Union Bank Personal Loan

Union Bank offers personal loans at attractive interest rates starting from just 8.90% p.a. and flexible repayment tenures ranging from 12 months to 60 months. The maximum amount you can borrow is Rs.15 lakh.

Union Bank Personal Loan Fees and Charges

Loan Schemes	Floating Rate of Interest	Loan Amount	Processing Fees
Union Personal (Under Tie-up)	10.90% p.a. -11.00% p.a.	Up to Rs.15 lakh	Nil
Union Personal (Under Non Tie-up)	11.90% p.a. – 12.00% p.a.	Up to Rs.5 lakh for first time/new borrowers, and up to Rs.15 lakh for existing borrowers who have a good repayment history of two years	Nil
Union Personal (For Non-Salaried Individuals)	12.90% p.a. – 13.00% p.a.	Up to Rs.5 lakh for first time/new borrowers, and up to Rs.15 lakh for existing borrowers who have a good repayment history of two years	Nil
Special Retail Lending for Government Employees	In case employer undertaking is available: 8.90% p.a. – 9.00% p.a. In case employer undertaking is not available: 10.40% p.a. – 10.50% p.a.	Up to Rs.15 lakh based on the repayment capacity of the borrower	Nil

Eligibility criteria

(Under Tie-up) scheme:
• Must be a confirmed or permanent employee of a reputed private organisation or institute in India
• The institute or organisation for which the applicant works must operate within the jurisdiction of the respective ZLCC
• Must be at least 18 years of age
• Must have residual service to ensure that he/she can repay the entire personal loan amount within the repayment tenure
• Staff members of the Union Bank of India and government employees are not eligible for this scheme

• Union Personal (Under Non Tie-up) scheme:
• Must be a confirmed or permanent employee of a reputed private organisation or institute in India
• Must be a customer of the Union Bank of India for a minimum of six months before applying for the loan
• Must have a salary account with the Union Bank of India
• Must be at least 18 years of age
• Must have residual service to ensure that he/she can repay the entire loan amount within the repayment tenure
• Staff members of the Union Bank of India and government employees are not eligible for this scheme

For non-salaried individuals:
• Must be at least 25 years of age and not more than 60 years old at the end of the repayment tenure
• Must have a regular source of income
• Must be a customer of the Union Bank of India for a minimum of 24 months before applying for a loan
• Must have a current or savings account with the Union Bank of India with an Average Quarterly Balance of Rs.25,000 and above for the immediately preceding four quarters

For government employees:

• Must be a permanent/confirmed employee working at State or Central Government organisations, Public Sector Units, State or Central Government undertakings, Departments/Ministries under the Ministries, armed personnel, teaching or non-teaching staff at government institutions, officers in All India Services, and Defence personnel
• Must be at least 18 years of age
• Must be the main applicant to avail the loan
• Must open a salary account with the Union Bank of India

Documents Required for Union Bank Personal Loan

The documents required vary for different kinds of applicants. For salaried applicant:
• ID Proof: Passport or PAN card or employee ID card or any other valid proof
• Address Proof: Telephone bill or electricity bill or Aadhaar card or any other valid proof
• Income Proof: Salary slips of the past six months, letter from your employer or Form 16 of the past three years, and Income Tax Returns of the past three years
• Two passport-sized photographs
• PAN Card
• Any other document as required by the bank

For non-salaried applicants:
• ID Proof: Passport or PAN card or employee ID card or any other valid proof
• Address Proof: Telephone bill or electricity bill or Aadhaar card or any other valid proof
• Income Proof: Income Tax Returns of the past three years
• Two passport-sized photographs
• PAN Card
• Any other document as required by the bank

Here are the documents required for government employees:
• ID Proof: Passport or PAN card or employee ID card or any other valid proof
• Address Proof: Telephone bill or electricity bill or Aadhaar card or any other valid proof
• Income Proof: Salary slips of the past six months, letter from your employer or Form 16 of the past three years, and Income Tax Returns of the past three years
• Two passport-sized photographs
• PAN Card
Any other document as required by the bank

FAQs on Union Bank Personal Loan

1. Do I have to pay any extra fee when taking a personal loan?

If you are a salaried or self-employed individual looking to take a personal loan, you will have to pay a processing fee of 0.50% of the loan amount. The amount will be deducted from your loan amount at the time of disbursal.

2. What is the difference between pre-payment, and foreclosure?
Pre-payment means that you are paying off a certain amount of the outstanding loan amount before the expiry of the tenure, and foreclosure means that you are paying off the entire outstanding loan amount before the completion of the tenure.

3. How will my personal loan be disbursed?
Lenders usually disburse the loan amount by electronically depositing into your savings account.

4. Are Union Bank personal loan interest rates different for salaried and self-employed applicants?
Yes, salaried applicants can take personal loans from the Union Bank of India at interest rates starting from 8.90% p.a., while the interest rates applicable to self-employed applicants start from 12.90% p.a.

5. What are the main factors that determine the interest rate applicable to my personal loan?
The main factors taken into consideration by banks and financial institutions when determining your interest rate include your credit score, your current liabilities, and your income.

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