Union Bank of India Personal Loan

 

About Union Bank of India Personal Loan

Inaugurated by none other than the father of the Nation, Mahatma Gandhi, in the year 1921, Union Bank of India is counted amongst the largest government-owned banks in India today. With an asset base of $ 13.45 billion, it has also been listed on the Forbes 2000. The bank employs over 35,000 people and all of its branches have been networked with 6909 ATMs (recorded figure in September 2015). Union Bank of India offers personal loans to both salaried (government as well as non-government employees) and self-employed individuals. Its personal loan products are divided into three types – Union personal scheme for salaried individuals other than government employees, personal loan under special retail lending scheme for government employees and Union personal loan for non-salaried individuals. The idea of offering these personal loans is to help people meet their immediate need of a lump sum amount. Following are more details on the eligibility criteria, features and charges associated with the Union Bank of India personal loans.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

In order to be eligible to apply for Union Bank of India personal loan, non-salaried individuals must be minimum 25 years old, while salaried people must be of minimum 18 years age. Maximum permissible age in case of personal loan for non-salaried people is 60 years. No such maximum age is specified for salaried individuals, however, it can be presumed that it would be their retirement age. The applicant may or may not be required to maintain a salary account with the bank, depending upon the specific loan type. You can learn more about the exact Union Bank of India personal loan eligibility criteria for salaried and self-employed professionals below.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Union Bank of India Personal Loan Features / Details

While the maximum loan amount that can be sanctioned for non-government salaried employees and self-employed professionals has been set at INR 10 lakh, government employees can borrow up to INR 15 lakh under this personal loan scheme. New or first-time borrowers are usually granted a personal loan of no more than INR 5 lakh. The rate of interest depends upon the prevailing lending rates and might change from time to time. Union Bank of India personal loan can be repaid in a maximum of 60 months’ time and one year prior to retirement in case of salaried (government or non-government) employees. More details on Union Bank of India personal loan features are provided below.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Union Bank of India Personal Loan Fees / Charges

With regard to the fees and charges, Union Bank of India personal loan involves a processing charge of 0.5% of the loan amount (minimum INR 500) plus GST for non-government salaried employees and self-employed professionals. Government employees are not required to pay any processing fee. Relevant foreclosure charges, prepayment charges, part payment charges etc. might also apply depending upon the situation. You can learn more about Union Bank of India personal loan fees/charges below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees