Union Bank of India Personal Loan
The personal loan solutions from Union Bank of India are available to employed and self-employed people who can access rates as low as 11.50% per year. Borrowers can use personal loans of up to ₹15 lakh by selecting payment schedules extending to five years. Commitment-free loans can be accessed through the Union Women Professional Personal Loan Scheme at the bank where female professionals can receive funds worth up to ₹50 lakh while following terms that extend beyond seven years.
Features of Union Bank of India Personal Loan
Women scheme
The Union Women Professional Personal Loan Scheme provides female professionals with a seven-year loan term to access up to ₹50 lakh.
Repayment tenure
Personal loans enable borrowers to pick repayment duration between one to five years.
No collateral is needed
Procedures for personal loans are unsecured so guarantors and security are unnecessary.
Less documents
Very little documentation, easy application procedure with less documentation.
Flexible usage
Personal loans at Union Bank fulfill several financial purposes which includes debt paydown combined with home renovation and medical expenses along with education costs.
Union Bank Personal Loan Interest Rates
Union Personal Scheme
| Schemes | CIBIL score | Interest Rate (p.a.) |
|---|---|---|
| Union Personal – Under Tie-up | 700 & above | 13.35% |
| below 700 | 13.45% | |
| Union Personal – Under Non Tie-up | 700 & above | 14.35% |
| below 700 | 14.45% | |
| Union Personal- For Non-Salaried Individuals | 700 & above | 15.35% |
| below 700 | 15.45% |
Union Professional Personal Loan Scheme
| Schemes | CIBIL Score | Interest Rate (p.a.) |
|---|---|---|
| Union Professional Personal Loan – Salaried Applicants covered under Salary Tie-up | 700 & above | 11.75% |
| Below 700 | 12.00% | |
| Union Professional Personal Loan – Salaried Applicants not covered under Salary Tie-up | 700 & above | 12.25% |
| Below 700 | 12.50% | |
| Union Professional Personal Loan – Non-salaried Applicants | 700 & above | 12.75% |
| Below 700 | 13.00% |
Union Bank Special Personal Scheme for SRLGE and Government Employees
Employer undertaking is available
| CIBIL Score | Interest rate (p.a.) |
|---|---|
| 750 & above | 11.35% |
| From 700-749 | 11.45% |
| From 650-699 | 11.65% |
| Less than 650 | 11.95% |
Employer undertaking is unavailable
| CIBIL Score | Interest rate (p.a.) |
|---|---|
| 750 & above | 12.85% |
| From 700-749 | 12.95% |
| From 650-699 | 13.15% |
| Less than 650 | 13.45% |
Guarantee Policy for Union Bank of India Salary Accounts
In the absence of an employer undertaking, a co-employee can provide a guarantee, with each co-employee eligible to offer a maximum of one guarantee.
| CIBIL Score | Interest rate (p.a.) |
|---|---|
| 750 & above | 11.95% |
| From 700-749 | 12.05% |
| From 650-699 | 12.25% |
| Less than 650 | 12.55% |
Union Women Professional Personal Loan Scheme (UWPPL)
The scheme offers personal loans up to ₹50 lakh tailored for women applicants. For salaried women, those with a CIBIL score of 700 or above can avail an interest rate of 11.35% per annum, while those with a score below 700 will face an interest rate of 11.50% per annum.
Non-salaried women with a CIBIL score of 700 or above will be offered an interest rate of 12.25% per annum, whereas those with a score below 700 will have an interest rate of 12.50% per annum.
Union Cash Loan Offer for Pensioners
Union cash is pleased to offer special loan terms for pensioners. For those up to 70 years of age, a loan amount of up to ₹10 lakh is available at an interest rate of 11.35% per annum.Pensioners above 70 years can avail a loan of up to ₹5 lakh, also at an interest rate of 11.35% per annum.
Additionally, family pensioners, regardless of age, can secure a loan of up to ₹3 lakh with the same interest rate of 11.35% per annum.
Union Bank of India Personal Loan EMI Calculator
https://www.livemint.com/loans/union-bank-of-india-personal-loan-emi-calculator
Union Bank of India Personal Loan Interest Rates vs Other Bank Loan
| Bank | Interest rate |
State Bank of India | 11.45% onwards |
HDFC Bank | 10.85% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Yes Bank | 11.25% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Bandhan Bank | 9.47% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
Union Bank of India Personal Loan Options
Union Bank of India offers a diverse range of personal loans designed to cater to different needs and categories of individuals. Here's an overview of the various personal loan schemes available:
Union Personal Loan for Salaried Individuals
Purpose: This loan is tailored for private sector employees to address personal financial needs such as weddings, vacations, and the purchase of durable goods.
