) ID issued by the postal authorities
- NREGA given job card, signed by a state government officer.
- UIDAI (Unique Identification Authority of India) issued a letter containing information such as name, address, and Aadhaar number.
- The Gas Agency issued the Consumer Pass Book.
- A rent agreement showing the customer's address, duly registered with the State Government or similar registration office.
Documents to be executed:
- Promissory note
- Vendor quote
- Loan/Hypothecation agreement
Having these documents available will help to speed your application process and boost the likelihood of a successful approval.
City Union Bank Personal Loan EMI Calculator
The City Union bank online EMI calculator, is a valuable financial tool that allows people to make informed decisions regarding their loan payments. By entering the loan amount, interest rate, and preferred tenure, users may instantly calculate their monthly EMIs, total interest payable, and total amount to be returned. This eliminates the need for difficult manual computations, saving both time and effort. Furthermore, the calculator allows users to experiment with different loan parameters, allowing them to evaluate the impact of alternative situations on their finances. This flexibility allows consumers to select the best loan choice that fits their budget and financial goals.
Personal Loan EMI Calculator
City Union Bank Personal Loan Interest Rate vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
Bank of Maharashtra | 10.00% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
City Union Bank Personal Loan FAQS
What is the repayment term for a City Union bank personal loan?
The payback period for City Union bank Personal Loan or CUB Personal Loan is one year. However, they provide a variety of flexible repayment choices throughout the duration.
Do I need to submit collateral for a City Union bank personal loan?
Yes, you will need to submit collateral for the City Union bank Personal Loan. The applicant will be requested to pledge some jewels as collateral for the personal loan.
Is there a margin on City Union bank personal loans?
Yes, the margin for a City Union bank Personal Loan is set at 25%, which means that the applicant must pay 25% of the loan amount with his own cash and the bank would cover the remaining 75%.
How will I repay my City Union Bank personal loan?
You can repay your City Union bank Personal Loan in monthly instalments. You can use ECS or post-dated checks for this reason.
How can I check the status of a personal loan from City Union bank?
For verification, go to the nearest branch. After receiving your application reference number and cell phone number, bank staff will determine the status of your personal loan application and notify you.
What other documents can I provide when applying for a CUB personal loan if I do not have the aforementioned ID proof?
As proof of identity, you can submit an ID card or confirmation from your employer or other banks, a letter from a renowned public authority such as a Tahsildar or someone of a higher rank.
What other documents can I provide when applying for a CUB personal loan if I do not have the aforementioned address proof?
In addition to the documents listed above, you may submit a consumer passbook issued by a gas agency or a rent agreement as proof of address.