Union Bank of India personal loan: Check & Compare Union Bank of India Personal Loans Eligibility, Interest Rate & Doumentation Required

Looking for a reliable personal loan to meet your financial goals? Union Bank of India offers customized personal loan solutions to help you manage expenses like home renovations, weddings, medical emergencies, vacations, or debt consolidation. With competitive interest rates starting at 10.30% p.a., flexible repayment options, and no hidden charges, Union Bank personal loans ensure quick access to funds with minimal hassle.

Why Choose Union Bank Personal Loan?

Union Bank of India is a preferred choice for personal loans, offering the following features and benefits:

• Loan Amount Flexibility: Avail personal loans up to ₹50 lakhs depending on your eligibility.
• Repayment Tenure: Flexible repayment terms ranging from 12 to 84 months.
• Competitive Interest Rates: Attractive rates starting from 10.30% p.a., ensuring affordable EMIs.
• Quick Disbursal: Experience a seamless and quick loan disbursal process.
• No Collateral Needed: Personal loans are unsecured, so you don't need to pledge any assets.
• Prepayment Benefits: Pay off your loan early without worrying about penalties.

Eligibility Criteria for Union Bank Personal Loan

Union Bank personal loans are designed for both salaried and self-employed individuals. Here’s what you need to qualify:

• Age Limit:
• Salaried individuals: Minimum age of 18 years at the time of application; maximum repayment age is one year before retirement.
• Self-employed individuals: Minimum age of 25 years; maximum repayment age of 75 years.
• Income Requirements:
• Salaried applicants: A gross monthly salary of ₹20,000 in metro cities and ₹15,000 in other locations.
• Self-employed applicants: Annual income of at least ₹12 lakhs.
• Bank Relationship:
• Salaried individuals should maintain a salary account with Union Bank of India.
• Non-salaried individuals must hold a savings or current account with an average quarterly balance (AQB) of ₹25,000 or more for the past four quarters.

Union Bank Personal Loan Schemes

Union Bank offers various loan schemes to suit different needs:

1. Union Personal Loan for Salaried Individuals

Tailored for salaried professionals, this scheme helps meet expenses like weddings, vacations, or emergencies.

• Loan Amount: Up to ₹15 lakhs.
• Interest Rate: 12.30% - 13.40% p.a.

2. Union Women Professional Personal Loan Scheme

A special scheme designed for professional women to fulfill personal and professional financial needs.

• Loan Amount: Up to ₹50 lakhs.
• Interest Rate: Starting from 10.30% p.a.
• Tenure: Up to 7 years.

3. Personal Loan for Government Employees

Exclusively for government employees, including armed forces personnel, this scheme allows you to take over existing loans from other banks.

• Loan Amount: Up to ₹15 lakhs.
• Interest Rate: Starting from 10.30% p.a.

4. Union Personal Loan for Self-Employed Individuals

Designed for self-employed or non-salaried individuals with a steady income.

• Loan Amount: Up to ₹15 lakhs.
• Interest Rate: Starting from 14.30% p.a.

5. Union Ashiyana Personal Loan Scheme

Helps existing home loan borrowers with expenses like down payments, home furnishing, or travel.

Fees and Charges

Union Bank personal loans come with transparent charges, ensuring no surprises:

• Processing Fee: 0.50% of the loan amount, subject to a minimum of ₹500 + GST.
• Prepayment Charges: Nil, so you can repay early without penalties.
• Penal Interest: A charge of 2% p.a. on overdue amounts in case of late payments.

How to Apply for a Union Bank Personal Loan

Applying for a Union Bank personal loan is simple and quick. Here’s how:

Online Application:

1. Visit the www.fincrif.com .
2. Go to the "Personal Loan" section and click on "Apply Now."
3. Fill in your personal, employment, and financial details.
4. Upload the required documents.
5. Submit your application for verification and approval.

FAQs About Union Bank Personal Loan

1. What is the maximum loan amount I can get?

The loan amount depends on your income, repayment capacity, and other eligibility criteria. You can borrow up to ₹50 lakhs.

2. Can my spouse’s income be considered for the loan?

Yes, if your spouse guarantees the loan or applies as a co-borrower, their income can be included to enhance the loan amount.

3. Are there prepayment charges?

No, Union Bank allows you to prepay your loan without any penalties.

4. What happens in case of a delayed EMI payment?

A penal interest of 2% p.a. will be charged on the overdue amount for the period of default.

A Union Bank personal loan is a flexible and convenient solution for addressing your financial needs. With attractive interest rates, quick approval, and customer-centric benefits, Union Bank ensures you get the funds you need without stress. Whether you're planning a wedding, consolidating debt, or managing a medical emergency, Union Bank has got you covered.

Apply online now to take the first step towards financial freedom.

Disclaimer: This content is for informational & educational purposes only. For complete and current details, please visit the official website.