Loan Amount:
For employees of partner companies: Up to ₹15 lakh
For employees of non-partner companies:
First-time borrowers: Up to ₹5 lakh
Existing borrowers: Up to ₹15 lakh
Union Personal Loan for Non-Salaried Individuals
Purpose: Available to non-salaried individuals with a steady income, this loan can be used for personal expenses including marriage, travel, holidays, and durable goods purchases.
Loan Amount:
Existing borrowers: Up to ₹15 lakh
First-time borrowers: Up to ₹5 lakh
Tenure: Up to 5 years, aligned with the borrower’s retirement age.
Union Personal Loan - Special Retail Lending Scheme for Government Employees
Purpose: This scheme is designed specifically for government employees to cover personal expenses such as marriage, travel, and purchases. It also offers the option to transfer existing personal loans from other banks or NBFCs at reduced interest rates.
Loan Amount: Up to ₹15 lakh
Tenure: Up to 5 years, co-terminus with the retirement age.
Union Professional Personal Loan Scheme
Purpose: Aimed at professionals like Chartered Accountants, Doctors, Engineers, Company Secretaries, and Cost Accountants, this scheme provides financial support for personal needs.
Loan Amount: Up to ₹20 lakh
Tenure: Up to 5 years, or up to the retirement age for salaried individuals and 65 years for non-salaried individuals.
Union Women Professional Personal Loan Scheme (UWPPL)
Purpose: This loan is offered to women professionals in various fields including healthcare, fashion, art, law, and education, supporting personal expenses such as travel, marriage, and other purchases.
Loan Amount: Up to ₹50 lakh
Tenure: Up to 7 years
Union Ashiyana Personal Loan Scheme
Purpose: Designed for both new and existing home loan borrowers, this scheme helps with personal expenses such as marriage, travel, and durable goods, and can also be used to cover incidental costs associated with property purchases.
Loan Amount: Up to ₹15 lakh
Tenure: Up to 7 years
Union Ashiyana Overdraft Scheme
Purpose: Available to new and existing home loan borrowers, this overdraft facility assists with personal or business needs and can also be used to repay high-interest loans.
Loan Amount: Up to ₹20 lakh
Tenure: Limited to the remaining tenure of the home loan. The maximum age for repayment is the retirement age for salaried borrowers and 65 years for non-salaried borrowers.
Each of these personal loan schemes is designed to meet specific needs and provide financial support for various personal and professional expenses.
Eligibility Criteria for Union Bank of India Personal Loans
Union Bank of India offers a variety of personal loan schemes tailored to different applicant profiles. Below is a detailed overview of the eligibility criteria for each type of personal loan offered:
Union Personal Loan - Salaried Employees (Excluding Government Employees)
Tie-up with Union Bank of India:
Eligibility: Permanent employees of reputable private organisations or institutions in India.
Salary Requirements:
Minimum gross monthly salary of ₹15,000.
For employees in major cities (Delhi, Mumbai, Bangalore, Kolkata, Pune, Chennai, Ahmedabad), the minimum salary is ₹20,000.
Bank Account: Applicants may or may not hold a salary account with Union Bank of India.
Non-Tie-up with Union Bank of India:
Eligibility: Permanent employees of reputable private organisations or institutions in India.
Bank Relationship: Must be a Union Bank of India customer for at least 6 months.
Account Requirements: Must maintain a salary account with Union Bank of India.
Salary Requirements:
Minimum gross monthly salary of ₹15,000.
For major cities (Delhi, Mumbai, Bangalore, Kolkata, Pune, Chennai, Ahmedabad), the minimum salary is ₹20,000.
Union Personal Loan - Non-Salaried Individuals
Eligibility: Non-salaried individuals with a regular source of income.
Age Requirements:
Minimum age at application: 25 years.
Maximum age at loan maturity: Up to 75 years.
Bank Relationship: Must be a customer of Union Bank of India for at least 2 years before applying.
