Union Bank of India Personal Loan Interest Rates

Union Bank of India offers a variety of personal loan options designed to cater to diverse financial needs in 2024. Here’s an overview of their personal loan offerings and interest rates for the year.

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    Union Bank of India Personal Loan Interest Rates 2024

    For individuals seeking financial support, Union Bank of India provides general personal loans with amounts up to 15 lakh. The interest rates for these loans start at 11.35% per annum. Borrowers benefit from flexible repayment tenures, which can extend up to 5 years. This allows for manageable monthly payments tailored to individual financial situations.


    Union Bank of India also offers a specialized personal loan scheme for women professionals. This scheme is designed to support career-focused women with loan amounts up to 50 lakh, also starting at an interest rate of 11.35% per annum. The repayment period for this scheme is notably longer, extending up to 7 years, giving women professionals more time to manage their repayments comfortably.


    Union Bank of India Personal Loan Fees and Charges

    Union Bank of India offers a variety of personal loan options, each with its own set of processing fees and charges. Here's a concise overview of the costs associated with their different loan products:

    1. Union Personal Loan

    For individuals, including salaried employees, non-salaried individuals, and government employees, the processing fee is set at 1% of the loan amount. There is a minimum fee of 500 and a maximum fee of 7,500. However, if you fall into the Special Category (SRLG), you won’t have to pay any processing charges.


    1. Union Cash Loan for Pensioners

    Pensioners applying for this loan will face a processing fee of 0.10% of the loan amount, with a minimum fee of 100.


    1. Special Union Cash Scheme

    This scheme is tailored for BSNL/MTNL VRS optants and retired employees. For loan amounts up to 4 lakh, the processing fee is 500. For amounts above 4 lakh and up to 6 lakh, the fee increases to 1,000.


    1. Union Women Professional Personal Loan Scheme (UWPPL)

    This loan scheme is designed specifically for women professionals and does not incur any processing fees. However, if there is a delay in payment or a default occurs, a penal interest rate of 2% per annum will be added to the overdue amount, on top of the standard interest rate. Additionally, there is no prepayment penalty if the loan is repaid using the borrower’s own legitimate sources.


    Union Bank of India Personal Loan Schemes

    Union Bank of India provides a variety of personal loan schemes designed to meet the diverse financial needs of its customers. Here's a breakdown of the available options:


    1. Union Personal Loan for Salaried Individuals

    This loan is geared towards private sector employees looking to address personal expenses such as weddings, vacations, or the purchase of durable goods. For employees of partner companies, the loan amount can go up to 15 lakh. Non-partner company employees can borrow up to 5 lakh as first-time borrowers, and up to 15 lakh if they are existing borrowers.


    1. Union Personal Loan for Non-Salaried Individuals

    Targeted at non-salaried individuals with a steady income, this loan supports personal needs like marriage, travel, and purchases. Existing borrowers can access up to 15 lakh, while first-time borrowers can receive up to 5 lakh. The loan tenure extends up to 5 years, aligning with the borrower’s retirement age.


    1. Union Personal Loan - Special Retail Lending Scheme for Government Employees

    This scheme is specifically for government employees, including those in central/state government roles, defense, and PSUs. It covers personal expenses and offers the option to transfer existing loans from other banks at reduced interest rates. The maximum loan amount is 15 lakh with a tenure of up to 5 years, co-terminus with the employee's retirement age.


    1. Union Professional Personal Loan Scheme

    Designed for professionals such as Chartered Accountants, Doctors, Engineers, Company Secretaries, and Cost Accountants, this scheme offers financial support for personal needs. Loan amounts can go up to 20 lakh, with tenures extending up to 5 years for salaried individuals and up to 65 years for non-salaried individuals.


    1. Union Women Professional Personal Loan Scheme (UWPPL)

    This loan is tailored for women professionals in various fields including healthcare, education, and law. It supports personal expenses such as travel and marriage with loan amounts reaching up to 50 lakh. The tenure for this scheme is up to 7 years.


