Get Personal Loan at Low-Interest Rate with Union Bank of India 2021

Individuals can take Union Bank of India personal loan of up to Rs. 15 lakhs. A personal loan is offered to address a variety of personal financial demands, both scheduled and unplanned. Consumer durables purchases, unforeseen medical expenses, home renovations, and other uses of a Union Bank of India personal loan are all prevalent. This unsecured bank loan is popular since it is quick to disburse and requires minimal verification. The Union Bank of India personal loan interest rates 2021 starts at 8.90% and a repayment duration of up to 60 months. 

Features of Union Bank of India Personal Loan  

• Loan Amount: The maximum loan amount for first-time personal loan borrowers with Union Bank of India is Rs. 5 lakhs, while the maximum loan amount for existing Union Bank personal loan borrowers with a strong track record is Rs. 15 lakhs.

• A tenure that can be changed: Union Bank of India personal loan repayment tenure up to 60 months and gives the borrower a lot of freedom. 

• Processing time is short: Union Bank of India ensures that your personal loan application is processed fast (assuming you match the eligibility requirements) so that you can get funds as soon as feasible. 

• Union Bank of India just supplies the fundamental essentials. Personal loans can be secured with minimal documentation, such as a simple KYC and proof of income. 

Union Bank of India Interest Rates  

Union Bank of India personal loan interest rate 2021 starts at 8.90 percent per year, but it can rise depending on the type of applicant and the personal loan choice selected.  

Applicants can select from a range of personal loan interest rates based on their individual circumstances. The interest rate on Union Bank personal loans under specific programmes is as follows: 

Type of Union Bank of India Personal Loan	Rate of Interest (p.a.)*
Union Personal (under salary tie-up)	10.90% onwards
Union Personal (no tie-up)	11.90% onwards
Union Personal (non-salaried)	12.90% onwards
Employer undertaking available (Govt. employee)	8.90% onwards
Employer undertaking not available (Govt. employee)	10.40% onwards

Types of Personal Loan offered by Union Bank of India 

Depending on the type of employment/applicant, Union Bank of India offers three types of personal loans:  

1. Union Personal Scheme for Salaried Individuals Not Employed by the Government:This type of loan is provided to non-government salaried individuals for a variety of reasons, including the purchase of consumer durables. The following are some of the loan’s features:

• There is a loan amount of up to Rs. 15 lakh accessible. You can borrow up to Rs. 10 lakh, Rs. 5 lakh (for first-time borrowers), and Rs. 15 lakh if you have a tie-up (for existing borrowers with a satisfactory repayment record of 2 years) even if there isn’t a wage agreement 
• It can be paid back over a period of up to 60 months (5 years) or one year before the applicant reaches retirement age (whichever is earlier) 
• There is no demand for security or collateral. 

2. Non-Salaried Union Personal Loan:This type of loan is provided to self-employed people and professionals for a variety of reasons, including travel, marriage, and the purchase of consumer durables. These are some of the characteristics of this type of loan:

• Existing borrowers with a two-year or longer repayment history are eligible for a loan of up to Rs. 15 lakh, while first-time/new borrowers are eligible for a loan of up to Rs. 5 lakh. 
• It has a maximum payback period of 60 months (5 years) or until you reach 75 years old. (whatever comes first) 
• An unsecured loan does not require any security or collateral, with the exception of a personal guarantee. 

3. Government Employees Can Get a Personal Loan through a Special Retail Lending Program: Government personnel can use this type of loan for a range of financial requirements, including the purchase of consumer durables. These are some of the characteristics of this type of loan:

• There is a loan amount of up to Rs. 15 lakhs accessible (subject to repayment capacity) 
• There is no requirement for security or collateral other than promises. 
• The maximum repayment period is either one year or 60 months prior to the applicant’s retirement. 
• The Union provides a Personal Loan Scheme for Covid Treatment (UPLCT) 
• The Union Bank of India has launched the Union Personal Loan for Covid Treatment (UPLCT). The loan can be used to cover the costs of Covid treatment for yourself or a family member who tested positive on or after April 1, 2021. It has an annual fixed interest rate of 8.50 percent and can be repaid over a flexible 60-month term. 

Eligibility Requirements 

To qualify for a Union Bank personal loan, you must meet the following requirements: 

• You must be at least 18 years old to participate in a Union Personal Scheme for salaried individuals who are not government employees.

• You must have a suitable residual service to ensure that the entire loan amount is returned one year before retirement. 

• Employees of the Union Bank of India or the government are not eligible. 

Personal Loan for Non-Salaried Union Members: – 

• A stable source of income is required. 
• Your minimum age should be of 25 years at the time of application. 
• You must be at least 75 years old at the end of the repayment period. 
• Before applying for a personal loan, you must have been a Union Bank customer for at least 24 months. 
• You must have a Union Bank of India savings/current account with an ABQ (average quarterly balance) of Rs. 25,000 or higher for the last four quarters. 

If you’re looking for a personal loan through the Union Bank of India’s Special Retail Lending Scheme for Government Employees,  

• At the time of application, you must be at least 18 years old. 
• You must be a permanent employee of a Government organization(Central/State), a Public Sector Undertaking (PSU), a Central/State Government undertaking, Defense, armed personnel, Ministries/Departments under Ministries, officers in the All India Services, teaching and non-teaching staff at Government Schools and Colleges. 
• The employee must be the principal applicant in order to be considered for this loan. 
• The employee’s salary may or may not be deposited into a bank account. Employees without a bank salary account, on the other hand, will only be eligible for Term Loans. 

Documents Required for a Loan Application 

You’ll need the following documents to apply for a personal loan with Union Bank:  

• Application for a PAN card with all essential details 

• As proof of identification, bring your passport, Aadhaar, driver’s license, or employee ID card (Any One) 
• Proof of address: Aadhaar Card, Phone Bill, and Energy Bill (Any One) 
• ITR for the previous three years, ITR for the previous three years, ITR for the previous three years, ITR for the previous three years, ITR for the previous three years, ITR for the previous Employer’s Form 16/letter, as well as the last six months’ pay stub 
• Outgoings documentation includes LIC insurance (if applicable), loan repayment documents (if applicable), and any other legal proof of expenditures. 
• Two photos 

Conclusion: 

To summarize, Union Bank of India personal loans are among the top lenders, giving personal loans with low interest rates and flexible payback terms. All you need to do is meet the eligibility criteria and have the necessary documentation on hand. You can also use Afinoz to apply for a personal loan in Jaipur or Raipur from the comfort of your own home.