Account Requirements: Must maintain a current or savings account with Union Bank of India, with an average quarterly balance of ₹25,000 over the past 4 quarters. No cheque returns or adverse features should be reported.
Union Personal Loan - Special Retail Lending Scheme for Government Employees
Eligibility: Permanent employees of central/state government, defence, armed forces, PSUs, and government-related organisations, including teaching and non-teaching staff at government institutions.
Age Requirements:
Minimum age at application: 18 years.
Bank Account: Applicants may or may not hold an account with Union Bank of India, but must be government employees.
Union Professional Personal Loan
Eligibility: Salaried and non-salaried professionals, including doctors, engineers, chartered accountants, company secretaries, and cost accountants.
Age Requirements:
Salaried individuals: Minimum age 18 years, with maximum age at retirement.
Non-salaried individuals: Minimum age 25 years, with maximum age of 65 years.
Income Requirements: Must have an annual salary or earnings of ₹12 lakh or above.
Union Women Professional Personal Loan Scheme (UWPPL)
Eligibility: Women professionals with an annual income of ₹5 lakh or more.
Professionals Covered: Includes fields like healthcare, accountancy, audit, art and culture, fashion designing, financial services, coaching, counselling, filmmaking, photography, media, legal services, aviation, education, and research.
Age Requirements:
Salaried applicants: Minimum age 21 years, with maximum age at retirement.
Non-salaried applicants: Minimum age 23 years, with maximum age of 65 years.
Union Ashiyana Personal Loan Scheme
Eligibility: Available to new and existing home loan borrowers.
Age Requirements:
Minimum age at application: 18 years.
Maximum age at loan repayment: Retirement age for salaried individuals, 65 years for non-salaried individuals.
Conditions for New Home Loan Borrowers: Loan disbursal occurs after property completion or possession.
Conditions for Existing Home Loan Borrowers: Must have a satisfactory repayment track record with no classification under SMA category for the last 6 months.
Union Ashiyana Overdraft Scheme
Eligibility: Available to both existing and new home loan borrowers, including those who transfer home loans from other banks or NBFCs.
Age Requirements:
Minimum age at application: 18 years.
Maximum age at loan repayment: Retirement age for salaried individuals, 65 years for non-salaried individuals.
Credit Score Consideration
For all Union Bank of India personal loan schemes, applicants with a credit score of 650 or above have a higher likelihood of loan approval.
This comprehensive range of personal loan options ensures that various applicant profiles can find a suitable scheme that meets their financial needs and circumstances.
Union Bank of India Personal Loan: Processing Fees and Charges
Union Bank of India offers a range of personal loan products with varying processing fees and charges. Here’s a detailed breakdown:
Union Personal Loan
For Salaried, Non-Salaried, and Government Employees (with or without tie-ups):
Processing Fee: 1% of the loan amount, with a minimum fee of ₹500 and a maximum fee of ₹7,500.
Special Category (SRLG):
Processing Fee: No charges applicable.
Union Cash Loan for Pensioners
Processing Fee: 0.10% of the loan amount, with a minimum fee of ₹100.
Special Union Cash Scheme (For BSNL/MTNL VRS Optants/Retired Employees)
Loan Amount Up to ₹4 Lakh: ₹500
Loan Amount Above ₹4 Lakh and Up to ₹6 Lakh: ₹1,000
Union Women Professional Personal Loan Scheme (UWPPL)
Processing Fee: No charges.
Overdue Charges: In the event of default or delayed payments, a penal interest rate of 2% per annum will be applied on the overdue amount, in addition to the applicable interest rate.
Prepayment Penalty: There is no penalty for prepayment if the loan is settled using the borrower’s own verifiable legitimate sources.
For the most accurate and current information, it’s advisable to contact Union Bank of India directly or visit their official website.
Union Bank of India Personal Loan Interest Rates FAQs
Does Union Bank of India offer special interest rates for government employees?
Yes, Union Bank of India provides preferential interest rates for government employees, especially those with an employer undertaking.
Can I choose between fixed or floating interest rates for a personal loan?
Union Bank of India offers only floating interest rates for personal loans.
What factors influence the interest rate on my personal loan?
Your interest rate is primarily based on your credit score, income, and existing liabilities.
Are there any extra fees for taking out a personal loan?
Yes, a processing fee of 0.50% of the loan amount applies, which is deducted at the time of loan disbursal.