    1. Union Ashiyana Personal Loan Scheme

    Available to both new and existing home loan borrowers, this scheme can be used for personal expenses and incidental costs related to property purchases. Loan amounts up to 15 lakh are available, with a repayment tenure extending up to 7 years.


    1. Union Ashiyana Overdraft Scheme

    This overdraft facility is for both new and existing home loan borrowers, including those transferring their loans from other institutions. It assists with personal or business needs and can also help repay high-interest loans. The loan amount can go up to 20 lakh, with the tenure limited to the remaining period of the home loan.


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    Union Bank of India Personal Loan Interest Rates vs Other Lenders

    Banks Interest Rate (p.a.)Processing Fee
    HDFC Bank 10.75% p.a. - 24.00% p.a.Rs.4,999 + GST
    ICICI Bank 10.85% p.a. - 16.25% p.a.Up to 2%
    Yes Bank 10.99% p.a. onwards - 20% p.a. Up to 2.5%
    Kotak Mahindra Bank 10.99% and above Up to 3% 
    Axis Bank 11.25% p.a.- 22% p.a.Up to 2% of the loan amount 
    HSBC Bank 9.99% p.a. - 16.00% p.a. Up to 2% 
    IDFC First Bank 10.90% p.a. - 36% p.a. Up to 3.5% 
    Ujjivan Small Finance Bank 11.49% p.a. - 16.49% p.a.At the discretion of the bank 
    Aditya Birla Capital 10.99% p.a. -30% p.a.Up to 3%
    State Bank of India 11.35% p.a. - 14.50% p.a.Up to 1.50% 
    Karnataka Bank 10.93% p.a. onwardsAt the discretion of the bank 
    Bank of Baroda 11.15% p.a. - 18.20% p.a.Up to 2% 
    Federal Bank 11.49% p.a. - 14.49% p.a. Up to 2%
    Bank of India 10.85% onwardsUp to 2% 
    IDBI Bank 10.55% p.a. - 13.30% p.a. Contact the bank 
    South Indian Bank 13.1% p.a. - 20.6% p.a. Up to 2% 
    Indian Overseas Bank 10.85% p.a. - 13.00% p.a. Up to 0.50% (Above Rs.2.00 lakh up to Rs.150 Crores)
    RBL Bank 18% p.a.Up to 2% 
    Bank of Maharashtra 9.75% p.a. to 12.55% p.a.Up to 1% 
    Central Bank of India 12.00% p.a. - 12.75% p.a. Up to 1% 
    J&K Bank 9.60% p.a. - 9.70% p.a.Up to 1% of the loan amount subject to a maximum of Rs.10,000 

     

    (Interest Rates as of 03, September 2024)
    Please note that GST will be added to the applicable processing fee.

    Union Bank of India Personal Loan Eligibility Criteria

    Union Bank of India’s personal loan eligibility varies by scheme:


    • Salaried Employees: Permanent employees with a minimum gross monthly salary of 15,000 ( 20,000 in major cities) can apply. For employees of partner companies, a salary account with UBI may not be required, but non-partner employees must maintain one.


    • Non-Salaried Individuals: Those with a steady income and a Union Bank account for at least 2 years can apply. They must maintain an average quarterly balance of 25,000.


    • Government Employees: Employees of government and related sectors are eligible, with no specific salary or account requirements.


    • Professionals: Salaried and non-salaried professionals with an annual income of 12 lakh or more are eligible. For women professionals, an annual income of 5 lakh or more is required.


    • Ashiyana Schemes: New and existing home loan borrowers can apply, with eligibility based on their age and repayment track record.

    Union Bank of India Personal Loan Interest Rates FAQs

    Yes, Union Bank of India provides preferential interest rates for government employees, especially those with an employer undertaking.

    Union Bank of India offers only floating interest rates for personal loans.

    Your interest rate is primarily based on your credit score, income, and existing liabilities.

    Yes, a processing fee of 0.50% of the loan amount applies, which is deducted at the time of loan disbursal.

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